Last year. Gazprom used their pipelines to deliver over 80 billion cubic meters of natural gas. or roughly 46% of its Europe-bound gas deliveries.

Iran and the Group 5+1 (Russia. China. the US. Britain. France and Germany) reached the 159-page nuclear agreement in July 2015 and implemented it in January 2016.

The two sides will also discuss the possibility of installing five power generation stations with a capacity of 125 MW at Banias power plant.

Petronet will buy the LNG on delivered basis with a price equivalent to about 12.5 percent of Brent oil prices.

The two sides also exchanged views on expansion of relations in other domains. including energy. roads. agriculture and trade as well as tourism.

Oil exports are expected to reach up to 2.5 million bpd within five years.

Total will operate the SP11 project with a 50.1 percent interest. while Iranian Petropars company will have a share of 19.9 percent and the Chinese CNPC 30 percent.

The first preliminary agreement calls for constructing two polyethylene units plus an ethane cracker unit to convert ethane to ethylene.

Maduro said his country was going to trade in oil. gas and gold using currencies other than the US dollar.

Based on the agreement signed on Wednesday. Sofregaz will cooperate with Iran'.s Samin Sazeh over the project.