Iran, Azerbaijan meet on energy trade

BAKU, Azerbaijan, Feb. 19 (UPI) -- Trade between Iran and Azerbaijan in the regional oil and gas sector is critical toward guaranteeing energy security, Azeri officials said in Baku.

The comments came during a meeting of an Azeri-Iranian economic commission in Baku that brought Azeri Foreign Minister Elmar Mammadyarov together with his Iranian counterpart, Manouchehr Mottaki, the Trend News Agency reports.

Energy companies throughout the region have eyed Azerbaijan as a vital energy partner. Russian energy monopoly Gazprom was among the latest to express interest in joining Phase 2 development of Azerbaijan's massive Shah Deniz gas field.

Natural gas development at Phase 2 of the offshore field is expected to grow by around 700 billion cubic feet per year by 2015. Shah Deniz produced slightly more than 280 billion cubic feet in 2008.

Azerbaijan's President Ilham Aliyev touted Phase 2 of Shah Deniz on the sidelines of the World Economic Forum in Davos, Switzerland, in January.

Iran and Turkey in early February had expressed interest in joining Phase 2 development.