Iranian Oil Minister Javad Owji said Russia is leading the development projects of seven oil and gas fields in the country, and added that Tehran and Moscow are negotiating on contracts for 14 other fields.

Owji made the comment on the sidelines of a meeting with visiting senior aide to the Russian President, Igor Ivanovich Sechin in Tehran.

“We now have contracts with Russia to develop seven oil and gas fields that are making good progress between 10 and 30 percent,” he said, adding, “Negotiations for 14 other fields are ongoing.”

The oil minister stated their talks focused on “cooperation in the energy and transportation sectors”.

This, he noted, includes “a plan to purchase and swap natural gas from Russia which is finalized and will be signed by the National Iranian Gas Company in Moscow in the near future”.

The official also said they discussed two projects for construction of the Rasht-Astara rail link, which is part of the north-south transportation corridor, and electrification of the Garmsar-Inche Boroun rail link.

The minister underscored that these will be financed by Russian banks and will be also launched in the near future.

Owji also underlined that the joint economic commission of Iran and Russia will meet in Moscow in two months and will review energy, transportation, trade and sports cooperation.

He noted Russia has already invested 2.5 billion euros in Iranian projects and is slated to fund another 2.5 billion euros worth of projects.

The minister stated Iran is not solely on the receiving end of the financing and services. He added that Tehran and Moscow have signed contracts in the field of petrochemicals including a contract for exports of petrochemical catalysts to Russia, which is now underway.

Iran and Russia, the two leading global gas powers, have deepened their energy ties in recent months amid growing economic pressure being piled up by the West on Moscow because of the war in Ukraine.

Last month, Iran’s state oil company the NIOC and Russia’s Gazprom signed an initial joint investment deal worth $40 billion.

Iranian Oil Ministry authorities said at the time that gas swap could be a part of the historic energy cooperation deal signed between Iran and Russia.

Media reports over the past month have suggested that Iran’s supply of natural gas to Turkey could increase significantly if Tehran signs a gas swap deal with Moscow.

Tehran is currently in a gas swap arrangement with Turkmenistan under which the gas imported from the country is consumed in Northeastern Iran and the NIGC delivers the same amount of gas to Azerbaijan in its Northwest.