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Iran, Azerbaijan to launch oil co-op in Caspian Sea

23 February 2016 10:24 (UTC +04:00)

In time with today’s visit of President Ilham Aliyev to Tehran, Iran will present to Azerbaijan an offer for participation in the exploitation and swap of oil and gas fields in the Caspian Sea, said the minister.

Accordingly, Tehran’s proposals to Baku include cooperation of the two countries for joint implementation of oil and gas fields in the Caspian Sea as well as expansion of oil and gas trade particularly pertaining to resumption of oil swaps.

The Iranian minister expressed readiness for swap of crude and natural gas with Azerbaijan Republic noting “with the visit of President Aliyev of Azerbaijan, negotiation will be conducted between the two countries at the high political levels.”

“The proposals will be raised during the upcoming meeting between the two countries’ heads of states,” he reiterated.