Vitol interested in oil swap with Caspian states through Iran

Vitol interested in oil swap with Caspian states through Iran

By Fatih Karimov – Trend:

Baku, Azerbaijan, Aug. 28

The Switzerland-based Vitol company is interested in crude oil swap with Caspian Sea littoral states through Iran’s Neka oil terminal, Hamid Reza Shahdoust, director of Iran's North Oil Terminal, said.

An expert delegation from Vitol visited the oil terminal a few days ago to study the issue, Shahdoust said, Mehr news agency reported Aug. 27.

It is reported that the UK-based BP also has expressed interest to participate in Iran’s crude oil swap with Caspian Sea littoral states.

Shahdoust further said that the crude oil swap with Caspian states will resume within two weeks.

Works are underway to increase the Neka port’s swap capacity from the current level of 120,000 barrels per day (bpd) to 2.5 million bpd, he added.

In 2010, Iran stopped oil swaps with Kazakhstan, Turkmenistan and Azerbaijan.

The Hague International Court of Justice fined the National Iranian Oil Company $5.5 million due to stopping the swap of oil with its international partners.

Under oil swap agreements, which started in 1997 and were in place for over 12 years, Iran received crude oil of Azerbaijan, Kazakhstan and Turkmenistan in the Neka port and delivered an equal volume to the clients of the same countries in Persian Gulf.

The total income received by Iran from these swap transactions from 1997 to 2009 amounted to about $880 million.

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