TEHRAN – A Russian company will hold negotiations with the Iranian Oil Ministry on swapping crude oil, natural gas, and byproducts.

“Officials from a large Russian company will travel to Iran in the near future in this regard,” Iranian Deputy Oil Minister for International Affairs and Commerce Amir-Hossein Zamani-Nia said.

Russian companies are very interested in participating in Iranian oil and gas development projects, he added.

Iranian Oil Minister Bijan Namdar Zangeneh said on October 21 that Tehran has proposed to swap hydrocarbon products with Moscow. 
Zangeneh said the proposal was raised during a meeting with the visiting Russian Energy Minister Alexander Novak. 

Based on the proposed swap mechanism, Iran will receive natural gas, oil and oil products from Russia through its northern terminals and will sell equivalent volumes of the same products to Russia’s clients through its southern terminals.