Iran, Russia May Sign Oil Swap Deal

October 31, 2013

Iran and Russia may sign crude oil swap deals, Tehran Times reported on October 30, citing the Fars News Agency.
Iranian Oil Minister Bijan Namdar Zanganeh discussed oil swaps, the situation of the world oil market, and other issues with Russian officials during a two-day trip to Moscow that ended on Wednesday.
Iran has been holding talks with Russia on swapping crude oil for a long time, so the Iranian Oil Ministry may finally sign oil swap contracts with Russia, according to the Fars News Agency.
On October 6, Mohsen Qamsari, the director of international affairs of the National Iranian Oil Company, said that Iran is in talks with the Caspian Sea littoral states to raise the volume of crude oil swaps with its northern neighbors.
Iran has the necessary technical and infrastructural facilities for more oil swaps, according to a report published by Press TV. 
Iran plans to develop the coastal infrastructure at its northern port city of Neka, situated about 200 kilometers (124 miles) north of Tehran, to boost its oil swap capacity.
Copyright: Tehran Times, 2013