In a move signaling a deepening energy partnership, Russian energy giant Gazprom inked a 30-year agreement with the National Iranian Gas Company in June to supply Iran with 300 million cubic meters of gas daily via a new pipeline.

This landmark deal, valued at an estimated $10–12 billion annually, will see Russia shoulder the cost of developing the necessary infrastructure, including a pipeline traversing the Caspian Sea. Iranian Oil Minister Javad Owji highlighted that this influx of Russian gas, combined with Iran’s current production of 840–850 million cubic meters daily, would position the country as a major gas transit hub.

 The agreement outlines plans to export surplus Russian gas, beyond Iran’s domestic needs, to other countries, further strengthening both countries’ positions in the global gas market. This partnership comes at a time when Russia is actively seeking alternative markets for its energy exports amid Western sanctions.