Official: Iran's oil swap operations remain halted

Oil&Gas Materials 23 July 2011 13:29 (UTC +04:00)

Azerbaijan, Baku, July 23 /Trend/

The National Iranian Oil Company is reviewing the oil swap conditions to provide some refineries in the country , Fars News Agency quoted Deputy Oil Minister Mohsen Khojaste Mehr as saying.

"The oil swap conditions must be implemented within the country's national interests," he said.

The oil swap will provide s ome refineries . T he National Iranian Oil Company will review the conditions and report to the Oil Ministry, he added.

He stressed that Iran will invest $48 billion in the oil industry in the current Iranian calendar year (started on March 21, 2011) while $1.6 billion will be invested in exploitation operations in border regions.

From 1997 to 2010 Iran profited $146 million from the oil swap . H owever , the operations have been halted due to the lack of economic profit.

The Neka oil terminal pipeline and reservoir ha ve the capacity of swapping 500,000 oil barrels to the Tehran and Tabriz refineries.