Russian companies plan to swap Iran's oil: minister

Iran's Petroleum Minister Bijan Namdar Zanganeh said Saturday that two Russian companies are in talks with Iran to swap the latter's oil, official IRNA news agency reported.

The swap plan is followed by the Russian Lukoil and Gazprom companies and they are considering some measures to swap the oil jointly with Iran, Zanganeh was quoted as saying.

The remarks by Iranian petroleum minister did not provide further details, however, IRNA said that based on the initial talks, 150,000 barrels per day of Iranian oil will be swapped which eventually will rise to 500,000 barrels per day.

Zanganeh said Saturday that the Russian Rosneft Company is also seeking partnership and development of four Iranian oil fields, including South Azadegan field.

On Tuesday, Gazprom and Iran's Petroleum Ministry signed a major deal in the capital Tehran to cooperate in the development of two oil fields in western Iran.

Based on the agreement, studies will be carried out for the development of Cheshme Khosh and Changouleh oil fields.

Changouleh is among 45 projects Iran's Petroleum Ministry presented for investment during a conference in London in September 2015. Development of this field is estimated at around 2.2 billion U.S. dollars.

Cheshme Khosh oilfield is also located in Dehloran, Ilam province, near the border with Iraq. Endit