Iran's Minister of Economic Affairs and Finance Masoud Karbasian said the two sides have agreed on eight documents on cooperation, including the swap of oil and gas, reported Trend News Agency.
According to the minister, the documents will be finalized during the upcoming visit by Iran's President Hassan Rouhani to Azerbaijan in late March.
An Azerbaijani delegation led by Shahin Mustafayev, the country's economy minister and co-chairman of the State Commission for Cooperation between Azerbaijan and Iran in the economic, trade and humanitarian spheres, arrived in Tehran on Tuesday on a two-day visit.
Head of Gas Export Department at Azerbaijan's state oil company SOCAR Gagamali Seyfullayev earlier said that gas deliveries from Iran to Azerbaijan exceeded 1.76 billion cubic meters in 2017.
Seyfullayev recalled that with a view to meet the gas demand of the Nakhchivan Autonomous Republic of Azerbaijan, annually 402 million cubic meters of gas of Azerbaijani origin are supplied to Iran within a long-term (up to 2025) swap agreement, while 350 million cubic meters of this volume are then supplied to Nakhichevan.
Based on the oil swap agreements, which began in 1997 and were in place for over 12 years, Iran received crude oil from Azerbaijan, Kazakhstan and Turkmenistan in the Neka Port and delivered an equal volume to the clients of the same countries in the Persian Gulf.
Iran's total income from these swap transactions from 1997 to 2009 amounted to about $880 million.
President Rouhani on Tuesday hailed the growing relations between Iran and Azerbaijan in various fields, economy in particular, saying the two countries can link Asia and Africa to northern Europe.
"Iran and Azerbaijan can turn into a highway connecting regions in Asia and Africa to northern Europe in the future," Rouhani said in a meeting with Mustafayev, pointing to joint efforts in completing a railway connecting Iran's northern city of Rasht to Azerbaijan's Astara.
Rouhani called for encouraging public and private sectors of the two countries to develop cooperation and joint investments.
"Today, the two countries have good relations in different sectors such as industry, pharmacy, automobile manufacturing, agriculture and tourism," he said.
Rouhani further said good relations between Iran and Azerbaijan are in the best interests of the two nations and called for boosting cooperation.
Referring to the official invitation of his counterpart to travel to Azerbaijan in the near future, the president hoped that the visit would cement friendship and cooperation.
"The history and culture of Iran and the Republic of Azerbaijan are interconnected, and we must work hard for two nations to have unbreakable ties in political, economic and social fields," Rouhani said.
The Azerbaijani minister highlighted the determination of Tehran and Baku to deepen ties in all areas and said joint investments and trade between the two countries have dramatically increased in recent years.
"Investments and trade between the two countries have increased dramatically in recent years," Mustafayev said.
He further described the visit of the Iranian president to Azerbaijan as a move to bring about a jump in the relations and cooperation between the two countries.
Mustafayev referred to Iran-Azerbaijan cooperation in various sectors, including energy, transportation, railways, pharmaceuticals, car manufacturing, health, tourism, and cultural and academic sectors, and said: "The two countries' common history and culture have bonded the people of Iran and Azerbaijan and cooperation between the two countries will serve peace and security in the region."