Iran wants to form common oil company with Azerbaijan

30/04/2018 15:33 Oil Market

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Iran wishes to create a joint oil firm together with Azerbaijan. Amir Hossein Zamaninia, the Islamic Republic’s Deputy Oil Minister for International and Commercial revealed that the company will be formed within the framework of an agreement recently inked between the two parties.

Iran wishes to create a joint oil firm together with Azerbaijan. Amir Hossein Zamaninia, the Islamic Republic’s Deputy Oil Minister for International and Commercial revealed that the company will be formed within the framework of an agreement recently inked between the two parties.


The Memorandum of Understanding on Joint Development of Relevant Blocks in the Caspian Sea was signed between the two countries last month, during a visit of Iran’s President Hassan Rouhani to Azerbaijan.


Zamaninia declared: "According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it.”


The official added that US withdrawal from the nuclear deal on Baku-Tehran oil collaboration will not affect the Iranian cooperation with Azerbaijan’s state oil firm SOCAR.


The top official put the state oil export level at 2.6 million per day, affirming that Iran’s oil export has witnessed major hike in current month compared to the last months.

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