Iran preparing Neka terminal for oil-for-goods swap with Russia

Baku, Azerbaijan, May 11

By Fatih Karimov - Trend:

Iran is preparing Neka terminal, in northern Mazandaran province, for oil-for-goods swap with Russia.

Pirouz Mousavi, Managing Director of the Iranian Oil Terminal Company, said the Neka terminal neighboring the Caspian Sea is being prepared to berth ships of up to 12,000 tons of capacity, Iran's Mehr news agency reported on May 11.

Construction of the terminal's dock has so far progressed by 84 percent, he noted.

On April 6, Mehr quoted National Iranian Oil Company's managing director Roknoddin Javadi as saying that Iran and Russia have not finalized an oil-for-goods deal, although negotiations have entered a new phase.

Negotiations are underway with Russia to identify Iranian oil should be delivered to the Russian side at Iran's northern Neka terminal or at southern Kharg terminal, Javadi added.

Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to $20 billion, which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters on April 3.

In January Reuters reported Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

The White House has said such a deal would raise "serious concerns" and would be inconsistent with the nuclear talks between world powers and Iran.

A Russian source said Moscow had "prepared all documents from its side", adding that completion of a deal was awaiting agreement on what oil price to lock in.

The source said the two sides were looking at a barter arrangement that would see Iranian oil being exchanged for industrial goods including metals and food, but said there was no military equipment involved. The source added that the deal was expected to reach $15 to $20 billion in total and would be done in stages with an initial $6 billion to $8 billion tranche.

Two separate Iranian officials also said the deal was valued at $20 billion. One of the Iranian officials said it would involve exports of around 500,000 barrels a day for two to three years.

"Iran can swap around 300,000 barrels per day via the Caspian Sea and the rest from the (Middle East) Gulf, possibly Bandar Abbas port," one of the Iranian officials said, referring to one of Iran's top oil terminals.

"The price (under negotiation) is lower than the international oil price, but not much, and there are few options. But in general, a few dollars lower than the market price."

