Iranian Petroleum minister has announced the signing of a 40 billion dollar memorandum of understanding (MoU) between Iran and Russia's Gazprom company.

 The minister also said: We have started the swap of products and we are also following the discussion of gas swap.

"Iran considers nearly 34 thousand billion cubic meters of [Gas] reserves to be necessary for the construction of these complexes," the minister noted, referring to the construction of LNG complexes in the country.