5 October 2015 - 11:11
Iran to resume oil swap soon

TEHRAN, Oct. 5 (MNA) – Managing director of the Iranian Oil Terminals Company (IOTC) has referred to oil talks with some foreign companies and announced that Iran will soon resume Caspian oil swap.

Speaking on the latest status of resumption of Iran’s crude oil swap in the Caspian Sea, Seyed Pirouz Mousavi said that, “all Neka Oil Terminal facilities have been prepared for the resumtion of crude oil swaps.”

Mousavi announced the accomplishment of repairs, modernization and upgrading of storage tanks, pipelines, loading and unloading facilities in Neka Oil Terminal and asserted that, “after the dredging process giant oil tankers will be able to dock at the terminal.”

Stressing that the dredging operation at Neka terminal has been carried out to the depth of 7.5 meters, the official stated that, “accordingly, we are ready to welcome oil tankers with a capacity of 7 to 8 thousand tons.”

Pointing to launching of negotiations with several oil companies, Mousavi emphasized that, “according to the outcome of talks and the possible removals of sanctions, the swap of Iranian crude oil will soon get resumed in the Caspian Sea.”

Oil swap via Iran stopped 5 years ago because of sanctions; however, due to reduced economic feasibility of alternative routes of transit like Georgia, Azerbaijan, Turkey and Russia, once again Iran has become the center of attention being a cost-effective swap route.

Accordingly, a Kazakhstani oil delegation visited Iran in September to start a new round of talks between Iranian and Kazakh oil companies to resume swaps of crude oil, petroleum products and liquefied petroleum gas.

HA/2932267

News Code 110722

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