Russia to fund construction of nuclear plant in Iran

TEHRAN, Apr. 25 (MNA) – Tehran and Moscow have agreed on the construction of a new nuclear power plant in Iran with a credit line allocated by Russia, Iranian Oil Minister Mohsen Paknejad says.

News ID: ۲۰۰۱۱۷۰

26 April 2025

EghtesadOnline: “Iran and Russia will continue their cooperation in the peaceful use of nuclear energy and the construction of new nuclear energy facilities and the completion of phases two and three of the Bushehr power plant using Moscow's credit line,” Paknejad said at the closing ceremony of the 18th Joint Economic Cooperation Commission between Iran and Russia in the latter's capital on Friday, PressTV reported.

The minister also announced an agreement between the two sides to strengthen cooperation in the upstream sectors of their oil industries and the development of oil and gas fields.

“Tehran and Moscow are seeking to accelerate the implementation and finalization of cooperation memorandums with Russia’s Gazprom,” Paknejad said, calling for bolstering cooperation in the petrochemical industry, swapping petroleum products and constructive interaction with Russian companies for the development of oil fields under existing contracts.

Pointing to the transit of Russian gas and Iran becoming a regional gas hub, the minister said, “One of the areas of interest for both sides, in the first phase, is the import of gas from Russia, and in the second phase, the trade of gas through swap or transit to other countries.”

Paknejad underlined that, “Extensive negotiations had been held in this regard, and only one or two issues remain, the details of which will be announced after the volume of gas imports in the first phase is finalized.”

Touching on the cordial discussions that took place between the Iranian and Russian sides, the minister expressed hope that the 18th commission meeting, through the joint efforts of Iranian and Russian representatives, will help eliminate structural constraints and existing challenges, elevating bilateral relations to a level befitting two major countries, given their high potential.

“Multilateral cooperation between Iran and Russia through membership in the Shanghai Cooperation Organization, BRICS, the Gas Exporting Countries Forum, and OPEC+ has led to the provision of common interests, peace, stability, and international security, and I am confident that this cooperation will deepen,” he said.

Stressing that the relations between Iran and Russia are of great importance in the international arena, he added, “In the field of global diplomacy, the relations between Tehran and Moscow are noteworthy.”

Russia's state news agency RIA reported on Monday that Russian President Vladimir Putin had signed a bill ratifying the strategic partnership agreement that had been inked with Iran in January.

The bill had been approved by Russia’s State Duma earlier this month.

The pact, signed by Putin and Iranian President Masoud Pezeshkian, has a duration of twenty years and establishes the legal framework for long-term cooperation in various sectors, including defense, energy, industry, agriculture, finance, transportation, science, culture, and technology.