Iran resumes to swap Caspian crude oil via Persian Gulf ports

Iran will resume to swap the Caspian crude oil through Persian Gulf ports, which was halted in 2010, an Iranian energy official was quoted as saying by Press TV on Wednesday.

Iran will swap at least 100,000 barrels per day, and the volume will increase in the future, said Pirouz Mousavi, the managing director of the Northern Oil Terminals Company of Iran (NOTCI).

Russia and Kazakhstan have voiced readiness to deliver their crude oil to Iran in its northern terminals and receive equal volumes in the south, Mousavi said, adding that talks with other Caspian Sea countries over the project are underway.

European oil companies active in Central Asia are interested in the swap scheme with Iran to sell their oil to international markets, he said.

According to the report, Iran's contracts with Russia, Kazakhstan, Turkmenistan and Azerbaijan, to swap their crude were halted in 2010 after Iran raised its operating fees. Endit