Fatemi Amin: Iran will be able to supply gas turbines to Russia

28.05.2022       

The Minister of Trade and Industry of Iran, Fatemi Amin, said that the country will participate in major barter deals with Russia. Iran and Russia may enter major barter agreements to facilitate trade between the two countries, including a plan that could allow Iran to import steel from Russia in exchange for exporting auto parts and gas turbines to the country.
Iranian Minister of Trade and Industry Reza Fatemi Amin said on Thursday that Iran will use barter trade with Russia to secure supplies of raw materials for use in its steel and mining sector. Speaking on the sidelines of the joint Iranian-Russian commission on economic and trade cooperation in Tehran, Fatemi Amin said that Iran would need to import raw materials from Russia: zinc, lead and alumina. This is necessary to meet the growing domestic demand in Iran.
The minister said that Iran and Russia have agreed to introduce barter agreements for certain goods and commodities, including Russian steel. The minister said that Iran would be able to export auto parts and gas turbines to Russia in exchange for Russian steel. He said that some Iranian companies have signed contracts to supply or repair gas turbines for Russian power plants.
Iran and Russia Sign Important Memorandums of Understanding on Energy and Banking Relations Iran and Russia are signing major agreements to expand their energy and trade ties. Iran and Russia plan to increase bilateral trade in an effort to offset the effects of US sanctions on their economies. Iranian Oil Minister Javad Ouji, co-chair of the Iranian-Russian commission on economic and trade cooperation, said on Wednesday that the annual cost of economic ties between the two countries could increase by almost 10 times to reach $40 billion. Oji made the announcement following a meeting in Tehran with Russian Deputy Prime Minister Alexander Novak, where the two officials signed important energy and banking cooperation agreements.<