Russia to fund new Iranian nuclear plant
Shafaq News/ Iran and Russia have agreed to build a new nuclear power plant in Iran with financing from a Russian-funded credit line, Iranian Oil Minister Mohsen Paknejad announced Friday after the 18th Joint Economic Cooperation Commission in Moscow.
Paknejad said the project will include completing the second and third phases of the Bushehr nuclear power plant, emphasizing that Iran and Russia will continue cooperating on the peaceful use of nuclear energy.
On trade, Russian Energy Minister Sergey Tsivilyov said bilateral trade rose 16.2% in 2024 to $4.8 billion. He added that both governments believe there is room for significantly higher trade volumes. Paknejad echoed that view, saying the full implementation of existing agreements could push trade from around $4 billion to $6 billion.
Tsivilyov also announced that Tehran will host the commission’s 19th session. The figures mark a recovery in trade ties after a decline in 2023.
The two sides signed agreements to expand cooperation in the upstream oil and gas sectors, including field development and technology sharing. Paknejad said Tehran and Moscow are finalizing memoranda of understanding with Russian energy giant Gazprom, aiming to start by importing Russian gas into Iran.
“Only a few technical details remain before finalizing import volumes, with future plans for gas swaps and transits to other countries.”
Paknejad added that Iran and Russia are also deepening their economic and strategic cooperation through regional organizations such as the Shanghai Cooperation Organization, BRICS, and OPEC+.
The announcement follows Russia’s ratification of a 20-year strategic partnership agreement with Iran, signed by Presidents Vladimir Putin and Masoud Pezeshkian in January. The pact outlines long-term collaboration in sectors including defense, energy, agriculture, finance, and technology.
