Tehran, Baku Hopeful of Expanding Oil, Gas Ties

Iran's Oil Minister Bijan Namdar Zanganeh and Azerbaijan’s Minister of Economy Shahin Mustafayev discussed the prospects of promoting oil and gas cooperation in Tehran on Tuesday. The ministers met during a visit by an Azerbaijani economic delegation to Iran from March 12 to 14, participating in the 12th meeting of Iran-Azerbaijan Intergovernmental Commission for Economic, Trade and Humanitarian Cooperation, Shana reported. Describing the latest round of talks on joint exploration as "promising", Zanganeh hoped that the two countries can clinch long-term oil and gas contracts in the near future. The official was referring to negotiations over tapping into the hydrocarbon reserves of Caspian Sea. As the world's biggest lake, it holds an estimated 48 billion barrels of oil and more than 8 trillion cubic meters of natural gas in proven and probable reserves. The official also pointed to joint efforts between Azerbaijan's state oil company SOCAR and the National Iranian Oil Company, and said boosting the two companies' collaborations is high on his ministry's agenda.