Iran Proposes to Swap Oil, Gas With Russia

Iran has proposed to swap oil and gas with Russia, Press TV quoted oil minister Bijan Zangeneh as saying.

Zangeneh said the proposal was raised during a meeting on Wednesday with the visiting Russian energy minister Alexander Novak. 

According to the proposal, Iran would receive natural gas, oil and oil products from Russia through its northern terminals and will sell equivalent volumes of the same products to Russia’s clients through its southern terminals, Press TV reported.   

Zangeneh suggested that Iran and Russia have adequate facilities to proceed with this swap mechanism.

Tehran has been using a similar mechanism with Turkmenistan, Kazakhstan and Azerbaijan for over a decade through which it would receive oil from the three Caspian states at its Neka terminal and would deliver equal amounts with similar specifications to their clients at its southern ports.