What Will $40 Billion In Russian-Iranian Energy Deals Look Like

On July 19, 2022, the National Iranian Oil Company (NIOC) signed a memorandum of understanding (MoU) with Russian gas company Gazprom worth close to $40 billion. The deal was signed by the CEOs of both companies during a virtual ceremony on the same day that Russian President Vladimir Putin arrived in Tehran for a summit with his Iranian and Turkish counterparts (Radio Free Europe/Radio Liberty, July 19, 2022). The expansion of the Kish and North Pars gas fields, enhancement of the South Pars field, development of six new oil fields, increased…