Azerbaijan’s SOCAR reviving Iran deals

Azerbaijan’s state oil firm SOCAR says it is looking to revive trade with Iran as the two neighbors are strengthening relations after the lifting of sanctions on the Islamic Republic.

Azeri President Ilham Aliyev arrived in Tehran on Tuesday to give impetus to bilateral rapprochement, marked by the signing of 11 documents for cooperation.

SOCAR Chief Executive Rovnag Abdullayev and Managing Director of National Iranian Oil Company (NIOC) Roknoddin Javadi signed an MoU for cooperation.

SOCAR also signed a memorandum for cooperation with Ghadir Investment Company in the fields of oil, gas and petrochemical products.

“We have been actively trading with NIOC in the Caspian Sea region, until international sanctions forced us to discontinue such deliveries. There is a great potential to explore,” CEO of Socar Trading Araz Azimov said.

Other possibilities include trading refined products with Iran in the Persian Gulf, where SOCAR has storage facilities in the UAE port of Fujairah, Azimov told Reuters.

“One option was to supply Iran with gasoline and to buy naphtha and liquefied petroleum gas (LPG),” the news agency quoted Azimov as saying.