Iran's Oil Swap With Northern Neighbors Reaches 3.5 Million Barrels

Over 70 vessels discharged crude at Neka terminal up until a month ago.Over 70 vessels discharged crude at Neka terminal up until a month ago.

About 3.5 million barrels of crude oil have been transferred from the port of Neka in northern Iran to be used in Tehran and Tabriz refineries since the country resumed oil swap on August 3, the head of Iranian Oil Terminals Company said.
“Fortunately, after a gap of few years, oil swap has been resumed with the Caspian Sea littoral states, such that 71 vessels with different capacities  discharged crude at Neka terminal’s storage reservoirs up until a month ago,” Pirouz Mousavi was also quoted as saying by IRNA on Monday.
Oil and gas company Dragon Oil, owned by Dubai-based Emirates National Oil Company, shipped an oil cargo from Turkmenistan to Neka Port in northern Iran on August 3 for swapping through the Persian Gulf, marking the first such operation by Iran since 2010.
Neka terminal has the capacity to swap 350,000 barrels of crude oil per day, yet it can increase to 500,000 as soon as the terminal is overhauled, officials say.
Mousavi noted that at present, Iran has swap deal with only one country, which number is planned to increase.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment