Iran and Russia have signed an agreement allowing OAO Gazprom (GAZP.RS) to deliver gas to northern Iran in return for facilitating the delivery of Iranian gas from the south of the country to Persian Gulf countries, the Fars News Agency reports.
The report says under the agreement, signed by Iranian Oil Minister Hossein Nozari and Russian Energy Minister Sergei Shmatko, Gazprom may exchange Turkmen gas for crude, gas condensate, liquified natural gas or other types of fuel from southern Iran.
Gazprom department head Stanislav Tsygankov said there are "several options" in play, noting also the gas pipeline from Azerbaijan which is "not being used at present but is quite operational."