Iran to sign 2 oil swap deals

Oil&Gas Materials 11 December 2011 16:07 (UTC +04:00)

Azerbaijan, Baku, Dec. 11 / Trend F.Milad/

Signing two oil swap deals are underway, which will boost Iran's share in oil swaps in the region, the National Iranian Oil Company's managing director said.

Iran has swapped some 20,000 barrels of crude oil per day over the past two months, the National Iranian Oil Company's director for international affairs said earlier this month.

Mohsen Qamsari told IRNA news agency that the volume of oil swaps would reach 70,000 bpd by the end of the current Iranian calendar year (March 20, 2012).

Increasing the volume of swaps to 2 million barrels was not possible because Iran's northern neighbors had not such a capacity, he added. So, almost one million barrels of crude was swapped in the mentioned period of time.

Qalebani had previously said that Iran received 300,000 barrels of oil from the Caspian littoral states in mid-July and will transfer it to Persian Gulf terminals in 90 days.