Details added (first version posted on 16:26)
Baku, Azerbaijan, Feb. 25
By Farhad Daneshvar - Trend:
Iran's investment company Ghadir and Azerbaijan's state oil company SOCAR will jointly put investment in oil and gas projects, Mohsen Pak Ayeen, Iran's ambassador in Baku, said Feb. 25.
An investment document was inked between the two companies to this end, he told reporters speaking about the 11 documents signed by Iran and Azerbaijan Feb. 23.
He added that Azerbaijani President Ilham Aliyev's visit to Tehran was a historic event as a memorandum of understanding was signed for construction of the Khodafarin and Qizqalasi hydroelectric plants.
"Within the next six months, we will see major developments about Khodafarin. The sides will first construct a dam, and then construction of the power plant will start," he explained.
Pak Ayeen added that a MOU was signed by the sides to establish a pharmaceutical factory in Azerbaijan's Sumgait.
"The next week a delegation from Iran will come to Azerbaijan to discuss the pharmaceutical factory in the Sumgait Chemical Industrial Park," he said.
The factory will be launched in three phases, he added.
The ambassador explained that at the first phase, Iranian medicines will be imported, at the second one the technology for drug production will be transferred, and at the final phase, drugs will be produced in Azerbaijan in five years.