Oil swap capacity between Iran and Caspian Sea states may double
Azerbaijan, Baku, Oct.8/ Trend F.Karimov/
The crude oil swap capacity between Iran and the Caspian Sea states may double, the Shana news Agency quoted the managing director of the Iran Oil Pipeline and Telecommunications Company Ali Ziar as saying.
The existing Neka-Rey pipeline is 311 kilometres 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 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.