Azerbaijan, Iran sign agreement on energy cooperation

Azerbaijan and Iran have signed an agreement on cooperation in the field of energy and utilization of water resources, Azerbaijan's Ministry of Economy said in a statement on Thursday.

The agreement envisages construction and exploitation of hydroelectric power stations and two waterworks facilities on shared Aras river.

Co-chairs of the Azerbaijan-Iran intergovernmental commission -- Azerbaijani Economy and Industry Minister Shahin Mustafayev and Iranian Minister of Communications and Information Technology Mahmoud Vaezi -- signed the agreement, which involves principles of respect for sovereignty and territorial integrity of both countries.

The agreement gives both sides equal rights to exploit Khudaferin and Giz Galasi waterworks facilities and hydroelectric power plants. Azerbaijani specialists will be involved in construction and operation of the facilities in accordance with the agreement, the statement says.

The two sides appreciated the role and importance of the deal between Azerbaijan and Iran, pointing out that it will further enhance mutual strategic trust and communication as well as strengthen the strategic and cooperative partnership.

Bilateral relations between Iran and Azerbaijan, the energy-rich neighbor countries, have deepened following the nuke deal and the lifting of international sanctions against Tehran.

Iran and Azerbaijan inked a MoU in December, 2015, which covers cooperation in 12 various sectors, including in the energy field.

President of Azerbaijan Ilham Aliyev paid an official visit to Iran on Feb. 23. Aliyev and his Iranian counterpart Hassan Rouhani had a wide exchange of views over the further development of ties in all fields in line with the best interests of the two countries and peoples, including in the bilateral format and within international organizations. Endit