Iran ready to swap more oil

Iran Materials 17 January 2012 16:27 (UTC +04:00)

Azerbaijan, Baku, Jan. 17 Trend M. Moezzi

Iran is ready to commit to a stronger oil swap program in 2012, Shana news reported Mohsen Ghamsari, a director at the National Iranian Oil Company (NIOC), as saying.

There are no problems with transferring oil from the Caspian Sea to the Persian Gulf and the NIOC is ready to work with any company who wants to sign a contract, Ghamsari said.

Iran's oil swap program has stopped and started again in the past couple years. In April 2010, the 13-year-long oil swap program between Iran and the neighboring Caspian Sea littoral states stopped after four major foreign companies refused to update the oil swap agreement.

On July 2, NIOC Managing Director Ahmad Qalebani announced the resumption of oil swaps with Caspian states, saying that the volume of oil swap was being negotiated.