Iran is ready to ensure Turkey’s energy security and satisfy its demand for oil and gas, Iranian President, Hassan Rouhani, said, reported Sputnik News.

“In the energy sphere, we agreed with the Turkish side on Iran possibly becoming a guarantor of Turkey’s energy security. The sanctions have been lifted, and we are ready to develop cooperation between the two countries in different areas under new conditions,” Rouhani said during a joint press conference with his Turkish counterpart Recep Tayyip Erdogan following the 13th Organization of Islamic Cooperation summit held in Istanbul in April. Rouhani added that Iran will also seek to meet Turkey’s needs for petrochemical products, according to the Mehr News Agency.

Turkey imports large amounts of natural gas from Iran and the two countries are looking to boost banking and trade ties, with the goal of tripling bilateral trade to $30b annually in the coming years.

Despite the political divisions, Turkey could be one of the major beneficiaries as Rouhani pursues plans to strengthen the private sector and welcome foreign investors, informed Reuters.

In order to achieve the envisioned targets, Iran and Turkey should simplify regulations for businesses and develop cooperation in the banking industry and stock exchanges, as well as the tourist and transport industries, Rouhani noted.