Iran and the Republic of Azerbaijan signed a memorandum of understanding during the visit of Iranian Oil Minister Javad Owji to Baku to increase the transfer of Turkmen gas from Iran to Azerbaijan.

 According to the memorandum, the two sides agreed to double the volume of gas transported by Turkmenistan to the Republic of Azerbaijan via the Iranian pipeline.
 
This contract is by volume and Iran takes part of the transit gas as a swap fee.
 
In December of last year, on the sidelines of ECO summit, Iran, Turkmenistan and the Republic of Azerbaijan agreed to swap 1.5 to 2 billion cubic meters of Turkmen gas annually for the Republic of Azerbaijan.
 
The agreement, signed after a five-year suspension of gas exchanges between Iran and Azerbaijan, will increase the stability of the gas network in northeastern Iran and pave the way for Iran to become a regional energy hub.
 
It will be possible to increase the volume of this contract in the future.
 
The bilateral meeting also discussed other economic issues of mutual interest in the fields of energy, oil and gas, transportation, bilateral trade and the like.