Desalination plant construction to kick off in Kazakhstan's semi-desert zone
Desalination plant construction to kick off in Kazakhstan's semi-desert zone
Uzbekistan to increase production of dry cement
Uzbekistan to increase production of dry cement
Fish processing plant to be commissioned in Kazakhstan's Kyzylorda
Fish processing plant to be commissioned in Kazakhstan's Kyzylorda
Loading Bars
Latest
Kazakh Gas Refinery to buy pumps via tender
Turkish export of fruit, vegetables from January through May 2020 spikes
Indonesia reports 703 new coronavirus infections, 49 new deaths
Crude market to be in deficit also in August
Turkey reveals volume of diesel transshipped through country ports
European Investment Bank talks recent projects in Georgia
Kazakhstan considering approaches to unify some social payments
Azerbaijan has all prospects for economic growth in post-pandemic period
Data on cargo shipment via Turkish Bartin port disclosed
President of Association of Turkish Travel Agencies talks partnership with Uzbekistan
Road infrastructure of Tashkent to be upgraded
Azerbaijan's ADY Container boosts railroad transit volumes
Turkmenistan reaches new agreements with Russia's Tatarstan
Cargo transshipment through Turkish Iskenderun port unveiled
Steel export from Turkey to int'l markets drops
Kazakhstan-Spain trade down twofold in 1Q2020
Russia's coronavirus infections near 450,000
Turkey discloses info on cargo shipment via its Bandirma port
Turkish cement export to int'l markets on decline
Turkey reveals data on cargo movement through its Gemlik port
Kazakhstan's Air Astana modifying its planes to transport cargo
Azerbaijani-Chinese joint venture to expand export geography
Russia says OPEC+ meeting to be held on Saturday
Singapore reports 261 new coronavirus cases, smallest rise in two months
Prices of Azerbaijani oil change
Kazakhstan's KazMunayGas to give up its subsidiaries to shareholder
Turkmenistan, Italian Eni discuss co-op in fuel & energy sector
Kazakh national postal service operator opens tender for vehicle repair
Some museums, exhibition halls in Baku on lockdown due to tightened quarantine
Minister: Georgia's economy to start growing from 2021
Kazakhstan eyes turning its household waste into electricity
Georgian Nectar company plans to increase juice exports
Enrique Mora: EU ready to support Azerbaijan in eliminating COVID-19 consequences (PHOTO)
US commits funds to support Georgia’s COVID-19 response
Georgia joins world leaders in global vaccine summit
Russian MFA: Optimism remains over settlement of Karabakh conflict
Georgia reports 4 new COVID-19 confirmed cases
French Europcar Mobility Group has exclusive representative company in Georgia
New power plants in Iran's Bushehr Province to help boost shrimp production
Azercell “Telegram Bot” – your new guide in digital world!
CISCO talks 'Smart City' system benefits in Azerbaijan
Google remains most used search engine in Azerbaijan, Yandex follows
Uzbek gov't sells state share in Kafolat Insurance to Uzbek IT company
Gold prices grow in Azerbaijan on June 5
Azerbaijani currency rates for June 5
Amount of payment cards in Azerbaijan grows
Armenia violates ceasefire with Azerbaijan 25 times
Uzbekistan reports 91 new COVID-19 cases
Federal Foreign Office: Germany supports efforts for peaceful solution of Karabakh conflict
Turkmen farmers hope for rich potato harvest in current season
Oil edges higher as traders eye producer talks on extending supply cuts
Thailand reports one new coronavirus cases, no new deaths
France, Germany back European cloud computing 'moonshot'
Oman to establish investment body to manage sovereign wealth funds
Portugese PM announces plan to ease economic blow from COVID-19
Sweden to lift domestic travel restrictions, but remain cautious
New York's Cuomo, concerned about COVID-19 spread, asks protesters to get tested
Germany will require all petrol stations to provide electric car charging
Somalia set to resume domestic flights
Around 5.2 pct of Spanish population infected by coronavirus: study
Albanian parliament OKs 650-mln-euro Eurobond
Jordan to open most economic sectors, further ease movement restrictions
Vaccines group raises $8.8 billion for immunisation plans for poor countries
OPEC+ has encouraging signs of rising conformity, says Barkindo
Eni creates two new business groups
Barkindo: 2020 oil demand to return to levels before 2014-2016 market downturn
IFC co-ops with Uzbekistan on planning of future projects
20-odd airlines to resume flights to and from Cyprus
India pledges 15 million USD to international vaccine alliance
Baku expected to hold European Championships in Men's and Women’s Artistic Gymnastics in late 2020
UN Office on Drugs and Crime, Turkmenistan discuss joint projects
Demand from banks at foreign exchange auction decreases in Azerbaijan
Georgia takes steps to foster development of local businesses
Turkey plans to resume flights with Azerbaijan soon
WHO mission to visit Turkmenistan
Cashless transactions in Azerbaijan on rise from Mar. through Apr. 2020
GNERC reveals market share of Georgian mobile operators
Representatives of diplomatic corps in Azerbaijan may work on weekends
GNERC reveals number of mobile subscribers in Georgia
Online payments grow in Kazakhstan
Global expenditures of oil & gas exploration to decline
COVID-related economic consequences to test Kazakhstan insurers' resilience
TABIB: Decision, rules related to international flights to be announced soon in Azerbaijan
Turkey's export of electrical goods from Jan. through May 2020 drops
11 insurers increase payment of insurance claims in Azerbaijan
Azerbaijani Operational Headquarters: Domestic flights may be renewed in coming days
Android OS ranks first in Azerbaijani market albeit with lower percentage
Uzbekistan's Ministry of Energy, EBRD developing low carbon energy strategy
Georgia implements new agricultural project
Azerbaijan's Elektrogas LLC unveils plans on manufacturing combi devices
Azerbaijan records multi-fold increase in online sales amid COVID-19
Kazakhstan's state commission to prepare strategic development plan till 2025
TABIB recommends journalists, other employees of news agencies in Azerbaijan to work from home
Georgia records over 150 cases of illegal logging
12 insurance companies reduced collection of premiums in Azerbaijan in April 2020
Kazakhstan's Agrarian Credit Corporation makes decision on dividend payments
Turkish ministry discloses volume of crude oil transshipped via local ports
All pharmacies, stores to be closed in some Azerbaijan's cities on weekend
Two-three-day restrictions may be introduced during following weekends in Azerbaijan
German auto stimulus to boost VW's electric push
All news