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. Last Updated: 07/27/2016

Tehran Eyes Oil Deal

BAKU () -- Azerbaijan expects Iran to accept its offer of a 10 percent stake in the international Shakh-Deniz oil project in the Caspian Sea, a top Azeri oil official said Saturday.

A spokesman for Natik Aliyev, head of Azeri state oil firm SOCAR, said the Oil Industries Engineering and Construction Company, a subsidiary of the Iranian National Oil Company, would respond to the offer next week.

The two sides signed a protocol last week obliging Tehran to signal by May 18 whether it is interested in joining the $4.1 billion project.