Apr 13, 2021 12:19 UTC
  • Russian firm inks investment deal for medical projects in Iran

A Russian company has undertaken to invest at least 500 million euros in Iran to produce antiviral medicine for COVID-19 and other diseases.

According to Islamic Republic News Agency (IRNA) report, the “investment agreement for foundation of new perspective investment projects in the fields of medicine, biotechnology and bioengineering” was signed between Iran’s INGP Holding and Russian investment company Region TransNeft.

“Based on the agreement, the Russian company Region TransNeft is willing to invest 500 million euros and more ... in advanced technology projects in Iran," it said.

It will help produce the latest Russian antiviral vaccines for all strains of COVID-19 and retroviruses. The agreement also calls for production of active biological agents with high demand in international markets and medical equipment for sale in Iran and other countries.

According to the report, the two companies will cooperate on vaccinating Iranians against COVID-19 and establishing a network of clinics and medical laboratories for research in Iran.

TransNeft is a state-controlled pipeline transport company headquartered in Moscow. It is the largest oil pipeline company in the world. Iran’s Inter Naft Gas Prom Pars (INGP) Holding is based in Tehran, with branches on Kish Island and Moscow. Their partnership is based on promoting economic and social development in Iran and Russia, according to INGP’s website.   

Iran has begun a 10-day lockdown on Saturday, ordering most shops closed and offices restricted to one-third capacity in cities declared as red zones, including Tehran and 250 cities and towns.

It has already received more than 400,000 of 2 million Sputnik V vaccines on order from Russia. It has also received 250,000 doses of China’s Sinopharm vaccine and part of an order of 500,000 doses of India’s COVAXIN.

Iran is also developing at least four local vaccine candidates, one in cooperation with Cuba, which are expected to reach production in a few months.

The news of the contract between Region TransNeft and INGP comes as Russian Foreign Minister Sergei Lavrov is visiting Iran to extend a comprehensive cooperation agreement between the two countries.