Oil Deal With Russia Not a Barter

Oil Deal With Russia Not a Barter

Deputy Oil Minister Seyed Mohsen Ghamsari reiterated that the so-called oil-for-goods agreement reached between Moscow and Tehran is not a barter deal.
Officials from both sides have often confirmed, denied and later reconfirmed the barter deal. "The agreement should not be referred to as a barter deal," Ghamsari was quoted by ISNA as saying. "But we are not going to publicize the details."
Many observers and experts opine that Oil Minister Bijan Namdar Zanganeh, a known champion of the free-market, is not in favor of this or similar barters.
Negotiations are still underway, he said, adding that a preliminary agreement was reached between Iran and Russia whereby the latter will buy and then export Iranian crude oil. The revenues from the will then be used to import commodities from other countries.  
Russian President Vladimir Putin’s press secretary, Dmitry Peskov, said in April the oil-for-goods deal is “absolutely a reality" and has begun. "Russia has started supplying grain, equipment and construction materials to Iran in exchange for crude oil under the barter deal," RT had quoted him as saying.
According to reports, Moscow will buy up to 500,000 barrels of Iranian oil per day in exchange for Russian equipment and goods. The deal is estimated at $15-20 billion, but no official figures have been reported so far.


Short URL : http://goo.gl/rPJ76G

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...