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Iran ready to develop fields in Caspian Sea jointly with Azerbaijan

Iran ready to develop fields in Caspian Sea jointly with Azerbaijan Energy

Iran is ready to cooperate with Azerbaijan to develop fields in the Caspian Sea, said Iran's Minister of Communications and Information Technology Mahmoud Vaezi.

He made the remarks during the meeting of the Azerbaijani and Iranian delegations in Baku.
The minister called on to expand cooperation between the two countries in this sphere, regardless of low oil prices.

He also recalled the agreement on continuation of the construction and operation of hydroelectric power plants and hydroelectric complexes "Khudaferin" and "Giz Galasi" on the Araz River.

"I think that we should take a similar step in relation to the development of fields in the Caspian Sea," said Vaezi.

Earlier, in his interview with Trend Vaezi said that the sides are already conducting negotiations in this sphere. The two countries have great potential for cooperation in the oil and gas sphere, according to him.

The agreement on cooperation in the field of energy and water resources use, continuation of the construction and operation of hydroelectric power plants and hydroelectric complexes "Khudaferin" and "Giz Galasi" on the Araz River was signed within the visit of Azerbaijan's President Ilham Aliyev to Iran in February 2016.

The agreement includes principles of respect for sovereignty and territorial integrity of Azerbaijan and Iran, highlights the need to restore the territorial integrity of Azerbaijan in accordance with the UN resolutions, proclaims equal rights for water and energy resources along hydroelectric complexes "Khudaferin" and "Giz Galasi".

The document states that Iran will ensure completion of construction of hydroelectric complexes and hydroelectric power plants, preservation and operation of water and energy resources at hydroelectric complexes and hydroelectric power plants until the territorial integrity of Azerbaijan is restored.

The agreement says that the sides will use these facilities on equal terms. Azerbaijani specialists will be involved in construction and operation of the facilities in accordance with the agreement.

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