Vaezi, who also co-chairs the intergovernmental commission of Iran and Azerbaijan for economic, trade and humanitarian cooperation, added that his country, in addition to Asian market, plans to export gas to the European market as well.

"Transportation through Azerbaijan is one of the ways of bringing Iran’s gas to Europe,” said Vaezi. "I believe we will be able to cooperate with Azerbaijan in the use of the ‘Southern Gas Corridor’. We have held talks in this regard with the energy minister of Azerbaijan and the relevant structures.”

He said both countries’ officials are constantly negotiating on the gas sector, adding that the negotiations will be continued.

The minister also noted that the relations between Azerbaijan and Iran in the oil and gas sector stand at a very good level.

"I believe the parties have a mutual need in each other,” Vaezi added. "At present, Azerbaijan is supplying gas to the Nakhchivan Autonomous Republic (NAR) through swap operations with Iran. On the other hand, at a certain time, Azerbaijan’s demand in gas increases, and we can meet it. In turn, during certain periods there is gas shortage in Iran, which Azerbaijan can cover.”

The ‘Southern Gas Corridor’ will make it possible for Europe to diversify its hydrocarbon sources and increase its own energy security, while Azerbaijan will get a new market in Europe.

Azerbaijan’s gas is intended to go first through the ‘Southern Gas Corridor.’

On December 17, 2013, a definitive investment decision was made on the second stage of development at the ‘Shah Deniz’ offshore gas and condensate field for ensuring the Azerbaijani gas supplies to Europe.

Some 10 billion cubic meters of gas to be produced at the ‘Shah Deniz’ will go to Europe, while six billion cubic meters of it will be annually delivered to Turkey.

In the second stage of development of the ‘Shah Deniz’, gas will be exported to Turkey and European markets through expansion of the ‘South Caucasus Pipeline’ and construction of the ‘Trans-Anatolian Natural Gas Pipeline’ (TANAP) and the ‘Trans-Adriatic Pipeline’ (TAP).

The proven reserves of ‘Shah Deniz’ stand at 1.2 trillion cubic meters of gas. The contract for development of this field was signed June 4, 1996.