OREANDA-NEWS. November 12, 2009. Yesterday in Baku the State Oil Company of Azerbaijan (SOCAR) and Iranian National Gas Export Company (NIGEC) signed the Protocol of Intentions.

SOCAR reported that its gas would be exported to Iran in 2010 in compliance with the Memorandum. In this connection the parties undertook to carry out analysis of state of infrastructure able to ensure such export.

“Before the end of 2009 SOCAR and NIGEC are planning to draft and sign an agreement on sale & purchase of Azeri gas,” it was informed.

At the moment the sides do not disclose the volume of future gas supplies and the price for this gas.

Earlier the Iranian party claimed of readiness to buy up to 5 bn cu m a year from Azerbaijan.

This autumn SOCAR signed an agreement with Russia’s Gazprom on supplies of at least 500 million cu m of gas a year to Russia since 1st January 2010. SOCAR also has gas export agreements with Georgia and Turkey.