In a bid to strengthen the country’s strategic position in the region, Iran has resumed oil swap operations in the Caspian Sea following a several-year hiatus.

Bijan Zanganeh said priorities of Petroleum Ministry included signing major oil contracts, attracting foreign investment and technology to joint fields as well as boosting recovery factor.

Oil Minister Zanganeh said Brazil wants Iran to supply oil to a major refinery which is being built by Iranian firms in the South American country.