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TEHRAN, Dec. 13 – National Iranian Gas Company (NIGC) and Russian Gazprom Neft on Tuesday signed a Memorandum of Understanding (MoU) for cooperation. Managing Director of the NIGC Hamid-Reza Araqi and Deputy Managing Director of Gazprom Alexander Medvedov signed the deal in the presence of Iran's Minister of Communications Mahmoud Vaezi and Russian Minister of Energy Alexander Novak. In January 2016, a 30-member delegation from Russian Gazprom visited Iran and held the first meeting with the NIGC. The two sides decided to form five working group with regards to the extent of the working fields. The working groups corresponded and held talks on trade of gas, R&D, production and implementation of the joint projects and gas application. In the meeting, the projects of investment in Iran were outlined and it was announced that Iran is ready to absorb more than 62 billion dollars investment in the NIGC projects in the coming years. With lapse of almost one year since the first working session, the two sides signed the MoU based on outcome of their expert sessions.