Iran ready for oil swap with Caspian sea neighbors

An official with the Iranian Oil Terminals Company (IOTC) said Iran can swap up to 120,000 b/d of crude oil with its northern neighbors at North Oil Terminal.

A local IOTC official in the city of northern city of Neka, Hamid Reza Shadoust, said that preparations began at the terminal for oil swap as per an order by the National Iranian Oil Company (NIOC) a couple of months ago.

Iran's North Oil Terminal is responsible for oil swap and receiving crude oil from Caspian Sea littoral countries for storage, delivery to crude refineries across Iran, Farsnews reports.

He said the terminal will presently restart oil swap with the Caspian Sea neighbors with a 120,000 b/d of capacity which can be enhanced to over 1.5 mb/d in the future.

North Oil Terminal is one of the world's most advanced oil terminals and has no rivals in the Caspian region, Shahdoust added.