Russia opens 5 bln USD credit for Iran

Sunday, 2 October, 2016 - 09:15

Russia has opened a five-billion-U.S. dollar credit line to fund Iran's plans to develop its water resources, Mehr news agency reported on Saturday.

Iran and Russia have been cooperating on projects to explore and exploit deep water resources in the country, Iran's Deputy Energy Minister Rahim Meidani was quoted as saying.

An earlier agreement on the projects entailed the allocation of credit line by the Russians, he said.

A portion of the credit line, which has also been approved by the Iranian Majlis (parliament), will be used for joint exploration activities in deep waters of Iran, Meidani said.

The exploration project is expected to cost 250 million U.S. dollars, he added.

"Cooperation between Iran and Russia in the field of water reservoirs exploration is limited to geophysical activities," he noted.

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