(MENAFN) Iran and Azerbaijan have just inked an agreement comprising of swapping the latter's oil across the Islamic Republic's territory, according to the latest reports.
Azerbaijan has been showing great interest in Iran's oil and gas research capacity, not to mention that both nations seek to jointly collaborate in the Caspian Sea basin.
According to the National Iranian Oil Company (NIOC), both countries realized the huge importance of nurturing their mutual cooperation in the oil industry a long time ago.
Moreover, two-thirds of Azerbaijan is rich in oil and natural gas, plus the region of the Lesser Caucasus accounts for most of the country's gold and many other valuable commodities.
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