Iran-Russia ties could grow to $10B

TEHRAN, Nov. 1 (UPI) -- A top Iranian official says his nation's commercial ties with Russia could reach $10 billion soon.

Kamal Deneshyar, chairman of the Iranian Parliament's Energy Committee, said oil and nuclear contracts between Iran and Russia could reach $10 billion per year, MosNews reported Tuesday.

"Iran and Russia, as two important energy abundant countries, have great potential for further cooperation and can benefit from the oil and gas markets through encouraging joint ventures between Iranian and Russian oil and gas companies," he said.