Minister of Communications and Information Technology Mahmoud Vaezi said on Tuesday that Iran and the Republic of Azerbaijan have agreed to swap oil products.
Vaezi made the remarks on the sidelines of the signing ceremony of documents on expansion of economic cooperation between the two countries.
Speaking to reporters, he said the agreement enables both sides to take concrete steps towards swapping oil products.
Grounds are now well prepared for both countries to broaden cooperation in oil and gas sectors, he said adding that they also decided to make investments in Caspian Sea oil fields, he said.
It was agreed that the Islamic Republic of Iran make use of gas reserves in Azerbaijan and the Azeri side is allowed to share business activities in the field with Iran, Vaezi said.
Volume of trade exchange between Iran and Azerbaijan in the field of non-oil products stands at dlrs. 500 million but the total volume of their trade in oil and non-oil products hits over dlrs one billon.