TEHRAN - Iran and Iraq have signed a deal to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil.

Based on the agreement signed on Friday by the two OPEC countries Iran will deliver its crude to Iraq’s southern ports, on the Persian Gulf, the delivered oil will have the same characteristics and in the same quantities as those it would receive from Kirkuk, Reuters reported on Saturday quoting Iraqi Oil Minister Jabar al-Luaibi as saying.

The two countries are also planning to build a pipeline to carry the oil from Kirkuk, so as to avoid trucking the crude, he said.

Between 30,000 and 60,000 bpd of Kirkuk crude will be delivered by tanker trucks to the border area of Kermanshah, where Iran has a refinery, Luaibi said.

EF/MG