Azerbaijan and Iran plan to form joint oil company

Tehran, May 2, AZERTAC Azerbaijan and Iran will establish a joint oil company to conduct exploration and production in the Caspian Sea, said Amir Hossein Zamaninia, the Islamic Republic’s Deputy Oil Minister for International and Commercial Affairs. According to him, the creation of a joint venture was agreed between the two countries during the official visit of Iranian President Hassan Rouhani to Azerbaijan on March 28. Amir Hossein Zamaninia told that the Iranian side is working on the legal basis for the establishment of a new joint venture. A joint company will bring economic benefits to both parties. “If the agreement on the nuclear program between Iran and the Western countries is violated, it will have no impact on Azerbaijan's oil and gas cooperation”, Amir Hossein Zamaninia added.