January 29, The Iran Project – Iran plans to triple the volume of gas swap between Middle East and the Caucasus to stabilize its position in the global energy market.

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.

Iran’s northern neighbors swap and transit part of their oil, gas and oil products through Iran  to target markets strengthens Islamic Republic’s 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 with the 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, Iran’s NIGC's gas supply director Saeed Momeni said Azerbaijani gas is now swapping with Nakhichevan Autonomous Republic; and Iran currently swap 5 to 6 million cubic meters of Turkmenistan's gas with Azerbaijan's.

He went on to say that if new projects are implemented, Iran can triple the volume of gas swap between Middle East and the Caucasus.