Azernews.Az

By Trend

On the last day of the latest round of economic talks between Iran and Azerbaijan, the sides have agreed to cooperate on oil and gas swap.

Iran's Minister of Economic Affairs and Finance Masoud Karbasian has said the sides have agreed on eight documents on cooperation, including the swap of oil and gas.

According to the minister, the documents will be finalized during an expected visit by Iranian President Hassan Rouhani to Azerbaijan in late March.

An Azerbaijani delegation led by the economy minister and co-chairman of the State Commission for Cooperation between Azerbaijan and Iran in the economic, trade and humanitarian spheres, Shahin Mustafayev, arrived in Tehran March 14 on a two-day visit.

Head of Gas Export Department at Azerbaijan’s state oil company SOCAR Gagamali Seyfullayev earlier said that the volume of gas deliveries from Iran to Azerbaijan exceeded 1.76 billion cubic meters in 2017.

Seyfullayev reminded that with a view to meet the gas demand of the Nakhchivan Autonomous Republic of Azerbaijan, annually 402 million cubic meters of gas of Azerbaijani origin are supplied to Iran within a long-term (up to 2025) swap agreement, while 350 million cubic meters of this volume are then supplied to Nakhchivan.

Under the oil swap agreements, which started in 1997 and were in place for over 12 years, Iran received crude oil of Azerbaijan, Kazakhstan and Turkmenistan in the Neka port and delivered an equal volume to the clients of the same countries in the Persian Gulf.

Iran's total income from these swap transactions from 1997 to 2009 amounted to about $880 million.

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