Azerbaijan, Iran discuss prospects for strengthening cooperation in oil and gas industry

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Azerbaijan and Iran have discussed prospects for strengthening cooperation in oil and gas industry as an Azerbaijani delegation led by Minister of Economy Shahin Mustafayev met with Petroleum Minister of Iran Bijan Zangeneh.

Mustafayev, who is also Azerbaijani co-chair of the joint State Commission on Economic, Trade and Humanitarian Cooperation, highlighted major oil and gas projects of global significance, which were initiated and involve Azerbaijan, including the Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Erzurum and Southern Gas Corridor.

He noted that Iran has invested a total of $3.1 billion in Azerbaijan’s economy, including $2.95 billion in the oil sector.

Highlighting collaboration of the Azerbaijani and Iranian companies in the oil and gas sector, the Azerbaijani minister noted that there is a great potential for development of natural gas exchange and use of underground gas storage reservoirs.

The issues of joint production of oil and gas engineering facilities in Azerbaijan and cooperation in petrochemical industry were also discussed at the meeting.