Azerbaijan and Iran to sign gas agreement next week

Date: Sunday, December 13, 2009
The State Oil Company of Azerbaijan (SOCAR) is due to sign an agreement with the National Iranian Gas Company to sell natural gas to Iran, said SOCAR President Rovnag Abdullayev.

According to him, the agreement will be signed in Tehran next week during the visit of Azerbaijani delegation led by foreign minister to Tehran.

According to the memorandum signed between the two countries on November 14, SOCAR will deliver at least 500 million cubic meters of gas to Iran a year from 2010 at the initial stage, and the volume will be gradually increased later.

Azerbaijan will charge Iran a price “close to the world market prices” calculated on the basis of an agreed formula, said officials.

Azerbaijan has natural gas agreements with Georgia, Turkey and Russia at present.

Yusif Babanly
Board of Directors
Azerbaijani American Council (AAC)

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