Russia will invest $44 billion in Iran for the construction of a natural gas pipeline and the development of mines, Kommersant writes, citing Iranian oil minister Javad Owji.

"We have signed a $4bn memorandum of understanding with Russia for the development of mines, as well as a $40bn deal for the construction of gas pipelines and liquefied natural gas extraction facilities," Owji said.

In September, the Fars agency, citing a report by the Ministry of Petroleum of Iran, had announced that the National Iranian Oil Company will buy 9 million cubic meters of natural gas per day from Russia’s Gazprom company, and this natural gas will be delivered through the territory of Azerbaijan.

In addition, Iran plans to receive 6 million cubic meters of natural gas per day for swap deliveries to other countries.