Oil Ministry ready for oil swap with Russia

TEHRAN, Oct. 22 (MNA) –Iranian Oil Min. Zanganeh received visiting Russian Energy Min. Novak on Wednesday and discussed matters of bilateral interests.

“The last thing we talked about was cooperation in swapping oil, gas, crude, and other hydrocarbon products,” said Bijan Namdar Zanganeh, Iranian Oil Minister, after meeting his Russian counterpart Alexander Valentinovich Novak in Tehran on Wednesday.

Based on swap mechanism, the Islamic Republic would receive natural gas, oil and oil products from Russia through its northern ports and would sell equivalent volumes of the same products to Russia’s clients through its southern terminals. 

“The Russians are content with the current price of oil; though pressing, but satisfactory,” affirmed Zanganeh commenting on other topics of bilateral talks.

He also added that Russians traditionally believe in leaving the market to its own natural mechanism, so they do not agree with interfering or manipulating the market. “But I believe that in the second half of 2016 and early 2017, the oil market will witness balance between supply and demand and therefore we would have better prices,” Zanganeh reassured.

He also recounted that the Russians voiced hope for expansion of ties in oil sector and advice has been offered to Russian companies willing to invest in Iran to join Iranian companies and establish joint projects.




News Code 111293


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