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Azerbaijan, Iran sign a memorandum on gas exports

11 November 2009 [17:40] - TODAY.AZ
Azerbaijan and Iran have signed a memorandum on supply of natural gas.
Following the signing ceremony, SOCAR President Rovnag Abdullayev said that the agreement establishes a legal framework for SOCAR to sell natural gas to National Iranian Gas Company.

"At the initial stage, SOCAR will deliver at least 500 million cubic meters of gas to Iran a year, and the volume will be increased gradually later. Work is underway now to repair an existing pipeline to Iran," he added.

Rovnag Abdullayev noted that Azerbaijan will charge Iran a price “close to the world market prices” calculated on the basis of an agreed formula.

Earlier, SOCAR signed a gas sale agreement with Russia’s Gazprom.


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