Iranian Minister of Oil Javad Owji and Azerbaijani Minister of Economy Mikayil Jabbarov inked a Memorandum of Understanding (MoU) in Azeri capital of Baku on Friday to increase Turkmen gas transfer to the Republic of Azerbaijan via Iran.
Under the Memorandum of Understanding, the parties agreed to double the volume of gas transfer from Turkmenistan to the Republic of Azerbaijan via Iranian lands.
The two sides also discussed other economic issues of mutual interest in the areas of energy, oil, gas, transportation and bilateral trade.
Iranian Oil Minister Javad Owji traveled to Azeri capital of Baku on Thursday to attend “Baku Energy Week”.
In December 2021, Iran, Turkmenistan and the Republic of Azerbaijan, on the sidelines of Economic Cooperation Organization (ECO)’s meeting, agreed to swap 1.5 to 2 billion cubic meters of Turkmen gas to the Republic of Azerbaijan annually.
The agreement, which was signed after a five-year hiatus of gas exchanges between Iran and Azerbaijan, will increase the stability of the gas network in northeastern Iran and pave the way for Iran to become a regional energy hub.
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