BAKU – Iran and Azerbaijan have signed a Memorandum of Understanding (MoU) to increase gas swap from Turkmenistan to the Republic of Azerbaijan via Iran’s territory.
Iranian Minister of Petroleum, Javad Owji, who attended Baku Energy Week, has signed the MoU on bilateral cooperation during a meeting with Azerbaijani Economic Minister, Mikayil Jabbarov.
Under the MoU, the two sides agreed to double the volume of Turkmenistan gas swap to the Republic of Azerbaijan through Iran annually.
Iran, Azerbaijan and Turkmenistan struck a deal on the sidelines of ECO Summit in December 2021 to swap 1.5 to 2 billion cubic meters of Turkmen gas to Azerbaijan.
The deal, which was signed after a five-year suspension in Iran-Turkmenistan gas trade, will help to improve sustainable gas flow in northeastern Iran’s gas network and pave the way to turn Iran into an energy hub in the region.
The swap volume is also expected to increase in the future.
During the bilateral meeting, other economic issues in energy, transportation, bilateral trade and other areas were also discussed.
Owji Meets Bulgarian,
Romanian Energy Ministers
On the sidelines of the 27th Baku Energy Forum, Iranian Petroleum minister Jawed Owji met with Romanian Energy Minister Virgil-Daniel Popescu and Bulgarian Energy Minister Alexander Nikolov.
In the meeting met with Bulgarian and Romanian energy ministers in Baku, Owji discussed global energy crisis, technical and engineering services exports and various cooperation areas.
The Romanian Energy Minister Virgil-Daniel Popescu made a speech at the 27th Baku Energy Forum about the European energy crisis and the carbon transition.
Iranian Minister of Petroleum Javad Owji, left, and Azerbaijani Minister of Economy Mikayil Jabbarov inked a Memorandum of Understanding (MoU) in Azeri capital of Baku.