Rouhani made the remarks May 8 at the 23rd Iran International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2018), in Tehran, Trend correspondent reported.

Rouhani said that Iran and Azerbaijan are planning to cooperate and invest in an offshore reserve, which is a sample of Iran’s policy for constructive cooperation with the world.

He added that Iran may do similar cooperation with other neighbouring countries including Turkmenistan.

“In many cases, we have common resources with our neighbours, and it is very important to accelerate investments in these fields,” the Iranian president said.

The announcement over the formation of a joint oil company between Iran and Azerbaijan was made by Amir Hossein Zamaninia, Iran’s deputy petroleum minister for international affairs and trading last month.

Zamaninia was quoted by Trend as saying that the company will be formed within the deal recently signed between the two parties.

Last March during a visit of President Rouhani to Azerbaijan, the two countries signed "The Memorandum of Understanding on "Joint Development of Relevant Blocks in the Caspian Sea".

Elsewhere in his remarks Rouhani said that his administration is obliged to provide the required business space for the oil industry in Iran.

In Iran, oil has never been a mere economic issue and has been a political one, he added.

“Other industries are also valuable, but oil is special and has a significant impact on people's lives,” Rouhani said.

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