Iran to swap Azerbaijan's crude oil: Deputy oil minister

An Iranian deputy oil minister says the Islamic Republic and the Republic of Azerbaijan have reached an agreement according to which Iran will swap Azeri oil through its soil.

Roknoddin Javadi, who is also managing director of the National Iranian Oil Company (NIOC), was quoted by Iranian Oil Ministry's official SHANA news agency as saying on Saturday that during a recent visit by Azeri President Ilham Aliyev to Iran, the two countries agreed to the swap of Azerbaijan’s crude oil through Iranian soil.

“The National Iranian Oil Company has put swapping Azerbaijan's oil on its agenda,” Javadi said, adding

that a memorandum of understanding has been signed between the NIOC and Azerbaijan's national oil company, SOCAR, according to which the two sides have worked out a mechanism to swap Azerbaijan's oil through the Iranian soil.

The NIOC’s managing director stated that the two countries have also agreed to boost bilateral cooperation in the Caspian Sea.

“Azerbaijan is willing to take advantage of Iran's research capacities in oil and gas sectors and the NIOC will cooperate with the Azeri side in this regard,” he noted.

Azerbaijan's President Aliyev paid an official visit to Iran last Tuesday during which the two countries signed 11 agreements and memoranda of understanding to improve and speed up cooperation in different fields.

The deals were signed by senior officials of Iran and Azerbaijan in the presence of the two countries’ presidents.

SS