The National Iranian Oil Company (NIOC) and the Russian gas monopolist Gazprom signed today a memorandum of cooperation worth $40 billion, the Iranian Oil Ministry's Shana agency reported, citing Darik.

The memorandum was signed in an online ceremony by the CEOs of the two companies on the day Russian President Vladimir Putin arrived in Tehran for a meeting with his Iranian and Turkish counterparts.

Putin is in Iran already

Under the agreement, Gazprom will assist the Iranian company in the development of the Kish and North Pars gas fields, as well as six oil fields, Shana claims.

The Russian giant will also participate in the construction of liquefied gas terminals, as well as in the construction of gas export pipelines.

Iran has the world's second-largest gas reserves after Russia, but US sanctions on the country have hampered access to technology to develop the gas fields, as well as to export natural gas.

Vladimir Putin

Iran

Gazprom