Iran Plans to Set up an Oil Company with Azerbaijan

Recently, Amir Zamaninia, Deputy Minister of Trade and International Affairs of the Iranian Ministry of Petroleum, said that Azerbaijan and Iran will set up an oil company to carry out oil and gas exploration and production in the Caspian Sea. It is understood that Iran and Azerbaijan have had cooperation in oil and gas exploration and development previously. National Iranian Oil Company has a 10% stake in the Shakhenis project in Azerbaijan. Up to now, Iran has invested about 3 billion U.S. dollars in the oil and gas industries in Azerbaijan.