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Iran mulling oil swap with Russia

Staff writer |
A trade official in Iran said the issue of oil swaps may be on the table along with refinery construction during possible talks with Russian investors.

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Hassan Khosrowjerdi, head of the Iranian Oil, Gas and Petrochemical Products Exporters Association, said he plans to lead a delegation to Moscow to discuss trade relations in the energy sector.

"Iranian companies have good experience in swap and transit, particularly under the conditions of sanctions. These experiences should be exported to other countries."

Western governments had expressed concern over the possibility that Iran was working on an oil-for-goods swap deal with Russia. Iranian Oil Minister Bijan Zanganeh has said the Iranian government endorsed such a deal, but nothing was formalized.

Both sides already cooperate in a variety of fields, with Russia supplying fuel for Iran's nuclear reactor at Bushehr. Both countries are also the targets of Western economic sanctions, with Russia facing pressure for its stance on Ukraine and Iran getting squeezed for its controversial nuclear program.

U.S. officials have said it would be "very troubling" should an oil swap deal materialize.

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