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Iran, Iraq to launch Kirkuk oil swap

Xinhua,April 08, 2018 Adjust font size:

TEHRAN, April 7 (Xinhua) -- The long-delayed project to swap Iraq's Kirkuk crude oil with Iran is expected to be launched later this month, Financial Tribune daily reported on Saturday.

Hamid Hosseini, the secretary-general of Iran-Iraq Chamber of Commerce, said that during Iran's First Vice President Eshaq Jahangiri's recent visit to Baghdad, Iraq asserted that it is committed to the bilateral agreements, including laying a pipeline for swapping Kirkuk oil and importing natural gas from Iran.

Following the Iraqi Kurdistan region's independence vote in last September, Baghdad took steps to bring oil exports under federal control, calling on other countries to deal exclusively with the central government regarding oil trade.

"If crude oil transfer venture from Kirkuk is launched, close to 650,000 barrels of oil can be delivered to Iran per day," Hosseini said.

Earlier, he said that "we can also provide them with engineering services to complete their energy and power projects in return for transferring crude to Iran."

Although Iraq and Iran are rivals in the global oil market, they can collaborate on oil projects as they share a large number of massive hydrocarbon reserves, he added. Enditem

 

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