Russian oil companies are to undertake a slew of new investments to development Iran’s huge oil and gas reserves, according to recent comments from the Islamic Republic’s Petroleum Minister, Javad Owji. Given the size of crude oil and natural gas reserves held by the two countries, the news of closer cooperation between the two countries might be considered concerning for the U.S. and its allies.
These discussions further advanced the idea raised at the earlier meeting on 19 January 2022 between President Vladimir Putin and President Raisi that Russia would finally provide Iran with the long-promised S-400 missile defence system and Sukhoi Su-35 fighter jets. The bulk of Iran’s payments for these items were to be made through favourable oil and gas sector deals given to Russian companies that were also working in Iranian energy fields.