TEHRAN – The Iran Energy Exchange (IRENEX) and the St. Petersburg International Mercantile Exchange (SPIMEX) signed a memorandum of understanding on Wednesday to establish joint trading mechanisms — a move both sides see as the first step toward a regional alliance of energy exchanges.

The agreement, signed on the sidelines of the 8th Russian Energy Week International Forum, was inked by Mohammad Nazifi, head of the Iran Energy Exchange, and Igor Artemyev, CEO of SPIMEX.

Under the deal, the two sides committed to accelerate the creation of joint trading processes in the energy sector.

According to the memorandum, the exchanges will pursue mutual registration and participation of market members, implement joint educational and research programs, and exchange technical expertise to strengthen regional cooperation in energy markets.

Nazifi said the signing marks “the first step toward unifying regional energy exchanges,” which could eventually give member countries “a more decisive role in shaping global energy markets.”

Artemyev hailed the partnership as “an honor,” adding that while both exchanges trade similar commodities, “Iranian colleagues have unique technologies and methods we would like to learn from.” He emphasized the importance of expanding both bilateral and multilateral cooperation to build “a broad network linking energy exchanges worldwide.”

The Russian Energy Week forum, attended by representatives from around 100 countries including Iran, opened Wednesday in Moscow and will continue for three days.

EF/MA