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.