Iran Denies Oil Barter Deal with Russia

Source: Shana 1/11/2014, Location: Asia

Iran’s Petroleum Ministry denied any oil-for-goods contract between the Islamic Republic and Russia.

“So far, such an agreement has not been made between the two countries,” Akbar Nematollahi, director general of public relations of Petroleum Ministry, said.

Iran and Russia were reported by Reuters to be negotiating an oil-for-goods swap worth $1.5 billion a month that would enable Iran to lift oil exports substantially.

Russian and Iranian sources close to the barter negotiations said final details were in discussion for a deal under which Russia would buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods, according to Reuters.

"Good progress is being made at the moment with strong chances of success," said a Russian source. "We are discussing the details, and the date of signing a deal depends on those details."


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