The Gazprom Headquarters hosted today a working meeting between Alexander Medvedev, Deputy Chairman of the Company’s Management Committee and Hossein Noghrehkar Shirazi, Iran’s Deputy Petroleum Minister for International Affairs.

The meeting addressed the current and potential joint projects for development of the Iranian South Pars gas and condensate field, as well as the prospects for cooperation in executing regional pipeline projects and participating in swap deals.

The parties exchanged opinions on the progress with the gas industry development in Iran and the neighboring states, as well as on the outlook of regional cooperation in the industry.

The meeting participants agreed to exchange opinions on the matters of mutual interest on a regular basis. In addition, it was noted that Gazprom would take part in elaborating a Road Map of cooperation between Russia and Iran in the energy sector.

Background:

The geographic location and immense hydrocarbon reserves enable Iran to play a meaningful role in energy production and trading. As of 2009, the country holds the world’s second largest natural gas reserves (after Russia) in the amount of 29.6 trillion cubic meters.

The largest hydrocarbon fields are located in the southern part of Iran in the Persian Gulf (South Pars, North Pars, Kangan, Nar) and in the Khorasan Province.

Currently, Gazprom, together with France’s Total and Malaysia’s Petronas, is engaged in Phases 2 and 3 of the South Pars gas and condensate field development project. Hydrocarbons production from the field started in March 2002.

In July 2008 a Memorandum of Understanding was signed between Gazprom and National Iranian Oil Company (NIOC). A joint working group was set up to implement the Memorandum provisions.