An Iranian Oil Ministry official has dismissed media reports that Tehran is engaged in negotiations with Moscow to launch a south-north reverse oil swap project.
On Wednesday, Iranian Oil Ministry Spokesman Alireza Nikzad-Rahbar stated that there have been no negotiations or arrangements between Iran and Russia concerning the sale of Iranian crude oil to Russia so far.

He added that south-north reverse oil swap was impossible due to lack of necessary technical infrastructure.

The remarks came after several media outlets reported that Russia was in talks with Iran to set up a reverse swap formula to convey its southern oil to the Caspian Sea, so that Russian tankers would be able to take it to nearby oil terminals.

Iran imports oil from Central Asian countries to be refined at Tehran and Tabriz oil refineries before delivery to potential buyers in the Persian Gulf.

On May 18, managing director of the National Iranian Oil Products Distribution Company (NIOPDC) Mostafa Kashkouli said Iran plans to increase the volume of its oil products swap by 30 percent in the current Iranian year (started March 20).

Kashkouli added that Iran had swapped more than 100,000 tons of oil products during the previous Iranian calendar year (ended March 19) and plans to boost its swap volume.

By Press TV

 

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