Iran to resume crude oil swaps

Iran has planned to resume crude oil swap operations and invite companies to cooperate, local media reported. "We are planning to resume crude oil swap operations, and invite companies to cooperate," Iranian Deputy Oil Minister for International and Trade Affairs Ali Majedi said. Crude oil swap operations were halted in 2009 during the administration of former president Mahmoud Ahmadinejad. Iran compelled then the Caspian Sea littoral states to choose other routes to deliver their oil products to international markets. It also increased the smuggling of oil and oil products. Reports last year said that Iran and Russia might sign crude oil swap deals. Iran's oil officials said that Iran is in talks with the Caspian Sea littoral states to increase crude oil swaps with its northern neighbors. The country plans to develop coastal infrastructure at its northern port city of Neka, about 200 km north of Tehran, to boost its oil swap capacity.