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. Last Updated: 07/27/2016

Azeris, Iran Talk Oil

BAKU, Azerbaijan -- Azerbaijan will open talks with Iran on giving Teheran a stake in the offshore Shakh-Deniz oil project in the Caspian Sea when a top Iranian oil official visits Baku this week, industry sources said Monday.

An official at the Azeri state oil company Socar, who declined to be identified, said he expected Iran to join an international consortium developing Shakh-Deniz's 1.8 billion barrel reserves.

Iran, locked out of a larger $8 billion international Caspian Sea oil project, has not yet said whether it is interested in Shakh-Deniz, a $4 billion project in the Azeri sector of the Caspian.