Iran keen to participate in Azerbaijan oil, gas projects

Business Materials 7 May 2015 15:26 (UTC +04:00)
Iran’s oil minister Bijan Namdar Zanganeh has expressed the Islamic Republic’s eagerness to participate in Azerbaijan’s oil and gas projects.
Iran keen to participate in Azerbaijan oil, gas projects

Baku, Azerbaijan, May 7

By Umid Niayesh - Trend:

Iran's oil minister Bijan Namdar Zanganeh has expressed the Islamic Republic's eagerness to participate in Azerbaijan's oil and gas projects.

"Our region is an important center of the world's oil and gas activities," Namdar Zanganeh said, adding Iran can take part in the oil and gas projects of regional countries particularly Azerbaijan, Iraq and Turkmenistan.

The Iranian minister did not mention further details about the projects and the participation mechanisms. Zanganeh added that participation in the regional projects would help Iran to improve its oil technology, the Islamic Republic's ISNA news agency reported May 7.

"Iran's cooperation with the world was always good but they were unkind to us, however now they are returning to the cooperation," he said.

The Iranian minister further said that the capacity of the Iranian oil and gas companies is beyond the domestic demand.

Zanganeh suggested that Iranian companies focus on taking part in the regional markets once the international sanctions against Tehran are removed.

Earlier Mohsen Pak Ayeen, Iran's ambassador to Azerbaijan said that the Islamic Republic may join the Trans-Anatolian Natural Gas Pipeline (TANAP), which will carry Azerbaijan's gas to European markets.

"We are looking into the possibility of buying equity in TANAP, Pak Ayeen said, adding Iran may buy equity in the pipeline, if reaches its production targets by 2018.

Iran holds 33.8 trillion cubic meters of proven natural gas reserves- or 18.2 percent of the world's total proven reserves.

The president of Azerbaijan's State Oil Company Rovnag Abdullayev told reporters April 4 that Iran is interested in purchasing a stake in the TANAP.

It should be noted that Iran and the P5+1 (the US, UK, France, Russia, China, and Germany) reached a nuclear framework agreement on April 2 that raised hopes for achieving a comprehensive nuclear deal by June 30 and lifting of international economic sanctions on Iran, including the EU restrictive measures against oil and gas export.

Edited by CN

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