Baku, Azerbaijan, March 18
By Fatih Karimov - Trend: The Iranian deputy oil minister for international affairs has invited companies interested in crude oil swap projects to cooperate in this field, the Fars News Agency reported on March 18.
"We are planning to resume crude oil swap operations, and invite companies which are interested in this field to cooperate with us," Ali Majedi said.
Currently, no crude oil swap is being carried out, he said, adding that oil products are being swapped at a limited level.
On October 30, 2013, the Shana News Agency quoted National Iranian Oil Company's managing director Roknoddin Javadi as saying that Iran will resume crude oil swaps at its northern oil terminal in the near future.
Resuming crude oil swaps will enhance the country's power of energy diplomacy, he said.
All the necessary infrastructures have been provided and development projects have been carried out in this regard, Javadi added.
A number of multifunctional docks and shipment harbors have been established with the capacity to berth ships of up to 14,000 tons capacity, he further said.
On Oct. 8, the Shana news Agency quoted the managing director of the Iran Oil Pipeline and Telecommunications Company Ali Ziar as saying that the crude oil swap capacity between Iran and the Caspian Sea states may double.
The existing Neka-Rey pipeline is 311 kilometers in length and the capacity to transfer 375,000 barrels of oil per day. If the one-way pipeline is turned to a two-way pipeline, the capacity can be increased to 500,000 bpd, he said.
Swapping crude oil is a profitable trade for the country, he added.
The Neka-Rey pipeline project has been implemented in three phases. It was inaugurated in 2004 with the transfer capacity of 125,000 bpd.
In June, ex-managing director of National Iranian Oil Company Ahmad Qalebani said that Iran plans to swap one million barrels of oil in the near future.
Iran currently has the capacity to swap 500,000 barrels of oil each day, he said.
Unfortunately, Iran is not using its oil swap capacity at all, he explained.