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Iran & Azerbaijan to Form JV over Caspian Visions

Source: 5/6/2018, Location: Asia

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Iran says it plans to form a joint oil company with Azerbaijan in what could prepare both to cooperate over the exploration and development of hydrocarbon reserves in the Caspian Sea and elsewhere.

The announcement over the formation of the company was made by Amir Hossein Zamaninia, Iranís deputy petroleum minister for international affairs and trading.

Zamaninia said that the company will be formed within the framework of a deal recently signed between the two parties.

Last month during a visit of Iranís President Hassan Rouhani to Azerbaijan, the two countries signed "The Memorandum of Understanding on "Joint Development of Relevant Blocks in the Caspian Sea."

"According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it," Zamaninia said, adding that the deal will come into force in coming days.

While responding to a question about possible impact of US withdrawal from the nuclear deal on Baku-Tehran oil cooperation, the official said "I think that the withdrawal or not withdrawal of Washington form the Joint Comprehensive Plan of Action (JCPOA) will not affect the Iranian cooperation with Azerbaijanís state oil company SOCAR."

Zamaninia further said that the JCPOA implementation is acceptable for Iranís oil sector until the Islamic Republic is able to sell its oil, receive the oil money and finance for oil and gas projects.

The top official put the countryís oil export level at 2.6 million barrels per day, saying Iranís oil export have witnessed a significant increase in the current month compared to the preceding months.

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