Main Cooperation Documents Signed between Iran and Other Countries

Iran’s Minister of Industry, Mines and Trade traveled to Oman and the Emirate with a large trade delegation from the private sector to pave the way for the development of government economic diplomacy by expansion of trade relations with neighboring countries.

The two countries during the 19th meeting of the Joint Commission of the Islamic Republic of Iran and the Kingdom of Oman in the fields of economy and trade, industry and mining, banking, free zones, agriculture and fisheries, transportation, oil and gas and petrochemicals, water and electricity, tourism, sports And the youth, cultural, standard, customs, health, in the form of five specialized committees, held the necessary negotiations. In this meeting, 10 documents of cooperation between Iran and Oman in various fields such as standard, customs, trade, transportation and sports were reviewed and the necessary agreements were made.

Construction of Road Bridge on the Border between Iran and Azerbaijan

The piling operation and the construction of the transit road bridge between Iran and the Republic of Azerbaijan began with the presence of the Minister of Roads and Urban Development of Iran and the Deputy Prime Minister of the neighboring country, with the aim of developing economic relations between the two countries.

Minister of Roads and Urban Development “Rostam Ghasemi” on Tuesday evening at the ceremony of starting the construction of a bridge over Astarachay River said: “Over the past few months, trade and transit of goods between Iran and the Republic of Azerbaijan has increased by 62% and by building this new land route, goods from Iran will reach Moscow within three days”. The bridge will be built at the joint expense of Iran and the Republic of Azerbaijan and is estimated to cost a total of $ 4.8 million.

Signing of the MOU for the Exploration and Development of Hydrocarbon Resources in the Caspian Sea

Khazar Exploration and Production Company (KEPCO) and PetroIran Development Company signed a memorandum of understanding on Tuesday to explore and develop hydrocarbon resources in the Caspian Sea. On 7/Feb/2022, on the third day of the specialized exhibition of Ahwaz oil industry, a memorandum of cooperation was signed between the two companies in the field of exploration and development of hydrocarbon resources in the Caspian Sea. According to this memorandum, the exploration and development of resources is to be implemented with the priority of Sardar Jangal field. In 2011, Iran declared that it has discovered a substantial oil deposit, called Sardar-e-Jangal field, which reportedly contains about 500 million barrels of recoverable oil and 500 million cubic meters of recoverable natural gas.

Iran and South Korea Negotiate about Locked Assets

South Korea’s Yonhap News Agency reported, citing an informed source that the country and Iran plan to hold working-level consultations in Seoul next month to discuss ways to release Iran’s confiscated assets. Bilateral relations (Iran and Korea) have been strained due to the stagnation of $ 7 billion of Iran’s money in two Korean banks due to US sanctions. Negotiations to revive the 2015 nuclear deal in Vienna have entered a critical phase, with Iranian officials calling for the lifting of sanctions to reach an agreement, and this issue (Iran’s money in Korean banks) has been reconsidered.

In 2017, South Korea imported $ 7.8 billion worth of unpaid oil from Iran and stopped buying oil from Iran in 2019 under the pretext of US sanctions. Tehran, however, says that the Korean government has to unfreeze Iran’s frozen funds, regardless of the outcome of the talks in Vienna, as Iranian officials believe the unilateral US restrictions cannot justify Seoul’s delays in repayment of its debts to Tehran.