Iran and Azerbaijan are jointly preparing to develop an oil field in the Caspian sea, and this cooperation is being carried out for the first time in history. According to Trend, this was stated by Iranian President Hassan Rouhani, speaking at the 23rd Iran Oil Show 2018 in Tehran.

Rouhani also said that Iran can cooperate in this direction with other neighboring countries, including Turkmenistan.

"In many cases, we jointly own resources with our neighbours. It is very important to increase investments in the development of these fields", – Rouhani said.

Earlier, Deputy Minister of oil of Iran Amir Hossein Zamaninia told Trend that Baku and Tehran intend to create a joint oil company.

The Deputy Minister noted that the company will be established under the Memorandum of understanding between the Ministry of energy of Azerbaijan and the Ministry of oil of Iran on joint development of relevant blocks in the Caspian sea. The document was signed on March 28, 2018 during the visit of Iranian President Hassan Rouhani to Azerbaijan.

As Trend has already reported, the oil and gas agreement between Iran and Azerbaijan provides for the development of two blocks in the Caspian sea. Among the discussed blocks is called, in particular, "Araz-Alov-Sharg". Its development was frozen until an agreement on the status of the Caspian sea between Azerbaijan and Iran is reached.