Oil, Gas Swap Talks With Northern Neighbors

Oil, Gas Swap Talks With Northern NeighborsOil, Gas Swap Talks With Northern Neighbors

A deputy oil minister has announced that Iran is in preliminary negotiations with Turkmenistan, Russia and Kazakhstan on oil and gas swap, urging Iranian private companies to participate.

Amir-Hossein Zamaninia added that the removal of sanctions has eased the presence of international oil and gas giants in the Persian Gulf country.

“The policy of the administration and Oil Ministry is to accelerate the pace of the private sector empowerment so that Iranian private companies can enter into partnership with international ones,” Zamaninia was quoted as saying by ISNA.

Majlis Energy Commission's spokesman, Hossein Amiri-Khamkani, last week told ILNA that swapping natural gas with Russia to provide the northern provinces with the strategic commodity is more commercially viable than importing it from Turkmenistan.

On Iran’s new Iran Petroleum Contract, the official commented that increasing the rate of oil recovery in Iran's old fields is one of the main goals of IPC, adding that under the new contractual framework, participation of domestic companies along with foreign firms has been underlined.

Zamaninia noted that countries, which had not stopped cooperation with Iran when the US-engineered sanctions against the country took effect, will be prioritized over others in the post-sanctions era, stressing that Iran’s policy is to cooperate with Chinese companies.