Iran

Iran to resume oil swap at its northern terminal

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A senior Iranian energy official says the country is planning to resume crude oil swap operations at a northern terminal in the near future.

In a meeting with the officials of Iranian Oil Terminals Company (IOTC) on Wednesday, Managing director of National Iranian Oil Company (NIOC) Rokneddin Javadi said the revival of swap deals will increase the operational power of Iran’s oil industry and boost the efficiency of the Islamic Republic’s energy diplomacy.

“In order to prepare the necessary infrastructure to revive this operation, numerous meetings have been held with Oil Minister [Bijan Namdar Zanganeh] and positive results have been achieved,” he stated.

Javadi, also a deputy oil minister, pointed to the major projects undertaken by IOTC in northern Iran, stating that the construction of an oil pool and the development of northern terminal piers have progressed satisfactorily.

During the meeting, IOTC Managing Director Seyyed Pirouz Mousavi also stated that the revival of crude oil swap operations will enhance Iran’s oil diplomacy.

“In order for the strategic operation to materialize, the necessary infrastructure has been prepared and development projects related to the plan have become operational and their physical progress is favorable,” Mousavi added.

He stated that the construction of an oil pool, different and multipurpose piers — like those necessary for loading and unloading oil products, logistical piers and repair piers where 14,000-ton oil tankers can berth — will increase Iran’s crude oil swap capacity.

On May 18, Managing Director of the National Iranian Oil Products Distribution Company (NIOPDC) Mostafa Kashkouli said Iran plans to increase swap volume for oil products by 30 percent in the current Iranian year (started March 21, 2013).

Kashkouli added that Iran had swapped more than 100,000 tons of oil products during the previous Iranian calendar year.

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