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After a meeting earlier this week, Iranian and Russian officials are considering the joint development of up to 10 oil and gas fields in Iran. The talks included Iranian officials and a Russian delegation headed by Deputy Prime Minister Alexander Novak. Iran brought the proposal to the table, according to Zerohedge, as the country considers how to develop other oil and gas resources in its territory.

Novak told TASS that the two countries had specifically discussed the joint development of 6 oil fields and 2 gas deposits. Natural gas conglomerate Gazprom is considering participating in the development of the Kish and North Pars gas fields and also building an LNG production facility in the country.

"Out oil companies are considering six oil fields, and Gazprom is considering two fields: Kish and North Parts, for joint development with the Iranian side, followed by the implementation of a natural gas liquefaction project and supplies to world markets," Novak said.

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"Now, virtually all technical issues on this gas project have been settled. The evaluation of commercial conditions with Iran is currently underway," he added.

According to Iran's Oil Minister Javad Owiji, the Iranian government is working with Gozprom regarding investments worth up to $40 billion.

While the amount is currently stipulated in a memorandum of understanding, Owiji has said of the talks, "Some of these agreements are already turning into real contracts."

Iran and Russia have been deliberately strengthening relations in recent years, but things accelerated last year after Russia invaded Ukraine and became one of a handful of Western-sanctioned countries like Iran.

The Russian government released a statement regarding the meeting saying, "The oil and gas industry is a backbone for the economies of our countries. Strengthening bilateral cooperation in this area will undoubtedly increase the economic sustainability of Russia and Iran."

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