Russian Energy Minister Alexander Novak announced this week that Iran is seeking to obtain two Russian loans worth more than $7bn, of which $5bn will finance infrastructure projects.

His country and Iran are considering setting up a bank to finance joint projects, he adds. Mojtaba Khosrowtaj, Iran’s deputy industry minister confirms that high-level agreement was reached on these loans and that technical details only remain to be hammered out. (CONTINUED - 225 WORDS)