Iran to Increase Oil Swap Volume With Central Asia, Shana Says

Iran plans to gradually boost the volume of its oil swaps with Central Asian countries, the oil ministry’s news website, Shana reported, citing Mohsen Qamsari, head of international affairs at the National Iranian Oil Co.

Almost 500,000 barrels of crude oil have been received by Iran at its northern port of Neka on the Caspian Sea since oil swap operations resumed in July, Qamsari said in a report published yesterday.

Once the volume reaches one million barrels of crude oil, Iran will export an equivalent volume from its southern oil terminals, he said. Iran plans to deliver the first cargo of one million barrels of oil to buyers in the Persian Gulf by the end of September, according to the report.

Under oil swap arrangements Azerbaijan, Turkmenistan, and Kazakhstan each provide Iran with crude oil that is refined in northern Iran. Iran then sells an equal amount of its own crude in the Persian Gulf on the accounts of those countries.