Iran, Swiss companies eye oil swap

Iran, Swiss companies eye oil swap

Baku, Azerbaijan, Mar. 2

By Khalid Kazimov - Trend:

The National Iranian Oil Company (NIOC) and three Swiss companies, Glencore, Vitol Group and Trafigura have agreed on a deal on swapping oil and oil gas with gasoline.

Mehr news agency reported that NIOC and the three mentioned companies have discussed a deal for oil swap with Iran. Within the next couple of days a huge shipment of Glencore gasoline will be unloaded at the Bandar Abbas terminal, the report said. Glencore was one of the companies that exported gasoline to Iran before cutting the business in the beginning of 2010 due to international sanctions on the Islamic Republic.

Vitol was also a traditional exporter of gasoline to Iran, and cut off the export in 2009 due to sanctions imposed on Iran. Iran's primary energy consumption reached 4.428 million barrels of oil equivalent per day during the last fiscal year (ended on March 20, 2015). The latest National Iranian Oil, Refinery and Distribution Company's (NIORDC) report indicates a 4.7-percent increase in the country's energy consumption year-to-year.

The report says the country consumed 84 billion liters of liquid fuels with worth $48 billion. Iran produced about 59.6 million liters of gasoline per day, while the consumption level was 69.6 million liters during last fiscal year.

The Swiss President Johann Schneider-Ammann, heading a high-ranking delegation arrived in Tehran Feb. 26 to hold talks with senior Iranian officials and discuss ways to improve mutual, regional and international relations, signing agreements in various fields.

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