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Azerbaijan and Iran have reviewed the current state of bilateral cooperation in the energy sector during a meeting between Azerbaijan’s Minister of Energy Parviz Shahbazov and Iran’s Ambassador Extraordinary and Plenipotentiary to Azerbaijan, Mojtaba Demirchilou, AzerNEWS reports, citing the Ministry.

The discussions focused on ongoing joint energy projects, their implementation status, and prospects for further development. The sides exchanged views on strengthening collaboration and accelerating the execution of agreed initiatives.

It was noted that the upcoming session of the Azerbaijan-Iran State Commission on Economic, Trade and Humanitarian Cooperation, scheduled to be held in Baku in the coming days, is expected to give additional momentum to the advancement of existing projects.

Growing trade and investment ties

Trade turnover between Azerbaijan and Iran continues to demonstrate steady growth. In 2024, bilateral trade reached $647 million, marking a 33% increase compared to 2023.

Of this total, Azerbaijan exported goods worth $14 million to Iran, while imports from Iran amounted to $633 million. Key imports from Iran include poultry, frozen fish, dairy products, fruits and vegetables, tea, confectionery, construction materials, and various industrial goods. Azerbaijan’s exports to Iran mainly consist of semi-finished steel products, natural gas, electricity, food industry waste, and other commodities.

Currently, more than 1,000 Iranian companies are registered in Azerbaijan. Iranian investments in Azerbaijan have exceeded $3.4 billion, reflecting expanding business engagement between the two neighboring countries.

To date, approximately 30 bilateral agreements have been signed, covering areas such as investment promotion and protection, energy, transport, customs cooperation, tourism, and other sectors.

The continued dialogue and expanding economic indicators underscore the strategic importance of Azerbaijan-Iran relations, particularly in the energy sector, which remains a central pillar of bilateral cooperation.