+44(0) 800 772 3004

Kirkuk Begins Oil Swap With Iran

Oil swap agreement began on 3rd June

Crude oil swap involving Iran and Kirkuk in Northern Iraq began on June 3rd, according to SHANA, the Iranian Oil Ministry'd official news agency. Crude Oil, transported in tankers was unloaded at storage tanks owned by the National Iranian Oil Products Distribution Company (NIOPDC) ‎in Darreh Shahr, situated within Ilam.

The 12 month oil swap deal was originally agreed in December and involves the transport of between 30,000 and 60,000 bpd of crude to Iran in return for the same quantity to be supplied to Iraq's southern ports by Iran.

Future plans involve the building of a pipeline to transport the oil from Kirkuk to Iran, preventing trucking transportation costs.

Source: Trend News Agency


Read more news like this