News Agency - Detail

Iran to Revive Oil Swap

National Iranian Oil Company (NIOC) has tasked one of its subsidiaries, Naftiran Intertrade Company (NICO), with resuming oil swap operations.

Iran to Revive Oil Swap
(Wednesday, June 1, 2016) 14:16
Head of Iran's North Oil Terminals Co. Hamid Reza Shahdoost told IOTCO that NIOC has ordered NICO to revive oil swap operations as soon as possible.

NICO is the body in charge of administering Iran oil swap operations and mediated Iran's oil swap with Caspian Sea littoral states. 

Without oil swap with Iran, the crude oil exports by Kazakhstan, Turkmenistan, Azerbaijan and even partly Russia would have to forgo a part of their oil exports to international markets, Shahdoost said.

He also said Kazakhstan and Azerbaijan has indicated interest to start swapping oil with Iran through the north oil terminal.

Email is required
Characters left: 500
Comment is required

  • No. 11, Pasdaran St., Hojjat Souri St. (7th Nistan)
  • 021-71095000 021-88534829
  • 021-22592473
Last site update : Jun 24, 2024