Azerbaijan, Iran expand co-op in oil and gas sector
Baku, Azerbaijan, March 30
By Ilkin Shafiyev – Trend:
The memorandum of understanding between Azerbaijan and Iran on the joint development of relevant blocks in the Caspian Sea will allow the countries to greatly expand cooperation in the oil and gas sector, Azerbaijani Deputy Minister of Economy Sahil Babayev told Trend.
He added that the document opens new prospects for joint development of fields.
“The National Iranian Oil Company has a 10-percent-share in Shah Deniz project. Up till now, Iran has invested about $3 billion in Azerbaijan’s oil and gas sector. The signed memorandum will allow working on the development of new fields," Babayev said.
The memorandum of understanding on the joint development of relevant blocks in the Caspian Sea was signed during Iranian President Hassan Rouhani’s visit to Azerbaijan.