Iran and Russia to carry out joint energy, transport projects worth $40 billion

Russia and Iran will implement joint mid-term projects worth between $35 billion and $40 billion, Russian Energy Minister Alexander Novak said on Friday.

"In my view from all of the agreements and discussions Thursday, we have moved on to some sort of a list of projects," Novak was quoted as saying by Russian news agencies Sputnik and Tass.

Novak explained that the multi-billion dollar deals were not for just one year, but highlighted the fact that some deals were long-term projects.

Iran and Russia's railway projects are estimated to cost around $5 billion, while the construction and modernization of steam power plants are said to be worth around $6 billion. Also, the Russian state-controlled oil company, Zarubezhneft, is said to be considering several projects worth around $6 billion.

The Iranian side also submitted a list of 21 projects, including development of transport logistics worth around $25 billion.

Novak visited Tehran for two days between Wednesday and Thursday along with officials from 50 Russian companies that are active in oil, natural gas, petrochemical, power plants and railway sectors.

On Wednesday, Iran's Guardian Council of the Constitution approved the final nuclear deal that the country signed with world powers P5+1 group on July 14.

Iran anticipates that foreign trade and investments will increase with the removal of international sanctions.