Iran oil entities eye business in Azerbaijan (exclusive)
Baku, Azerbaijan, Sept. 21
By Dalga Khatinoglu, Farhad Daneshvar – Trend:
Iranian companies enjoy proper capabilities in oil industry’s downstream sector and they are interested in providing maintenance and engineering services for the oil refineries and petrochemical plants in Azerbaijan and other regional countries, an Iranian oil official told Trend.
Saeed Ahangaran, Secretary of Society of Iranian Petroleum Industry Equipment Manufacturers (SIPIEM) noted that his organization is ready to make joint investment in order to create industrial plants in Azerbaijan.
According to the SIPIEM secretary, Iranian manufacturers think of establishing factories for producing compressors, valves and wellhead equipment, expansion joints, gaskets, electrical and drilling equipment in Azerbaijan.
In case Azerbaijani side agrees to provide Iranian entities with investment guarantee, they would make investment in establishing joint ventures in the neighboring country, he added.
He further said that Iranian companies plan to extend their activity to international markets such as Turkmenistan and Kazakhstan.
According to Azerbaijani officials, Iranian companies have invested $2.6 billion in Azerbaijan’s economy. About $145 million of the total amount has gone to the non-oil sector. This is while some 450 companies with Iranian share operate in Azerbaijan.
Trade turnover between Azerbaijan and Iran amounted to $122.08 million in January-August 2016, $30.66 million of which accounted for the export of Azerbaijani goods to Iran, according to the State Customs Committee of Azerbaijan.