TEHRAN – Iran will unveil a new vessel in the Caspian Sea next week as part of efforts to expand cargo transport capacity, particularly container shipping, Iran’s ambassador to Russia said.

Kazem Jalali made the remarks at a meeting with Iranian traders and business representatives attending the Ruplastica petrochemical exhibition in Moscow, according to a statement from the Iranian embassy.

He said the International North–South Transit Corridor (INSTC) currently offers the shortest, most cost-effective route for Eurasia, especially Russia, to access global markets, cutting the Mumbai-to-Europe route from about 17,000 kilometers via the Suez Canal to around 7,000 kilometers.

Jalali also cited a plan to transfer Russian gas via Iran as a key bilateral project and called for faster implementation, while pointing to Russia’s nearly $300 billion in annual imports as a significant opportunity for Iran’s private sector.

He said economic ties between the two countries’ private sectors had suffered a century-long disconnect, limiting mutual awareness of available capacities, and stressed the need for better targeting of Russia’s market.

Separately, Mehdi Heidari, deputy economy minister and head of the Organization for Investment, Economic and Technical Assistance of Iran, said the groundwork had been laid for cooperation between Iran and Russia in more than 200 petrochemical projects.

He said Iran’s national pavilion at the Ruplastica exhibition had expanded compared with previous years and described Russia’s infrastructure and market conditions as favorable for broader bilateral cooperation in the petrochemical sector.

EF/MA