Azerbaijan, Iran sign a memorandum on gas exports

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.

/APA/