BAKU, Azerbaijan, February 18. Iran is fully prepared to attract foreign investment not only from Russia but also from other countries, the country’s Deputy Minister of Oil for Trade and International Affairs, Ali-Mohammad Mousavi, said this today in Tehran on the sidelines of the 19th meeting of the Iran-Russia Joint Economic Commission, Trend reports.
Mousavi noted that seven oil fields have already been handed over to Russian companies, and operations are currently underway within the framework of development projects for these fields.
He added that Iran and Russia have signed memoranda (MoUs) worth $40 billion, and discussions are ongoing to convert these MoUs into formal contracts. The projects under the MoUs are advancing in phases, with some still at the signing stage, and they are expected to yield results in the coming Iranian year (from March 21, 2026, through March 20, 2027).
“Iran is also cooperating with regional countries and energy producers. It maintains close collaboration with OPEC, OPEC+, and gas-exporting nations. This cooperation is mutually beneficial and strategic for all parties,” he said.
Currently, around 6% of Iran’s crude oil production is operated by Russian companies, with expectations for this share to rise to 12% in the future. Under four jointly signed contracts between Iranian and Russian firms, seven oil fields are being developed.