Iran to transit Russian gas amid European supply losses
7:31 AM EDT, August 17, 2024
Reuters reported on Saturday, quoting Iran's ambassador to Russia, Kazem Jalali, that Iran is ready to transship Russian natural gas through its territory.
The Iranian ambassador did not specify the final destination of the Russian gas after it was transshipped to Iran. In June of this year, Reuters reported that the Russian energy giant Gazprom and the National Iranian Gas Company (NIGC) signed a memorandum of understanding for the transmission of Russian gas to Iran.
What about Russian gas supplies?
The value of Russian gas supplies to Europe, which once made up two-thirds of Gazprom's revenues, has fallen to its lowest level since the collapse of the USSR due to Russia's invasion of Ukraine. Last year, the company reported nearly $7 billion in losses, marking its first annual loss since 1999.
Jalali, quoted by the Tehran Times website, also said on Saturday that Russian President Vladimir Putin has officially invited Iran's new president, Masud Pezeszkian, to participate in the BRICS summit in October in Kazan, Russia.
