Iranian Minister of Petroleum Bijan Zanganeh described Russia as a strategic partner for Iran, voicing Tehran’s willingness to welcome Russian investors in Iran’s oil industry.

Zanganeh, following a meeting with Alexander Novak, Russian Deputy Prime Minister, and Nikolai Shulginov, Russian Energy Minister, in Moscow on Monday, said, "One of the topics discussed at this meeting was the global oil markets, about which views were exchanged."

He underlined Russia’s “decisive role” in stabilizing the global oil market in recent years, adding, “In this meeting, we held talks with regards to the serious OPEC+ cooperation. The views of the two sides were close.”

Touching on the upcoming OPEC+ ministerial meeting which is due on January 4, Zanganeh said, "Both countries stressed that these meetings are important for maintaining stability of the global oil market."

The Iranian Minister of Petroleum further said the development of bilateral relations between Iran and Russia was another highlight of his meeting with the Russian officials, adding, “We have good cooperation with Russian companies. We have planned to continue cooperation with them in the field of oil, gas and equipment manufacture.”

"We identify Russia as a strategic partner, and this partnership is not something that can be change with ups and downs in the international arena," he said. “If Russian oil and gas equipment manufacturers wish to operate in Iran, they will need to invest in Iran while citing the Maximum Use of Domestic Capabilities Act. They must partner with Iranian companies and negotiate with their Iranian opposite numbers to materialize any goals.”

The Iranian Minister of Petroleum continued: "Iran's ambassador to Russia and his colleagues at the embassy are tasked with following up on the agreements. If it were not for the coronavirus, they could have done it much more simply, but in the current situation, we can establish communication by observing health protocols. We welcome investment in the required sectors.”

KeyFacts Energy: NIOC Iran country profile