Iranian Oil Minister Bijan Zangeneh after a meeting with Russian Energy Minister Alexander Novak announced that Tehran will export crude to Russia.
"Tehran will ink a deal with Moscow within the next two weeks to export 100,000 barrels per day of crude oil to this country," Zanganeh said on Wednesday.
The Iranian oil minister reiterated that fifty percent of the exported shipment would be paid in cash in specific deadlines and the rest would be spent on importing Russian commodities that Iran needs.
Zangeneh also appreciated Russias constructive role in the historic agreement of the Organization of the Petroleum Exporting Countries (OPEC).
"Russia as a member of non-OPEC Ministerial Monitoring Committee is fully obliged to decrease 300,000 barrels of its produced oil per day," he added.
In mid-December, a source said that Russia is likely to buy 100,000 barrels of crude oil from Iran each day instead of swapping, a source said, adding that Moscow will pay for the purchase in currencies other than dollar.
"At present, the priority in negotiations between Iran and Russia is to sell oil to the country and serious negotiations are underway on selling 100,000 barrels of oil to Russia on a daily basis," the informed source told FNA.
"100,000 barrels of Irans crude oil had earlier been considered for daily swapping and given the conditions, most possibly, the swap deal will be replaced with a crude sale deal," the source added.
Meantime, the source said the purchases wont be paid in dollars, an issue confirmed by Moscow.
In relevant remarks in December, Iranian Minister of Industries, Mines and Trade Mohammadreza Nematzadeh suggested formation of joint oil and gas companies by Iran and Russia.
Nematzadeh said "for the time being", commercial and industrial relations and cooperation are at a suitable level but much has been left until the ideal status.
"The talks can be effective and helpful to remove former problems," he said.
"We are eager to expand our ties with Russia in many grounds," he added.
Source: FARS - Date: (22 February 2017)