The National Iranian Oil Company (NIOC) and Russia's Gazprom have signed a memorandum of understanding worth roughly $40 billion, Shana reported.

The document was signed during an online ceremony on Tuesday by NIOC CEO Mohsen Khojastehmehr and Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee.

The development of Kish and North Pars natural gas fields, pressure enhancement of South Pars field, development of six oil fields, natural gas and product swap, completion of liquefied natural gas projects, construction of natural gas export pipelines, as well as some other scientific and technological cooperation are among the most important highlights of this memorandum.