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Iran Keen to Revive Oil Swap Deals: IOTC Chief

IOTCO:ran is keen to revive oil swap deals with littoral states of the Caspian Sea including Kazakhstan, Russia and Turkmenistan, Managing Director of the Iranian Oil Terminals Company (IOTC) Pirouz Mousavi said on Wednesday. Speaking to Shana, Mousavi expressed hope that swap of oil and liquid gas belonging to some littoral states of the Caspian Sea resume in the near future.

Iran Keen to Revive Oil Swap Deals: IOTC Chief
(Saturday, May 7, 2016) 22:55

He referred to Iran's Minister of Petroleum Bijan Zanganeh negotiations with some countries including Kazakhstan, Russia and Turkmenistan and said Iran aims to increase oil swap to 500,000 barrels per day.

Due to active diplomacy and hard efforts of Petroleum and Foreign Ministry, the oil production and export has increased significantly, the official added.

He said that after removal of Iran’s sanctions, if offshore oil production added, volume of oil produced totally has already surpassed 2 billion barrels per day.

The current Single Point Mooring used in Iran terminals are out of date and we are talking with Dutch companies for their repair, Mousavi said in a reference to positive results of nuclear deal.

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