Russia Plans Up to 55 Bcm of Gas Exports to Iran Annually, Putin Says
(Reuters) — Russia may supply up to 55 billion cubic meters (Bcm) of gas per year to Iran, Russian President Vladimir Putin said on Friday, as Moscow diversifies its gas flows after a dramatic fall in exports to Europe.
Since its full-scale invasion of Ukraine in 2022, Russia has lost its dominance of the European gas market, once a key source of revenue for Kremlin-controlled Gazprom.
Putin, speaking at a joint press conference with his Iranian counterpart Masoud Pezeshkian, said Russia's gas supplies to Iran could eventually reach 55 Bcm per year, but it would need to start with small volumes of up to 2 Bcm.
A figure of 55 Bcm would be similar to the Nord Stream 1 undersea gas pipelines to Europe that were damaged by blasts in 2022.
"If we talk about the volumes of possible supplies, we believe that we need to start with small volumes - up to 2 Bcm, but in general this can reach supply volumes of 55 Bcm of gas per year," Putin said after signing a strategic treaty with Iran.
Gazprom signed a memorandum last June with the National Iranian Gas Company to supply Russian pipeline gas to Iran. Possible routes for the pipeline have not been disclosed.
Despite holding the world's second-largest gas reserves after Russia, Iran imports gas, including from Turkmenistan, due to severe under-investment caused in part by U.S. sanctions.
Iran's oil minister Javad Owji said last July that Iran would receive 300 million cubic metres of Russian gas daily, which translates to around 110 Bcm per year.
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