Russian Energy Minister Nikolay Shulginov and Iranian Oil Minister Javad Owji have discussed cooperation on the supply of oil and petroleum products, as well as preparations for the bilateral meeting of the intergovernmental commission during the Gas Exporting Countries Forum (GECF), the Russian energy ministry said on Tuesday.

"The parties discussed the preparation for the meeting of the Russia-Iran intergovernmental commission, as well as cooperation in the oil and gas sector, including the supply of oil and petroleum products," the statement read.

Shulginov and Owji also discussed the implementation of the memorandum of understanding on strategic cooperation between Gazprom and the National Iranian Oil Company (NIOC). The counterparts also touched upon issues of cooperation in the electric power industry, including the participation of Russian companies in the construction of a number of power generation facilities in Iran.

"Work on the exploration of the possibility of combining the energy systems of Russia, Azerbaijan and Iran continues. The first stage should be the development of a feasibility study of the project," Shulginov said.

Russian Deputy Prime Minister Alexander Novak said earlier in October that Russia and Iran are working on the details for the implementation of swap oil and gas supplies. The agreement on swap supplies with Iran could cover 5 million tonnes of oil and up to 10 billion cubic meters of gas per year at its first stage.

In July, Russian energy giant Gazprom and the National Iranian Oil Company (NIOC) signed a memorandum of understanding on strategic cooperation worth $40 billion. As part of the deal, the companies pledged to explore the possibility of interaction on the development of Iranian fields, the implementation of liquefied natural gas (LNG) projects and the construction of gas pipelines. Iran soon announced its plans to buy 9 million cubic meters of Russian gas, which will be delivered through the territory of Azerbaijan.