News ID: 197848
Published: 0258 GMT August 02, 2017

Iran ready to resume oil swap with Russia, Turkmenistan, Kazakhstan: Zanganeh

Iran ready to resume oil swap with Russia, Turkmenistan, Kazakhstan: Zanganeh

Iran would resume oil swap with Russia, Turkmenistan and Kazakhstan as soon as the countries supply the required crude, Oil Minister Bijan Namdar Zanganeh said.

He said resuming oil swap is one of the top issues pursued by the Oil Ministry since the current administration took office in 2013, Trend News Agency reported.

Since the swap has been on hold for several years, its resumption requires time as well as cooperation from other countries supplying oil, he noted.

"Kazakhstan, Turkmenistan, and Russia should supply the crude for the swap in the north (of Iran)," the minister said, adding that the Iranian side is completely ready to resume the deal.

Based on oil swap deals, which started in 1997, Iran received crude oil from Azerbaijan, Kazakhstan and Turkmenistan through its North Oil Terminal on the Caspian coast and delivered an equivalent volume to their customers in the Persian Gulf. The procedure was suspended in 2010 on grounds that the income from the swap was not sufficient for Iran.

Oil swaps, which stand for the exchange of raw materials to facilitate logistics operations, are expected to allow the Islamic Republic to optimize oil deliveries to refineries, located in the northern parts of the country.

   
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