SOCAR, NIOC Discuss Possibility of Cooperation in Oil, Gas E&P Sector

SOCAR and National Iranian Oil Company (NIOC) are looking at a possibility of working together in the field of oil and gas exploration and production.

The two parties discussed various areas of co-operation in Azerbaijan, Iran and beyond, SOCAR said in a statement Sunday.  

SOCAR President Rovnag Abdullayev, during his visit to Iran for the Iran Petroleum Contracts (IPC) conference last week, met with Iranian oil minister Bijan Namdar Zanganeh and NIOC head Rokneddin Javadi.

The sides discussed the possibility of cooperation in swap operations on oil and gas, trading operations, as well as petrochemical projects. Progress on the second stage of development of Shah Deniz project was also discussed.

NIOC holds 10-percent share in the Shah Deniz project.