Iran, Kazakhstan and Russia to resume oil cooperation

Delegations from Russia and Kazakhstan are scheduled to visit Iran the next week to study resuming crude oil swap, the Managing director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi said.

The delegation will visit the facilities of Neka oil terminal in Iran's northern Mazandaran province, Mousavi said.

Earlier, the director of Iran's North Oil Terminal, Hamid Reza Shahdoust, said that Iran is preparing to soon resume crude oil swap with Caspian states. Shahdoust added the country plans to increase the swap capacity with Caspian states from the current level of 120,000 barrels per day (bpd) to 1.5 million bpd.