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Friday, February 23, 2024

Iran and Russia to expand energy cooperation – Official

Tehran wants stronger economic ties with Moscow amid Western sanctions, according to its economy minister

Iran is aiming to expand its partnership with Russia in the energy sector, including projects involving nuclear power and renewables as the two countries are boosting economic ties to offset Western sanctions, Iranian economy minister Ehsan Khandouzi said on Tuesday.

“The prospect of cooperation in the field of ‘new energy’ and renewable energy sources, as well as in the field of other types of energy, including peaceful nuclear energy, certainly causes great interest and motivation to expand economic relations with Russia,” Khandouzi told RIA Novosti.

Read more: US believes Russia might provide Iran with fighter jets: White House

Russia is building a second reactor at the Bushehr nuclear power plant in Iran, which is currently the largest joint project between the two nations. The first reactor unit at the plant was completed with Russian assistance and connected to Iran’s national power grid in 2011. A contract for the construction of a third reactor has also been signed.

Russia launched supplies of nuclear fuel for Bushehr in 2007, a step both Washington and Moscow said removed the need for Iran to have its own uranium enrichment program.

Russia and Iran are rapidly expanding their energy and trade ties amid Western sanctions imposed on both nations.

Read more: Russia overtakes China as Iran’s top investor