Iran confirms resuming oil swap with Turkmenistan

Business Materials 14 August 2017 12:07 (UTC +04:00)

Baku, Azerbaijan, Aug. 14

By Dalga Khatinoglu – Trend:

Iran has received several oil cargoes from Turkmenistan in the Neka port, Iranian Oil Ministry’s official website reported Aug. 14.

According to the report, the volume of oil swap with Turkmenistan will increase gradually.

Earlier, on Aug. 9, a source in Azerbaijan’s oil and gas market told Trend that Dragon Oil and Emirates National Oil Company (ENOC) had delivered the second Turkmen oil cargo to Iran.

Dragon Oil has been transporting oil from Turkmenistan via the Baku port since June 2010. The company has been operating in Turkmenistan since 1999 under a production sharing agreement (PSA) and it is one of the biggest foreign investors in the country.

The volume of the delivered two cargoes is estimated at 12,000-13,000 tons together.

Iran stopped oil swaps with Caspian countries seven years ago after 10 years of operations which brought $800 million in revenues to Iran.

The companies deliver oil to the Neka port for being used in Tabriz and Tehran refineries, located in northern Iran, and take the same amount of Iranian oil in Persian Gulf.