Russia, Iran may extend bilateral oil deal for 5 years

“It has been extended for the year, but in general, we think it should be extended for five years,” Novak was quoted by RIA news agency as saying.

Iran and Russia has recently started new round of cooperation in oil industry field which has been unprecedented compared with the past.

Signing contract with Zarubezhneft to develop two Iranian oil fields is among these cooperation.

Both countries had earlier had cooperation in different fields like buying services.

Iran oil exports to Russia and cooperation in manufacturing gas exports pipelines to Indian subcontinent are among other topics.

While Russia is now the world's largest oil producer and has a large share in the oil export market, in line with developing strategic cooperation with Iran the country has agreed to buy part of Iran's oil exports and then sell it to world markets.

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