Speaking in a radio interview on Thursday a day after the Iranian National Gas Company (NIGC) and the Russian company Gazprom signed a memorandum of understanding for gas transfer from Russia to Iran, the Iranian oil minister said that the deal with Moscow will sharply increase Iran’s share in the international gas market.

“With this agreement, Iran’s share of trade will rise causing changes in international balances. In other words, the agreement will act as a revolution in the energy and industry scene of the region,” he said.

The bilateral agreement between the holders of 60 percent of the global gas reserves, as clean energy, has been concluded based on mutual interests in the international frameworks and will soon enter the contract and implementation stage, the Iranian said.

“Over the past three months, my colleagues were engaged in talks with Gazprom officials which bore fruit and fortunately led to the signing of a memorandum of understanding (MoU) between NIGC and Gazprom in the presence of the Iranian acting president Mohammad Mokhber and the managing director of the Russian company Alexi Miller,” he continued.

Owji said that Iran and Russia sit atop 60 percent of the world’s gas reserves, so signing this MoU is a great achievement with an impact on evolving energy equilibrium in the region. He further said that Iran with its widespread national gas pipeline network and the related infrastructures is fully prepared to take the gas.

The principal framework for gas transfer from Russia to Iran has been on the agenda since a long ago and the late president Ibrahim Raeisi insisted on being finalized, he said adding there is a readiness for changing the MoU into a contract in a short time that will be a turning point for both countries.

MNA/ISN1403040704514