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 >>  4/18/2018 - SNC-Lavalin (SNC) has been appointed by Saudi Aramco to install additional facilities for a major gas processing facility in Saudi Arabia’s Eastern Pr...
Saudi Arabia >>  4/10/2018 - During the official visit to Paris by Crown Prince of Saudi Arabia, HRH Mohammed bin Salman, Saudi Aramco and Total signed a memorandum of understandi...

Saudi Arabia >>  4/10/2018 - Saudi Aramco participated in the Saudi-France CEO Forum held in Paris to promote bilateral business and cooperation between the two countries. The For...
United Arab Emirates >>  4/10/2018 - The Abu Dhabi National Oil Company (ADNOC) announced as part of Abu Dhabi’s first ever block licensing strategy and on behalf of the Supreme Petroleum...

Saudi Arabia >>  4/5/2018 - L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Engineering and Construction major Larsen & Toubro Limited, announced an award for th...
Oman >>  3/29/2018 - Petrofac has been awarded a contract worth US$265million for the development of the Marmul Polymer Phase 3 (MPP3) Project in southern Oman. This is th...

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 | 21 |

More News

 

Oil & Gas Companies in Iraq >>


Related Links

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