TEHRAN – Iran and Azerbaijan may create a joint energy bank to fund projects by the two countries in the petroleum and energy sectors.

Iranian Oil Minister Masoud Mirkazemi and Azeri Minister of Industry and Energy Natig Aliyev met in Baku on Wednesday. The two ministers also exchanged views on implementing joint projects in the field of petrochemicals and alternative energy sources, News.az reported.
Heading a delegation, Mirkazemi arrived in Azerbaijan on Wednesday to sign a long-term contract for import of up to 5 billion cubic meters of Azerbaijani gas to Iran annually.
Mirkazemi also held a meeting with Azerbaijani President Ilham Aliyev.
During the meeting, the two sides discussed joint energy projects and oil and gas deals, and the exchange of electric energy, Ria Novosti reported.
In 2005, Ilham Aliyev and Iranian President Mahmoud Ahmadinejad opened a gas pipeline from Iran to Azerbaijan.
Currently, Iran imports 1 million cubic meters of gas from Azerbaijan under a 25-year swap deal.