TEHRAN – Iran and Kazakhstan have reached an agreement to resume oil swap between the two countries, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

The decision was made during the visit of President Ebrahim Raisi to Astana for attending the 6th summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA).

Iran started swapping crude oil with Kazakhstan a decade ago, but the Iranian government halted the shipments, reportedly because the deal did not allow it to benefit proportionally from rising oil prices.

EF/MA