The Republic of Azerbaijan’s state-owned oil company will cooperate with an Iranian oil firm in exploration and production of oil in the Caspian Sea.
The State Oil Company of Azerbaijan (SOCAR) and Iran’s Khazar Exploration and Production Company (KEPCO) have signed a memorandum of understanding on joint exploration and production of oil in the Caspian Sea.
The document was signed during a visit to Iran by the delegation led by SOCAR first vice-president Khoshbakht Yusifzadeh at the invitation of KEPCO, according to a report carried by Azerbaijan Business Center (ABC.AZ).
Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan’s independence in 1991, and diplomatic relations between the two countries were established in 1992.
In April this year, Azerbaijani President Ilham Aliyev paid a visit to Tehran to consult with senior Iranian officials on bilateral and regional issues and the expansion of mutual relations.
High-ranking officials from the two countries signed three memoranda of understanding and a cooperation agreement during his visit to Iran at the time.
Trade turnover between the two countries amounted to $281.03 million in 2013, which is 6.13 percent higher than the year before.
Doha could close the political office of Hamas as part of a broader review of…
Tel Aviv could offer to share control over the Gaza Strip with the US and…
The Iranian foreign minister has called on the Egyptian government to facilitate the transfer of…
The Organization of Islamic Cooperation’s conference kicks off in Gambia’s capital Banjul.
A group of mourners took to Imam Reza’s shrine in the northeastern Iranian city of…
An Israeli military incursion into Gaza's southern city of Rafah could lead to a "bloodbath",…