Major events in Caspian countries' oil and gas industry for last week (Aug.8-12)

Analysis Materials 16 August 2016 13:35 (UTC +04:00)

SOCAR: Progress made in talks on storing Iranian gas in Azerbaijan

Azerbaijan’s state oil company SOCAR and Iran continue to coordinate the technical details of storing Iranian gas in Azerbaijan’s underground gas storages, a source in SOCAR said.

The source said the parties have made considerable progress in negotiations on general issues and the details are currently being agreed upon.

Thus, SOCAR will be able to test capacities of its underground gas storages, provide southern regions of Azerbaijan with Iranian gas and at the same time supply gas to northern Iran in winter as part of agreements.

“It will be a kind of swap, but it is only one of the possible options,” said the source. “The parties have yet to choose the most optimal scheme.”