Gulf Oil and Gas accountACCOUNT

Iran Signs Oil Swap Deal with Iraq Soon

Source: www.gulfoilandgas.com 12/3/2017, Location: Middle East

Share |
Iran expects to sign a contract with Iraq within the next few days based on which it would swap the country’s oil produced in its Kirkuk province with equal amounts in the Persian Gulf.

The announcement was made by Iran’s Petroleum Minister Bijan Zangeneh who said the agreement would be a trategic one.

Zangeneh stated that the agreement would envisage transferring Kirkuk oil to a refinery in Iran’s western province of Kermanshah through trucks.

After meeting his Iraqi counterpart Jabbar al-Luaibi, the minister pointed out that the volume of oil trucked inside Iran would gradually increase to as high as 60,000 barrels per day (bpd). “What is important is to get this off the ground,” he siad on the sidelines of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.

“This is a strategic connection between Iran and Iraq.” The Iranian minister further emphasized that a pipeline would also be constructed to facilitate transferring Ira qi oil into Iran.

The pipeline, he emphasized, would be below 200 kilometers on either side of the border and would take two years to be constructed.

“The proposal currently is to take the oil to (Iran’s) Fanni border point andthe oil can be transferred both to Iran’s northern refineries and the southern export terminals" Zangeneh said.

Iran and Iraq signed a basic agreement in February that envisaged exporting Iraqi oil through the Iranian territory – a scheme that would be meant to minimize Baghdad’s reliance on the Kurdistan Regional Government (KRG) to export its oil through a pipeline to Turkey’s Ceyhan.

Oil News in Iraq >>

Saudi Arabia >>  12/11/2017 - Saudi Arabia, the world’s top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the ...
Iraq >>  12/6/2017 - The head of Iraq’s state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraq’s Kirkuk oilfields, ...

Kuwait >>  11/29/2017 - Oil requirements also increased in Kuwait and the UAE by 3% and 2%, respectively, y-o-y as growth in the transportation fuels appeared to be the main ...
Austria >>  11/21/2017 - Non-OPEC supply in 2018 was revised down by 94 tb/d compared to last month’s analysis to average 58.54 mb/d, and now is expected to grow at a slower p...

Iran >>  11/21/2017 - Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meet...
India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

More News

 

Oil & Gas Companies in Iraq >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.