Russia begins supplying Iran with oil products as part of a swap

Russia has started supplying Iran oil products within the framework of an exchange, announced today the Russian deputy prime minister and head of the energy portfolio, Alexander Novak.

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“We have already begun supplies of oil products under the swap and we have agreed to expand their range,” Novak said at a press conference after the Russian-Iranian intergovernmental commission, in which Iranian Oil Minister Javad Owji participated.

The deputy prime minister, also responsible for Russia’s negotiations in the OPEC+ alliance, had previously explained that Russia and Iran were agreeing on an oil and gas swap that, in a first phase, could consist of supplying 5 million tons of crude oil. and up to 10,000 million cubic meters of gas.

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Iran offered Russia to carry out an exchange of gas supplies through its territory, similar to those that go from Turkmenistan to Azerbaijan through Iranian soil, according to the official TASS agency.

Owji indicated after the intergovernmental meeting held in Grozny that “there is an understanding about an exchange of Russian gas through Iran to neighboring countries”according to the Interfax agency.

Russia and Iran both have to face Western sanctions and their energy sales have been curtailed.

Novak also explained that Russia may increase oil production in Iran in the future.

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“Several investment projects for the participation of Russian companies in oil production in Iran are already being implemented. In the future, starting next year, the volumes will increase even more and new fields will be developed” exploitation, he said.

“Big Russian companies are developing oil and gas fields in Iran. We have a contract for more than 4,000 million dollars and there is a mutual understanding for the future for 40,000 million with a group of large Russian companies “Owji said.

Source: Elcomercio

Ronald Payne

I, Ronald Payne, am a journalist and author who dedicated his life to telling the stories that need to be said. I have over 7 years of experience as a reporter and editor, covering everything from politics to business to crime.