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Tehran, Moscow Willing to Extend Oil-for-Goods Deal 

Tehran, Moscow Willing to Extend  Oil-for-Goods Deal Tehran, Moscow Willing to Extend  Oil-for-Goods Deal 

The Russian Energy Ministry is working with Iran on extension of the agreement on oil supplies to Russia under the oil-for-goods program for five years, its energy minister told reporters on Tuesday. "The first supply has already been completed; the next ones are arranged. The agreement is effective; it has been extended. We generally believe that it should be renewed for five years and work on this matter," Alexander Novak was also quoted as saying by Reuters. It was reported earlier that Iranian oil supplies under the program amount to 5 million tons per year. The first delivery was made in November 2017 and totaled 1 million tons. In May 2017, Iran and Russia reached an agreement to begin oil supplies under the oil-for-goods program established in 2014, when the anti-Iranian sanctions were still in effect. The volume of the deal was agreed to stand at 100,000 barrels a day. Earlier, Novak said the oil-for-goods program is seen as a mechanism to boost trade between the two countries.

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