SOCAR President Abdullayev mentioned that Azerbaijan and Iran had recently extended relations in various spheres of economy. According to him, Azerbaijan and Iran succeeded in intensifying dialogue in the development of cooperation between the oil and gas companies of the two countries, and reciprocal visits played an important role in this process. Touching upon SOCAR's relations with Iranian companies, Abdullayev spoke about existing partnership relations and noted their expansion opportunities.

Deputy Oil Minister of Iran Zamaninia spoke about the great potential for deepening relations between the two countries in the economic sphere, including the energy sector and expressed confidence that cooperation in the oil and gas industry would contribute to the development of neighboring countries. According to him, planned cooperation projects will boost oil and gas production in Iran in the near future.

The sides discussed the expansion of cooperation between Azerbaijan and Iran in the oil and gas sector, including the Persian Gulf and the Caspian Sea. The sides emphasized that there were vast opportunities for expanding cooperation.

Iran's NICO currently participates in the Shah Deniz (10%) and South Caucasus Pipeline (10%) projects. At the same time, a trilateral cooperation protocol was signed between the Department of Nanotechnologies of SOCAR, Research Institute of Petroleum Industry of the National Iranian Oil Company and the Iranian Offshore Oil Company in 2015.

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