Tehran, Iran, May 6
By Kamyar Eghbalnejad - Trend:
The establishment of a joint oil company with Azerbaijan will help Iran to connect to the global market, Deputy Managing Director of NIOC (National Iranian Oil Company) for Development and Engineering Affairs Gholamreza Manouchehri told Trend May 6.
Referring to the issue of the decision made by Tehran and Baku to establish a joint oil company, the Iranian official said that the company could prepare both parties to cooperate over the exploration and development of hydrocarbon reserves in the Caspian Sea regardless of the disputed issues.
The two sides should work under the standards agreed by the both parties which is an advantage for Iran, he said, adding that “this can further help connect Iran to the global market”.
He added that the joint projects should be implemented under a unified management system and that one way for doing this is to establish a consortium under the circumstances put forward by both countries and another model can be the registration of a joint company which is under consideration.
The announcement over the establishment of the company was made by Amir Hossein Zamaninia, Iran’s deputy oil minister for international affairs and trading.
Zamaninia was quoted by Trend as saying that the company will be established within the deal recently signed between the two parties.
Last month during a visit of Iran’s President Hassan Rouhani to Azerbaijan, the two countries signed "The Memorandum of Understanding on "Joint Development of Relevant Blocks in the Caspian Sea".
"According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it," Zamaninia said, adding that the deal will come into force in coming days.