Iran resumes oil swap in Caspian Sea

TEHRAN: In a bid to strengthen the country's strategic position in the region, Iran has resumed oil swap operations in the Caspian Sea following a several-year hiatus.

As reported by the Iranian Petroleum Ministry, several oil tankers have berthed at Neka oil terminal for swap purposes and the volume of swap consignments is expected to grow gradually.

With resumption of swap operations, in addition to reducing oil transfer costs from southern areas to Tabriz and Tehran refineries, Iran's strategic position in the North-South Corridor will be strengthened in collaboration with Central Asian and Caucasus countries.

Iran remains one of the safest and economic routes for crude oil transportation as well as that the North oil terminal can play an influential role in this regard thanks to its modern and advanced facilities.

Neka is among the most trendsetting and newfangled oil terminals in Caspian Sea littoral countries. The Iranian terminal enjoys several outstanding features like three docks and relevant accessories (drainage arms, hose and plumbing system), advanced measuring devices, automatic fire extinguishing systems as well as wastewater treatment.

Managing Director of Iran Oil Terminals Company (IOTC) Seyed Pirouz Mousavi had previously pointed to presence of half a billion dollars of facilities and skilled workforce in the North oil terminal expressing hope that reinvigoration of crude oil swap would lead to economic profit for the country.