Dec 21, 2015, 1:35 PM
Iran resumes oil products swap

TEHRAN, Dec. 21 (MNA) – Managing director of NIOEC has announced the resumption of swaps on oil products with the Caspian littoral states.

Managing Director of National Iranian Oil Engineering and Construction Company (NIOEC) Ali Asghar Sajedi pointed to an increase in consumption of petroleum products due to the extreme decline in temperature in most provinces adding “currently, a daily average of more than 200 million liters of petroleum products is being distributed in the country.”

Stressing the significant increase in the distribution of liquid fuel in winter compared to summer since the beginning of the current Iranian year, the official asserted “in order to reduce the cost of transporting petroleum products from the south of the country to the north, oil swaps have been launched with the participation of the private sector and the oversight of the government.”

NIOEC managing director underlined that the swap of liquefied gas and diesel oil from the Caspian sea has already started; “the swap of petroleum products is being undertaken from Kazakhstan and Turkmenistan,” he asserted.

Sajedi further pointed to Iran’s readiness to swap oil products from Russia and Azerbaijan adding “the swap through Iran is economically feasible for most countries of the Caspian sea in winter due to frost and extreme coldness in Central Asia and the Caucasus.”

The official deemed the storage level of petroleum products in the country as satisfactory; “there exists no problem or concern for the supply of liquid fuel in the winter even in the case of reduction in the supply of natural gas,” Sajedi concluded.




News Code 113009


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