Iranian Energy Minister Reza Ardakanian said upon his arrival in Moscow that he is to meet with Russian Energy Minister Alexander Novak and follow-up the latest developments of bilateral projects and agreements reached at the 15th joint economic cooperation commission of Iran and the Russian Federation.

Signing of an extension to the contract of Russia’s loan to Iran for construction of a 1400 MG thermal power plant in Sirik County, Hormozgan Province is among the priorities of the follow-ups, he added.

According to the agreement which was signed between Iran and Russia, Moscow was set to allocate one-billion USD loan to Tehran for construction of a power plant in southern Iran.

Referring to joining of Iran to Eurasian Economic Union (EAEU), Iranian Energy Minister mentioned that he is going to visit Secretary-General of the EAEU to discuss the latest cooperation between the two sides.

He said that Iran’s joining to the Eurasian Economic Union is an important event, adding that it is perhaps for the first time that Iran is actively engaged in a regional economic pact and would be a very effective way to develop economic and regional relations.

Iran-Russia joint economic cooperation commission has played a very effective role in activating Iran’s membership in the EAEU, as Russia is a key player in this important regional union, Ardakanian noted.

Energy Minister Reza Ardakanian accompanies Iranian Foreign Minister Mohammad Javad Zarif in Moscow as the head of Iran-Russia joint economic commission.

At the meeting hosted by the Eurasian Economic Commission on 28 August, Chairman of the EEC Board Tigran Sarkisyan and Iran’s ambassador to Russia Mehdi Sanaei exchanged messages about completing the necessary procedures to enforce an interim agreement leading to the formation of the free trade zone between the EAEU and Iran. This means that the agreement will come into force on 27 October.

The parties also agreed to continue to cooperate to implement the agreement. The EAEU and Iran have already engaged in a dialogue on enhancing cooperation between the customs services. The parties are also negotiating a format of a business dialogue which is stipulated in the free trade zone agreement.