TEHRAN – The Russian energy minister and officials from the Iranian Oil Ministry have agreed on a gas swap, the implementation of 15 new oil and gas projects, the construction of a oil refinery near the Caspian Sea, and the establishment a joint oil company.

The agreements were made as Russian Energy Minister Sergei Shmatko arrived in Tehran on Sunday to attend the eighth meeting of Iran-Russian Joint Economic Commission.
The visiting Russian minister also held talks with Foreign Minister Manouchehr Mottaki on expanding cooperation in various other fields.
At the meeting Iran and Russia expressed satisfaction over the holding of the joint commission meeting, which would help bolster bilateral cooperation in the fields of transportation, telecommunication, energy, commerce, economy and banking.
Foreign Minister Mottaki said this is a very good opportunity for both sides to further exchange views and broaden mutual relations and cooperation.
Iran and Russia play a very significant role in regional and global developments, the Iranian foreign minister added.
The Russian Minister Sergei, for his part, said holding of such meetings will serve to expand cooperation in various fields.
There are not any hurdles in expanding mutual cooperation, Sergei stated