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19.01.2016 17:02

Iran says it can join TANAP, jointly with Azerbaijan invest in oil fields

Iran's ambassador to Azerbaijan Mohsen Pak Ayeen believes that after the removal of sanctions, Tehran is capable of joining major regional projects such as TANAP.

On January 16, the 12-year-long nuclear-related sanctions on Iran were lifted according to the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 group (the US, UK, France, Russia, China, and Germany).

TANAP project envisages transportation of gas of Azerbaijans Shah Deniz field from Georgian-Turkish border to the western borders of Turkey. The projects total cost is estimated at $10 billion. Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) 58 percent, Botas 30 percent and BP 12 percent.

Meanwhile, Pak Ayeen, speaking to reporters in Baku, said that Iran plans to join the World Trade Organization as well.

"We will participate in all projects that are in our favor," Pak Ayeen said.

Ambassador added that Iran can use Azerbaijan's investment in transit projects including both roads and marine.

"We can invest jointly with Azerbaijan in oil fields," Pak Ayeen said. "Iran is ready to use Azerbaijani investors' contributions for building hotels, while in the power sector we can jointly invest as well."

Iran's ambassador added that the current economic crisis which has been created with the contribution of a regional country (Saudi Arabia) will end soon. Iran accuses Saudi Arabia on pumping more oil to markets, which has created glut and pushed the prices down.

"Both Iran and Azerbaijan are interested in decreasing their reliance on oil revenues and to achieve that, they can strengthen transport, agricultural sectors and trade," Pak Ayeen said.

"We can expand our agricultural products trade and also export agricultural products to third countries as we both enjoy good agricultural sources." he said.

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