Russia aims to export 55 bcm of gas to Iran per year: Putin

Russia may supply up to 55 billion cubic metres (bcm) of gas per year to Iran, Russian President Vladimir Putin has said, as Moscow diversifies its gas flows after a dramatic fall in exports to Europe.

Since the Russia-Ukraine war in 2022, Moscow has lost its dominance of the European gas market, once a key source of revenue for Kremlin-controlled Gazprom.

Putin, speaking at a joint press conference with his Iranian counterpart Masoud Pezeshkian on Friday, said Russia's gas supplies to Iran could eventually reach 55 bcm per year, but it would need to start with small volumes of up to 2 bcm.

Despite holding the world's second-largest gas reserves after Russia, Iran imports gas, including from Turkmenistan, due to severe under-investment caused in part by US sanctions.

A figure of 55 bcm would be similar to the Nord Stream 1 undersea gas pipelines to Europe that were damaged by blasts in 2022.

"If we talk about the volumes of possible supplies, we believe that we need to start with small volumes up to 2 bcm, but in general this can reach supply volumes of 55 bcm of gas per year," Putin said after signing a strategic treaty with Iran.

Gazprom signed a memorandum last June with the National Iranian Gas Company to supply Russian pipeline gas to Iran. Possible routes for the pipeline have not been disclosed.

Iran's Oil Minister Javad Owji said last July that Iran would receive 300 million cubic metres of Russian gas daily, which translates to around 110 bcm per year.