Iran to resume crude oil swap with Kazakhstan, Azerbaijan

TEHRAN. KAZINFORM - Head of North Oil Terminal Hamid Reza Shahdoust said on Wednesday that National Iranian Oil Company has obliged Nikoo Company to fulfill preparatory works for resuming crude oil swap in shortest possible time.

The 11th government intends to resume oil swap, which was stopped upon decision of 10th government in 2010.

Iran has held negotiations with littoral states of the Caspian Sea to resume oil swap.

Northern neighboring states will deliver crude oil to Iran's north oil terminal and Iran will export the same amount from its southern ports for their customers.

The crude oil coming from northern neighbors will be refined in Iran's northern refineries, so there will be no need to transfer oil from southern oil fields to the north.

The big oil and gas producers in the region as well as the large market of energy has created suitable situation enabling Iran to lead the oil transit and swap in the region.

Such strategic position made Iran play important role to strengthen political, economic convergence with neighboring states.

Shahdoust said that Nikoo Oil Company, as a subsidiary for National Iranian Oil Company is responsible for signing oil swap contracts with littoral states of the Caspian Sea.

He said that according to negotiations Kazakhstan and Azerbaijan Republic are willing to swap part of their crude oil through north oil terminal of Iran.

Source: IRNA