Iran intends to resume oil swaps with Turkmenistan, Kazakhstan and Russia
Iran is trying again to launch oil swap operations with Turkmenistan, Kazakhstan and Russia, said Iranian Oil Minister Bijan Zangane. The remaining question is how soon Turkmenistan, Kazakhstan and Russia will be able to supply raw materials through the northern terminal on the Caspian coast of Iran. Oil swaps began in 1997. At that time Iran received oil from Turkmenistan, Azerbaijan and Kazakhstan through the northern terminal on the Caspian coast and supplied the same volumes to other countries via the ports of the Persian Gulf. Supplies were suspended in 2010, became episodic in 2011, and in 2012 completely discontinued. Exporters of oil will need a time and joint efforts of states to return to this practice. Tehran seeks to resume these operations, which will help to reduce the cost of supplying crude oil to refineries in the north of the country - now it comes from Iranian fields in the south, in the Persian Gulf.
