Iran, Azerbaijan agree on joint Caspian oil, gas projects
The Azerbaijani Oil Ministry announces the completion of a joint committee agreed to develop a number of Caspian Sea oil fields.
The Azerbaijani Oil Ministry announced Sunday that Iran and Azerbaijan agreed on establishing a joint committee for the development of oil and gas fields in the Caspian Sea.
In a statement, the ministry added that "the agreement could help secure joint development, production, and export of energy resources to benefit the two neighboring countries."
On June 3, Azerbaijani Economy Minister Mikael Jabarov and Iranian Oil Minister Javad Oji inked a memorandum of understanding in Baku, vowing to strengthen bilateral cooperation in the gas sector.
During Oji's visit to Azerbaijan, the two countries exchanged views on the current state of trade and economic relations, as well as possibilities for expanding cooperation in a variety of fields most notably oil and gas and other issues of mutual interest.