28 Mar 2018 20:20

Azerbaijan, Iran set to cooperate in developing Caspian oil

BAKU. March 28 (Interfax) - Baku and Tehran have signed a number of intergovernmental agreements aimed at expanding bilateral cooperation, including a memorandum of understanding concerning oil fields in the Caspian Sea, the official Azerbaijani presidential site said in a statement on Wednesday.

The documents were signed following a meeting between Azerbaijani President Ilham Aliyev and Iranian President Hassan Rouhani in Baku on Wednesday.

"A memorandum of understanding between the Azerbaijani Energy Ministry and the Iranian Petroleum Ministry on developing the corresponding blocks in the Caspian Sea" was signed, the statement said.

An intergovernmental agreement on funding the Astara (Azerbaijan)-Resht (Iran) railroad was also signed in Baku.

Azerbaijan will give a $500 million loan to Iran to build the Astara-Resht railroad, which is part of the North-South Transport Corridor. Building the 180-kilometer railroad will take three years.