Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia described the possible agreement on energy cooperation as 'a turning point in ties between Iran and Azerbaijan'.
Speaking in Tehran on Wednesday, on the sidelines of the latest round of economic talks between Iran and Azerbaijan, Zamaninia said: "If this project produces results, it will be a turning point in cooperation between Iran and Azerbaijan. The outcome seems considerable in terms of wealth creation. We held proper negotiations [with the Azerbaijani side] in a friendly atmosphere with a constructive approach. We reached some agreements, which must be finalized in Baku".
Iranian President Hassan Rouhani is expected to pay a visit to Baku, tomorrow, Wednesday 28 March. Eight agreements, including cooperation in the oil sector, are expected to be finalized during President Rouhani's visit.
The Naftiran Intertrade Company (NICO), a Swiss-based subsidiary of the National Iranian Oil Company (NIOC), owns a 10-percent share in Azerbaijan's Shah Deniz project.
Among the blocks, there could be the Araz-Alov-Sharg project, which has been frozen until Tehran and Baku reach an agreement on the status of the Caspian Sea.
An Azerbaijani delegation, led by the economy minister and co-chairman of the State Commission for Cooperation between Azerbaijan and Iran in the economic, trade and humanitarian spheres, Shahin Mustafayev, is currently in Tehran for a two-day visit.
