Over the past few days, representatives of Rusneftegaz have joined a delegation of Russian companies in Tehran for talks with Iranian ministers, officials, and businessmen as part of the Iran-Russian Joint Economic Commission. At the meetings, which were led by the Russian Minister for Energy Aleksandr Novak and the Iranian Minister for Communication Mahmoud Vaezi, our organization was joined by leaders and representatives from Bashneft, Gazprom, Gazprom Neft, Surgutneftegas, Rosgeologia, Rosneft, Zarubezhgeologia in addition to the President of the Central Bank of Russia, Elvira Nabiullina. At the main session, our envoys made a series of presentations to the contingent from the Islamic Republic, highlighting possible opportunities for Rusneftegaz to work and do business in their nation. This includes the potential for collaborating with the National Iranian Oil Company and its subsidiaries, the second-largest petroleum corporation in the world, following the discovery of billions of new barrels of crude oil in the past two decades. Such extensive reserves have ultimately led to the nation becoming the largest producer of crude in the Organization of the Petroleum Exporting Countries, otherwise known as OPEC, accounting for over 5,0% of all global oil production last year. Despite this, the Iranian petroleum industry has faced an embargo since July 2012, as a component of the sanctions against its government, leading to international businesses easing operations in the state accordingly. However, following the adoption of the Joint Comprehensive Plan of Action, which came into effect less than one month ago, a significant proportion of the restrictions on trading in Iran are to be eased. This could ultimately lead to lucrative prospect for ambitious companies such as Rusneftegaz, with Deputy Chief Executive Officer Aleksandr Filyurin stating:
“It is a great honor for us to have been invited by the Ministry to visit Tehran. The opportunity to explain to senior members of their government how we can benefit the Iranian oil industry shows how far we have come as a company. I also want to place on record my thanks to those members of our team who travelled out there, who worked hard, and those who worked hard to make our stay so comfortable. Overall, it was a very positive experience. We held interesting talks with Iranian oil companies, and talked about how we could be of assistance to them in the future. As well as all the work we have done in other countries over the course of the past year, I am really positive we are doing something good and positive for the long-term benefit of the company.”
At the meeting of the commission, which was held over the past week, it was agreed that a joint Russo-Iranian bank should be formed, in conjunction to a $5,0 billion line of credit to enable foreign direct investment. Both plans were both fully endorsed by Rusneftegaz, with these proposals expected to facilitate the $500,0 billion of new oil and gas financing desired by the government of the Islamic Republic before 2025. Aside from this, our company can confirm that we remain interested in entering developing markets, including in both Algeria and Egypt, where there is active progress in discussions. Rusneftegaz is also engaged in proposals located in other territories, but our involvement is preliminary at this time. Should there be any further updates following these talks, announcements will be made promptly in due course.