News & Reports News Year 2010 December , 2010 Iran-Caspian oil products’ swaps resume

Iran-Caspian oil products’ swaps resume


13december2010-3
Following a long lapse Iran resumed its swap operations of oil products from the Caspian Sea littoral states by receiving a mazute (heavy low quality fuel oil) consignment from Turkmenistan in Neka oil terminal in northern Iran.

Iran has expressed readiness to resume swap operations of oil products with other Caspian countries and Iraq as well.

Following a nine-month suspension of oil products’ swaps, Iran is likely to begin swap operations with Iraq in December, the Mehr News Agency reported. Iranian Deputy Oil Minister Alireza Zeighami recently announced that Tehran is negotiating with Ashgabat to expand the volume of oil swaps between the two sides.

Negotiations are underway between Iran and Kyrgyzstan and Iraq for possible oil swap operations as well.