Iran working on oil swap plan with KRG
Iran says it is working on a plan to establish a crude oil swap scheme with Iraq’s Kurdistan Regional Government (KRG) similar to the one already in place with Caspian littoral states.
Abdolrassoul Mirzaei, the board chairman of Roham Refinery, told the media that the plan envisages importing 100,000 barrels per day (bpd) of oil from the KRG to be refined at Roham as well as Tabriz refineries.
Iran will accordingly deliver an equal volume of oil with close technical characteristics to international clients on behalf of the KRG at its southern ports, IRNA reported.
Mirzaei said Iran is to the same effect negotiating with an Austrian company over the development of Phase Two of Roham Refinery whose feed of 50,000 bpd will be provided through imports from the KRG.
The official did not name the Austrian company but emphasized that it could provide its refining license for Roham Refinery and could also invest in the project which is expected within the next three years.
The refinery will have the capacity to produce 300,000 tons of tar each year, Mirzaei added.
Iran announced in mid-August that it will soon resume a unique scheme to swap the crude oil of several Caspian states with its own in Persian Gulf ports – a scheme that had been halted since 2010.
Based on a multiple-year arrangement sealed with Russia, Kazakhstan, Turkmenistan and Azerbaijan, Iran imported an average of 100,000-barrels per day (bpd) of crude into its Caspian ports and in return supplied equivalent volumes on behalf of its partners to their clients in the Persian Gulf. Iran would then use the oil it imported at its Caspian ports in its northern refineries and distributes the products across northern Iran.
The scheme was halted in 2010 after when Iran raised its operating fees.
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