Baku, Azerbaijan, April 4
By Farhad Daneshvar – Trend:
The latest oil agreement between Iran and Azerbaijan has envisaged the development of two oil fields in the Caspian Sea, an informed source told Trend.
“The sides have agreed to cooperate and develop two important blocks of the Caspian,” the source told Trend without mentioning the names of the fields.
“The output of the fields will be equally divided between the two countries,” he added.
Iranian President Hassan Rouhani concluded his two-day visit to Baku on March 29 where the sides inked eight agreements on cooperation in various sectors, including energy and the Caspian Sea.
During the visit Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov and Minister of Oil of the Islamic Republic of Iran Bijan Namdar Zanganeh signed “The Memorandum of Understanding on Joint Development of Relevant Blocks in the Caspian Sea between the Ministry of Energy of the Republic of Azerbaijan and the Ministry of Petroleum of the Islamic Republic of Iran”.