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Iranian Oil Minister: Azerbaijan and Iran to sign energy cooperation agreements soon

Teheran and Baku have reached profitable agreements in the gas sector today on November 21

Iranian Oil Minister: Azerbaijan and Iran to sign energy cooperation agreements soon

Teheran, November 22 - Neftegaz.RU. Iranian Oil Minister Javad Oji made the announcement after a meeting with Azerbaijan’s Deputy Prime Minister and Minister of Economic Development Shahin Mustafayev, Shana reported.
Speaking to the press after the meeting, Oji said positive talks were held and constructive agreements were reached between the 2 sides.

The parties have agreed to cooperate in swapping gas from other countries in the region including Turkmenistan to Azerbaijan.
The development of oil & gas fields in the Caspian Sea was another subject discussed during the meeting, and according to Oji, initial talks have been held in this regard and expert delegations of the 2 countries are continuing the negotiations.

Oji expressed hope that in the coming weeks, agreements will be signed with Azerbaijan in the field of oil, gas, and development of Caspian oil & gas fields.

Mustafayev for his part told the media that there is successful cooperation between Iran and Azerbaijan in all areas, especially energy, adding:
  • Cooperation between Iran and Azerbaijan in the oil and gas sector has been fruitful
  • We discussed a number of new projects in the energy sector and I believe new documents will be signed in the near future
Azerbaijan’s proved crude oil reserves were estimated at 7 billion barrels in January 2021.
Most of Azerbaijan’s proved natural gas reserves, which were estimated at about 60 trillion cubic feet in January 2021, are located in the Shah Deniz field.

At the end of 2020, Iran accounted for 25% of oil reserves in the Middle East and 12% in the world.
Iran's estimated proved natural gas reserves were 1,200 trillion cubic feet as of December 2020, 2nd only to Russia

Iran shares a 132-km border with Azerbaijan.
The electricity networks of Azerbaijan and Iran are connected through 5 existing electric power transmission lines.
Azerbaijan imports from Iran was $300.62 million during 2020.

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