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Iran, Russia to discuss oil swap resumption

IOTCO :Iranian deputy oil minister has announced the upcoming arrival of a large Russian company in Iran to discuss swap of crude oil, oil products and natural gas in the Caspian region.

Iran, Russia to discuss oil swap resumption
(Tuesday, June 16, 2015) 19:56

Two weeks after the negotiations between Iran’s Oil Minister Bijan Zanganeh and the Russian Energy Minister Alexander Novak, the outcomes of oil and gas agreements between the two countries will be officially announced.

Noting the recent visit of Alexander Novak to Tehran on plans to swap oil, gas and petrochemicals, Amir Hossein Zamninia said, “representatives of a large Russian company will soon arrive in Tehran to discuss the matter with Iranian oil ministry officials.”

Deputy oil minister for international and commerce affairs further deemed the talks between oil and energy ministers in Tehran as constructive and useful adding “Russian companies are eager to participate in enhanced oil recovery projects as well as development of Iranian oil and gas fields.”

“The two sides have not reached a final agreement on the presence of Russian companies in a specific project,” said the official and added “more negotiations can be done in this regard after the introduction of new models for gas contracts and projects.”

Meanwhile, Iran’s Zanganeh had earlier described the main axes of oil and gas talks with his Russian counterparts; “the two countries possess good facilities to swap gas, crude and petroleum products,” he had highlighted.

Managing director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi also had referred to the launch of oil talks with some foreign companies underlining “Iran’s oil swap operation in the Caspian region will soon be resumed.”

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