MANAMA: Bahrain and Iran are in the final stages of setting up a joint venture company, with 50-50 stake, with a specific focus on energy, oil and gas sectors. The agreement on setting up a supply gap pipeline to Bahrain is also on the way, senior Ministers from both countries have confirmed.

Bahrain’s Minister of Oil and Gas and Chairman of the National Oil and Gas Authority Abdul Hussain Bin Ali Mirza who held talks on framework agreement with his Iranian counterpart Gholam Hossein Nozari at the Ritz-Carlton Hotel and Spa briefed the press that the issue of pricing of gas would be taken up in next round of ministerial talks. Both sides, during the current visit, are seeking to seal an agreement on the import of gas from Iran to Bahrain, paving the way for linking Manama with world’s largest gas reserves South Fars gas fields.

Present were Bahrain’s Ambassador to Iran Rashid Bin Saad Al-Doseri and Iran’s Ambassador to Bahrain Hossein Amir Abdollahian along with senior gas and oil officials from both countries. In a joint press conference both the ministers acknowledged the importance of the existing political ties and understanding at the leadership level as one of the drivers behind the success of bilateral talks in oil and gas sectors.

Mirza said: “This visit has opened new horizons of cooperation in oil, gas and petrochemicals fields. The proposal of setting up JVs and pipeline were progressing in a fast way and hope to reach an agreement soon.”

Mirza welcomed his Iranian counterpart and lauded the brotherly ties between the two countries. He also expressed his appreciation for the efforts exerted by the Iranian oil minister for his support for the joint cooperation committee in the field of gas import. Mirza also expressed hope that this committee would finalize the agreement related to exporting gas to Bahrain.

The Iranian oil minister expressed his satisfaction with the stages of negotiations between the two countries in relation to gas export.

He also affirmed that his country was keen on further strengthening cooperation with Bahrain on all levels especially that related to gas.