TEHRAN, Iran, June 8. Iran’s Minister of Oil Javad Owji said that the volume of annual trade between Iran and Russia has significantly raised, reaching $40 billion in the last 18 months, Trend reports citing IRNA.
He said that Iran and Russia can be major energy suppliers in the world.
The minister also said that banking projects due to be implemented by Russia, China and Iran will put an end to the dominance of US dollar in the near future.
"Europe’s reliance on energy is not a game, and [previous sources of import] cannot be easily compensated for," Owji said.
According to the minister, Iran ranks first in the world in terms of oil, gas reserves, with over one billion cubic meters of gas production and four million barrels of oil production capacity.
He also stated that Iran's oil and gas production will increase within the next 8-year plan, expressing the country's readiness to attract foreign investments in oil and gas sectors.
