Joint committee for development of Caspian oil fields formed by Iran, Azerbaijan

Tehran, Feb 20, IRNA - The director general of the Caspian Oil Company said of the continuation of negotiations between Iran and the Republic of Azerbaijan for the development of oil and gas fields of the Caspian Sea, noting joint committees are active in the ground.

Ali Osouli added, 'In accordance with the agreement of the Presidents of the Republic of the five littoral states of the Caspian Sea, as well as the signing of an agreement between the Presidents of Iran and the Republic of Azerbaijan, now, along with other negotiations, an agreement on oil and gas cooperation with the Republic of Azerbaijan is being pursued, and a joint meeting will be held this month.

He spoke on the progress of the two sides' negotiations that for the first time two countries want to operate in an area that are not 100% owned by these two countries, and the work is facing many complications, while the global conditions of the oil market naturally influenced developmental activities in the deep waters, especially the Caspian Sea, which is a special and enclosed area.

The Iranian official said that the with availability of hydrocarbon reserves in the Caspian Sea, as well as a favorable global oil price and the feasibility of engagement with foreign investors, would make the production of oil important not only for political and geopolitical issues, but also for economic reasons.

9455**2050

Follow us on Twitter @IrnaEnglish