Negotiations between Iran, Azerbaijan on hydrocarbons ongoing

Oil&Gas Materials 21 February 2019 11:22 (UTC +04:00)

Tehran, Iran, Feb.21


The Managing Director of Iran's Khazar Oil Company announced that the talks between Iran and Azerbaijan on the use of hydrocarbon capacities of the Caspian Sea continue, and emphasized that joint committees are working.

Ali Osouli said that Iran is now following a memorandum of understanding on oil and gas cooperation with Azerbaijan, and a joint meeting will be held this month, Trend reports citing ILNA.

He commented on the progress of the talks between the two sides, saying that it is the first time that the two countries want to work in a block that does not completely belong to none of them.

“Given the availability of hydrocarbon reserves in the Caspian Sea, the oil production in the Caspian Sea is important not only in political and geopolitical terms, but also economically,” he said.

Osouli noted the impact of US sanctions on the company and said that it is natural that Khazar Oil Company faces slowdowns of activities, and the development of fields is not at the top of the priority list.

"Developing oil field structures in the Caspian Sea, considering the necessity of using advanced technologies, will be cost-effective in the event of the participation and attraction of foreign capital and technology, but nevertheless, we will continue," he said.