Iran and Azerbaijan sign energy and transport MoUs

Nov 21, 2010 12:00 AM

Iran and Azerbaijan signed two Memorandums of Understanding (MoUs) on gas supplies and electricity swaps, and transportation. The MoUs were signed during President Mahmoud Ahmadinejad’s visit to Baku.
“This document envisages deepening cooperation between our countries,” Azeri President Ilham Aliyev said after the signing ceremony. “It concerns projects in gas deliveries from Azerbaijan to Iran, electricity swaps and development of railway links within the framework of the north-south international transportation corridor,” Aliyev said.

Azerbaijan supplies just over 400 mm cm of gas to Iran per year, in exchange for 350 mm cm that Iran sends to Azerbaijan’s geographically isolated region of Nakhchivan. Iran aims to complete construction of a gas compressor station by the end of this year, which will enable it to handle gas deliveries from Azerbaijan of up to 1.5 bn cm per year.
Azeri supplies of gasoline to Iran were halted earlier this year after Iran said it could cover its own needs.

National Iranian Oil Company (NIOC) holds a stake in Azerbaijan’s BP co-led Shah Deniz gas project in the Caspian Sea.
The memorandum also called for the development of rail links to encourage trade between the two countries.

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