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Main terms of gas contract between Azerbaijan and Iran signed - UPDATED

Main terms of gas contract between Azerbaijan and Iran signed -<font color=red> UPDATED</font>

12 January 2011 14:26 (UTC +04:00)

According to APA-Economics, the contract was signed by SOCAR President Rovnag Abdullayev and President of the Organization of the Petroleum Exporting Countries - OPEC Seyid Masud Mirkazemi.

R. Abdullayev says according to contract, Azerbaijan will export gas to Iran through Astara, during 5 years: â€œThe volume of the gas will 1 bcm, this year. During next years, it will be increased. Gas export to Iran will start from February 1â€.

According to him, the volume of gas to be exported every year will be determined separately. By the way, Minister Seyid Masud Mirkazemi noted that, the volume of gas to be exported to Iran next year, will be reached 2 bcm.

R. Abdullayev says Iran will import SOCARâ€™s gas: â€œAzerbaijan has sufficient gas volume to export to Iran. We can export gas to Iran, Russia and Turkey, at the same timeâ€.

He also noted that, the price of gas for Iran was not below the prices of gas for Turkey and Russia. All necessary technical problems have been solved. Relevant structures have been renewed and construction of Astara gas compressor station has been finished.

Remind that, Azerbaijan have Iran have conducted gas exchange, so far.