The presence of major oil and gas producers in the region and extensive market of energy consumption have created a great opportunity for Iran to turn into the regional hub of energy transit and oil and gas swap.
Irans northern neighbors swap and transit part of their oil, gas and oil products through Iran to target markets strengthens Islamic Republics unique position as a safe highway for transferring energy.
Reportedly, Tehran has already signaled readiness for making gas and oil swap deals with its northern neighbors including Russia, Azerbaijan and Turkmenistan.
Iran is going to swap the Russian gas withthe Persian Gulf markets; it also plans to swap or transit Turkmen gas to Pakistan, the Persian Gulf and Europe to stabilize its position in the energy market.
Speaking to a reporter on Sunday about the latest status of gas swap projects, Irans NIGC's gas supply director Saeed Momeni said Azerbaijani gas is now swapping withNakhichevan AutonomousRepublic; and Iran currently swap 5 to 6 million cubic meters of Turkmenistan's gas withAzerbaijan's.
He went on to say that if new projects are implemented, Iran can triple the volume of gas swap betweenMiddle East andthe Caucasus.
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