An oil official has announced that Vitol S.A. of Switzerland is likely to purchase Russian crude to be swapped through Iran\u2019s largest oil terminal in the Caspian Sea.<\/p>\n

Despite the seven-year hiatus in oil swaps among Caspian Sea littoral states through Iran\u2019s route, the process has not been resumed yet though negotiations are still underway with countries like Russia, Turkmenistan, Kazakhstan and Azerbaijan Republic.<\/p>\n

Meanwhile on Thursday, a Swiss delegation comprising representatives of Vitol S.A. visited facilities and infrastructures of Neka Oil Terminal as Iran\u2019s largest crude terminal in the Caspian Sea.<\/p>\n

The visit aimed to resume oil swaps especially in view of the fact that the Swiss firm held cooperation with the National Iranian Oil Company (NIOC) before the halt in crude swaps.<\/p>\n

BP (British Petroleum) is yet another company looking forward to resumption of oil swaps between Caspian Sea stated and the Islamic Republic of Iran.<\/p>\n

Hamidreza Shahdoust, a local Iranian Oil Terminals Company (IOTC) official in the city of northern city of Neka, confirmed the visit of Vitol delegation to Neka Oil Terminal adding \u201cexperts at the oil trader giant Vitol made a visit to the Iranian terminal aiming to resume oil swaps.\u201d<\/p>\n

The official estimated that oil swaps will be resumed from Neka terminal within the next 7 to 14 days as all facilities at the Iranian terminal are prepared for the mission.<\/p>\n

\u201cNeka Oil Terminal enjoys a total storage capacity of 120 thousand barrels per day in its 12 tanks,\u201d underlined Shahdoust maintaining \u201cmoreover, the project to increase oil swap capacity to 2.5 million barrels per day has kicked off.\u201d<\/p>\n

Oil Minister Bijan Zanganeh, while pointing to Iran\u2019s readiness for oil swap with Russia, had earlier noted \u201cthe Russian side has also voiced willingness for swapping a portion of its oil production through Iran\u2019s route and relevant negotiations are underway.\u201d<\/p>\n

\u201cThe capacity exists for a maximum swap of 150 thousand oil barrels per day,\u201d underlined Zanganeh stressing \u201cthe process would boost Iran\u2019s market share since the replacement is delivered to customers in the Persian Gulf.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

An oil official has announced that Vitol S.A. of Switzerland is likely to purchase Russian crude to be swapped through Iran\u2019s largest oil terminal in the Caspian Sea. Despite the seven-year hiatus in oil swaps among Caspian Sea littoral states through Iran\u2019s route, the process has not been resumed yet though negotiations are still underway…<\/p>\n","protected":false},"author":1,"featured_media":2728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[70,436],"tags":[57,231,3,242,241,240,239],"_links":{"self":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/2727"}],"collection":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/comments?post=2727"}],"version-history":[{"count":0,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/2727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media\/2728"}],"wp:attachment":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media?parent=2727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/categories?post=2727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/tags?post=2727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}