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Iran resume oil swaps with Caspian Sea countries

08-08-2011 16:49 BJT

TEHRAN, Aug. 8 (Xinhua) -- The director of the international affairs department of the National Iranian Oil Company said that Iran has resumed oil swaps with Caspian Sea countries and will deliver the first cargo to buyers in the Persian Gulf in the next 20 days, the local English language Tehran Times daily reported on Monday.

Mohsen Qamsari said Sunday that the swap deals are being resumed after a hiatus of nearly five months.

At the time, Oil Ministry officials had argued that the oil swaps were not in the national interests, said the report.

Under the oil swap arrangements, Azerbaijan, Turkmenistan, and Kazakhstan each provide Iran with some crude oil, then Iran sells an equal amount of its own crude in the Persian Gulf for those countries.

According to the daily, one of the benefits for Iran to swap Caspian sea oil is that it does not have to build more pipelines to bring crude from the southern oil fields to northern Iran.

Last summer, an average of 90,000 barrels per day was swapped through Iran. The capacity will rise to 300,000 barrels per day within five years, said Tehran Times.

Editor:Wang Xiaomei |Source: Xinhua

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