Iran plans to resume crude oil swaps 2

Iran plans to restart crude oil swap operations, which were halted in June 2009 by the administration of former president Mahmoud Ahmadinejad.

“We are planning to resume crude oil swap operations, and invite competent companies to cooperate… in this area,” Iranian Deputy Oil Minister for International and Trade Affairs Ali Majedi told the Fars News Agency on Tuesday.

Iran started swapping oil and oil products in the late 1990s.

The decision to halt the swap activities compelled the Caspian Sea littoral states to choose other routes to deliver their oil products to international markets and also increased the smuggling of oil and oil products, Press TV reported.

On October 30, 2013, the Fars News Agency reported that Iran and Russia may sign crude oil swap deals.

Iranian Oil Minister Bijan Namdar Zanganeh discussed oil swaps, the situation of the world oil market, and other issues with Russian officials during a two-day trip to Moscow in October 2013.