He said that representatives of the three countries are conducting relevant talks.
"We have a successful cooperation [with Iran] in the energy sector. We are moving from the cooperation in a bilateral format to a trilateral format - Russia, Iran and Azerbaijan," the minister said.
Mustafayev further noted that Azerbaijan and Iran intend to cooperate in the sphere of oil and gas production in the Caspian Sea.
Earlier the Azerbaijani Energy Ministry announced about the possibility of creating an energy corridor "North-South" on a par with the transport corridor of the same name.
"Both countries are working hard in the transport sector. The North-South corridor is being established -- not only transport, but also energy corridor. It envisages the export of electricity from Russia to Azerbaijan and further to Iran. A special working group has been established in this regard. The energy ministers of three countries are working on this issue," the ministry said in a message.