The memorandum involves development of upstream activities, drilling and exploration and pipeline development.
The 2,100- mile Persian pipeline would bring an estimated 1.3 trillion cubic feet to markets in Europe along a path that includes Turkey, Iraq and Syria.
Both parties are also going to develop oil refineries in Syria as well as discuss plans to include Iraq in the Persian pipeline talks.
The MoU gives Iran an opportunity to deliver gas from its South Pars field to Europe.
Iran holds the second largest reserve volume of natural gas in the world after Russia.
Author: Ksenia Kochneva
