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Iran to resume oil swap from Caspian Sea

Xinhua, December 27, 2015 Adjust font size:

Iran will resume the swap of oil and liquid gas belonging to some litoral states of the Caspian Sea in near future, Press TV reported on Sunday.

Iran will import crude and liquid gas into its Caspian Sea ports and will supply equivalent barrels on behalf of its partners in the Persian Gulf, the report said.

Chief Executive of National Iranian Oil Products Distribution Company, Naser Sajjadi, said that Iran plans to initially swap liquid gas with Turkmenistan and Kazakhstan.

Iran has developed the coastal infrastructure in its northern port city of Neka, situated some 200 kilometers (124 miles) north of Tehran, and raised its oil swap capacity.

Iran started its oil swap with the Caspian Sea and Central Asian states in 1997 and it was in place until 2010.

Caspian producers suspended oil swaps in June 2010 after Tehran raised fees on operations to avoid an oil glut following lower sales of its own crude. Endit