Possible investments that Russian companies can make in projects in Iran in the near future are estimated at $35-40 bln, Deputy Economic Development Minister Alexander Tsybulsky said on Wednesday.

Speaking at a meeting of the international issues committee at the Federation Council (upper chamber of parliament) he said:

“In general we estimate Russia‚Äôs potential of investments in the Iranian market in the near future at $35-40 bln,” he said.

Talking to a TASS correspondent the Deputy Minister said that he was speaking about the next 10 years.

Tsybulsky said that now large companies such as Tekhnopromexport, Russian Railways, Zarubezhneft, Inter RAO and Power Machines are taking active steps to enter the Iranian market.

He noted that Gazprom, Rosneft, Rosseti, RusHydro, Gazprom Neft, Inter RAO Export and Novatek companies are now studying options for investments in Iran.

On Wednesday, the Federation Council made a favorable conclusion with regard to the federal draft law on ratification of the agreement between Russia and Iran on promotion and mutual protection of investments.