TEHRAN: The chief executive of Socar, Azerbaijan’s state oil firm, said the company’s trading division is eager to explore opportunities in Iran’s oil market following the termination of anti-Tehran sanctions.
“We have been actively trading with NIOC (National Iranian Oil Company) in the Caspian Sea region, until international sanctions forced us to discontinue such deliveries. There is a great potential to explore,” Arzu Azimov told Reuters on Tuesday. The remarks came after Iran’s NIOC and Socar signed a memorandum of understanding during a visit by Azeri President Ilham Aliyev to the Islamic Republic on Tuesday.
During his visit, ten more MoUs were also inked to promote mutual cooperation between the two countries in various fields. This was Aliyev’s second visit to Iran during President Rouhani’s tenure. The first was in spring 2014.
Iran and Azerbaijan have accelerated efforts in recent years to forge closer partnership in various fields, from fighting against terrorism to the exchange of electricity or gas deals.
Meanwhile, a lasting nuclear deal between Iran and six world powers that terminated sanctions on Iran has also paved the way for Tehran-Baku interaction to thrive. Known as the Joint Comprehensive Plan of Action (JCPOA), the nuclear accord came into force on January 16.
