NIOC to revive oil swaps

The National Iranian Oil Company (NIOC) Director for International Affairs, Seyed Mohsen Qamsari, said he is in talks with the Oil Minister to provide the necessary structures for reviving oil swaps. In statements to Shana, Qamasari said "we are pondering reviving oil swaps with our northern neighboring countries". Qamsari said the country has a great capacity for oil swaps but declined to point to a specific figure. He noted oil swaps could make good revenue for the country. Oil swap plan has many advantages for Iran and littoral states of Caspian Sea which include low cost of oil transfer, security and spill over cooperation to other spheres with the neighboring countries. By importing oil from the littoral states of Caspian Sea, Iran also could remove the cost for pumping oil from south toward northern part of the country in order to feed Tehran, Arak and Tabriz oil refineries. Oil swaps will also facilitate Caspian Sea countries access to open seas for shipment of oil to customers. Naftiran Intertrade Company (NICO), an NIOC’s subsidiary, is in charge of signing oil swap contacts.