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Signs are growing that Iran and Russian Federation are preparing for a new era of economic cooperation in which energy - among other sectors - will have a central role.

This comes at a time that Tehran has already become determined to take its cooperation with Moscow in the area of energy to a new level following the removal of sanctions against Iran earlier this year, ISNA news agency reported.

Speaking from the sidelines of a signing ceremony, Iranian Oil Minister Bijan Zanganeh said he expected crude oil prices would hold steady at around $55 per barrel in response to the production agreement.

Bijan Zanganeh urged oil companies of Russian Federation to submit technical proposals to NIOC within the envisaged time periods by conducting study phases for expansion of Iranian fields; "financial proposals need to follow technical ones and the developmental projects will be implemented once talks over contract frameworks become finalized".

According to the protocol on the intergovernmental Russian-Iranian commission, Russia's top oil producer Rosneft is interested in the cooperation with Iranian oil companies in projects to develop Iran's big oil and gas onshore and offshore fields with proven resource base.

Iran has announced a slew of energy deals with foreign firms in recent weeks, despite uncertainty around the incoming U.S. administration of Donald Trump, who has vowed to take a more confrontational stance towards Tehran. The agreement with Shell followed an initial deal with France's Total last month to develop part of the South Pars gas field, a project worth an estimated $4.8 billion.

"The creation of a Russian-Iranian Islamic bank was discussed".

Trade turnover between the two countries now stands at $1.5 billion, which is expected to hit $2.5 billion over the next year.

Three other MOUs were signed between the industry ministries, while another one was signed by the Iran-Russia Trade Council and the joint chamber of commerce.