MOSCOW, Feb. 12 (Xinhua) -- Iran offered Russia a concession for development of several oil deposits, Russian Energy Minister Alexander Novak said Tuesday.
"The Iranian side forwarded to the Russian companies a proposal about development of a number of oil deposits where these companies could participate," Novak told reporters following a meeting of Russian-Iranian inter-government commission.
The two sides discussed amendments to the Iranian legislation so the Russian companies could participate in the joint projects.
According to Novak, one of the companies which received the Iranian offer is Zarubezhneft, and the two countries would set up a working group to deal with the mutual accounting in the national currencies for their oil joint ventures.
Zarubezhneft has experience in Iran where the company drilled 6, 000-meter deep oil well in the Caspian Sea bed, according to its website.
Russia plans to supply Iran with oil-extracting equipment, the energy minister said.
Iranian Foreign Minister Ali Akbar Salehi, who also participated in the meeting of the inter-government commission, said his country would increase oil output to 5 million barrels a day from the current 4 million barrels a day.
Earlier this year, Teheran ceased sales of oil to the European Union and the U.S. after they have imposed oil embargo on Iran in 2012.