Iran, Iraq discuss oil swap

Oil&Gas Materials 6 July 2011 16:53 (UTC +04:00)

Azerbaijan, Baku, July 6/Trend/

Iran and Iraq are continuing to negotiate an oil swap. If the negotiations are finalized, the oil swap between Basra and Abadan will be possible, the Mehr News Agency reported quoting head of the Iranian Oil Products Exporters Union Hamid Hossieni as saying.

"If the negotiations are finalized, crude oil from Basra will be swapped at the Abadan oil refinery and delivered to foreign customers through BanadarAbbas harbors," he said.

The Iraniain private sector expressed its readiness to invest in the oil swap and transit from Iraq, he noted.

Iran signed a deal with Iraq in June to export 1.5 million liters gas of oil per day to Iraq and possibly to increase the export level to 3 million liters per day.

The review of pipeline construction to transfer crude oil from Basra to Abadan Refinery has been completed. It's predicted the pipeline provides fuel for Abadan oil refinery.