Iran Ready To Resume Oil Swaps With Russia, Turkmenistan And Kazakhstan

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TEHRAN, August 2. /TASS/. Iran will restart oil swaps with Russia, Kazakhstan and Turkmenistan as soon as these countries are able to deliver required feedstock volumes, Tasnim news agency said citing oil minister of Iran Bijan Namdar Zanganeh.

Resumption of swap operations is one of priorities in the policy pursued by the Iranian Oil Ministry since 2013, the minister said. Such transactions were not made for several years and their restart requires time and coordination of efforts among oil exporters.

“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 fully ready to resume the deal.

Oil swaps started in 1997. Iran received crude oil from Azerbaijan, Kazakhstan, and Turkmenistan through its north oil terminal on the Caspian coast and delivered equivalent volumes via ports in the Persian Gulf. Deliveries were suspended in 2010 on the grounds that the income from swaps was not sufficient for Iran.

Iran and Russia can start cooperation under the “oil for goods” program in 2017, Russian Energy Minister Alexander Novak said in spring.