Iran proposes to create EAEU consortium for energy cooperation

MOSCOW, 13 Oct – PRIME. Iran proposes to create an energy consortium and an investment fund to strengthen cooperation in the EAEU, Deputy Oil Minister Ahmad Asadzade said.

“To strengthen cooperation in the energy sector in Eurasia, it is necessary to create a joint investment fund. We can also create a joint energy consortium with the participation of both public and private companies,” he said during a speech at the Russian Energy Week.

In addition, the Deputy Minister pointed to the need to prepare ports and infrastructure for organizing swap supplies of energy resources between Russia and Iran. According to him, the EAEU has a good potential for working in the energy sector, but there is a problem associated with the unpreparedness of the infrastructure.

Another issue, Asadzade noted, concerns the weak railway connection. He believes that the North-South International Transport Corridor could cut transportation costs by about 50% and save time.