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Russia's energy sector has organized a large-scale business meeting for the first time in Iran.

The event took place in the Iranian capital of Tehran on Tuesday ahead of the start of the 27th Iran Oil Show, a large-scale energy industry trade fair featuring oil, gas and petrochemical companies.

Iran's Ministry of Petroleum said about 50 Russian firms and government organizations visited the country for the event. From the Iranian side, more than 200 companies took part.

The two countries hold some of the largest natural gas and petroleum reserves in the world and are in a rivalry in the field.

But they are promoting cooperation recently in the face of sanctions imposed by United States and European countries, over Russia's invasion of Ukraine and Iran's nuclear development program.

Iran also reportedly wants Russian investment and technology. The country's energy development has been delayed due to lack of funds despite its abundant reserves.

A representative from a Russian petroleum firm said they are first looking for partners as they are not familiar with Iran's market, people and business customs.

An official of Iran's petroleum ministry said it should be possible for Russian and Iranian companies to join hands by comparing their own fields of expertise.


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