(IRNA) - In a meeting here Monday between Iranian oil minister Kazem Vaziri-Hamaneh and his Turkmen counterpart the expansion of cooperation in oil and gas was discussed.
The two sides agreed to increase Turkmenistan's gas exports to Iran from the current eight billion cubic meters to a minimum of 14 billion cubic meters annually, reports Trend.
They also stressed on the increase of the oil swap of Turkmenistan oil via Iran's northern ports which currently stands at 40,000 barrels daily.
Hamaneh also called for greater participation of Iranian companies in the oil exploration and discovery projects in Turkmenistan.
Iranian companies have solid expertise in oil exploration and they are ready to share their knowledge with Turkmenistan, he added.
The two sides also agreed to further cooperate in production exchange of oil derivatives Iran, which is the second biggest buyer of Turkmen natural gas, electricity, liquefied gas and polypropylene after Russia, is interested in buying more gas from Turkmenistan, which sold 5.8 billion cubic meters of gas to Iran in 2005.
Iran has plans to buy more than 13 billion cubic meters of gas from Turkmenistan.
The two countries trade exchange amounted to USD 1 billion in 2005.
Iranian President Mahmoud Ahmadinejad was formally greeted in Ashkhabad by his Turkmen counterpart Saparmurat Niyazov on Monday.
Ahmadinejad arrived here Monday on a two day official visit at the head of a high-ranking delegation.
During Ahmadinejad's stay, Iran-Turkmenistan economic commission is to meet and some documents on bilateral cooperation signed.
Also, Bajgiran-Hooman border terminal will be inaugurated on Tuesday and Iran's economic exhibition will get underway in the Turkmen capital.
The Iranian ministers of foreign affairs, commerce, energy and oil are accompanying the Iranian president on his visit to this Central Asian republic.