The two sides are to discuss Iran’s interest in importing gas from the second phase of Azerbaijan’s Shah-Deniz gas field, which is due to become operational between 2012 and 2013.

Azerbaijan currently exports about one million cubic meters of natural gas to the Nakhchivan Autonomous Republic via Iran. Based on a gas swap deal between Tehran and Baku, 15 percent of the exported natural gas belongs to Iran.

Iran held talks with Azerbaijan in May on gas exports from Shah-Deniz, which is the country’s largest oil field.

Located to the south of the Caspian Sea, Shah-Deniz produces nearly one million cubic meters of gas per day and has reserves of 1.2 trillion cubic meters.

Oil giant BP and Norway’s Statoil are the major shareholders in Shah-Deniz. The State Oil Company of Azerbaijan (SOCAR), Russia’s LUKOIL, France’s Total, the National Iranian Oil Company and Turkey’s National Oil and Gas Company each hold a 10 percent stake in the field.

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