Iran, Azerbaijan Ink Oil Swap Deal
TEHRAN (Tasnim) – Iran and the Republic of Azerbaijan recently signed a memorandum of understanding (MoU) to boost mutual cooperation in swapping oil from Iran’s territory, the managing director of the National Iranian Oil Company (NIOC) announced.
“In the MoU that has recently been signed between the NIOC and the State Oil Company of Azerbaijan Republic (SOCAR), the two countries agreed on the oil swap from Iranian soil,” Rokneddin Javadi said.
Mutual cooperation in other areas, including tapping the capacities of the Caspian Sea, was also agreed upon in the deal, he noted.
Azerbaijan is seeking to utilize Iran’s research capacities in oil and gas sectors, Javadi, who is also the deputy oil minister, added.
The MoU was among the 11 agreements signed during a visit by Azeri President Ilham Aliyev to Tehran earlier this week.
Cabinet ministers and senior officials from the two neighboring countries signed the agreements in a range of fields.
It was Aliyev’s second visit to Iran during President Rouhani’s tenure. The first was in spring 2014.
Iran and Azerbaijan have accelerated efforts in recent years to forge closer partnership in various fields, from fighting against terrorism to the exchange of electricity or gas deals.
