Iran’s Ghadir Investment Company and Azerbaijan’s state-run SOCAR will jointly invest in oil and gas projects, Mohsen Pakaeen, Iran's ambassador to Azerbaijan, said on Thursday. "An investment document was signed between the two companies to this end," he told reporters while speaking about the 11 documents signed by Iran and Azerbaijan earlier this week, Trend reported. Pakaeen added that Azerbaijani President Ilham Aliyev’s visit to Tehran was a historic event, as a memorandum of understanding was signed for construction of Khodafarin and Qizqalasi hydroelectric plants. “Within the next six months, we will see major developments about Khodafarin. The sides will first construct a dam and then construction of the power plant will start,” he explained. Pakaeen added that an MoU was signed by the sides to establish a pharmaceutical factory in Azerbaijan’s Sumgait. “The next week a delegation from Iran will visit Azerbaijan to discuss the pharmaceutical factory in the Sumgait Chemical Industrial Park,” he said, adding that the factory will be launched in three phases.
