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Tuesday, June 5, 2018

NEWS: Iran and Iraq begin oil exchange, 5 JUNE

The Euphrates -
Iraq and Iran have begun implementing a special agreement for the exchange of crude oil between them after solving the outstanding logistical problems. 

"The exchange deal between the two countries is based on the principle of cost, insurance and freight charges, which provides for Iran to get from 30 thousand to 60 thousand barrels of oil (daily) from the fields of Kirkuk province in northern Iraq and will be Transferred to an Iranian refinery by oil tankers, in exchange for Iranian oil for southern Iraq '. 

The ministry said: 'The tankers on Sunday unloaded their cargo in the storage tanks, which were deployed in the city of Dir Shahar, Iran, west of the province of Ilam by the company to distribute oil products for the purposes related to the implementation of the exchange deal. 

The ministry's statement stressed that 'the outstanding logistical problems and issues that hindered the launch of the swap were resolved.'

Under the Convention, the seller would bear the costs of transportation and insurance until the shipment reached the intended port, indicating that the Convention was subject to renegotiation. 

In turn, confirmed the Iraqi Oil Ministry to start the flow of Kirkuk oil to Iran in quantities ranging between 30 to 60 thousand barrels per day for the purpose of exchange, pointing out that there is a project to establish a strategic line from the province to the Iranian border to transport crude oil. 

"The flow of oil through the troughs to Iran from the Kirkuk oil is part of the agreement reached by the Ministry of Oil with the Iranian Oil Ministry in a reciprocal deal of the same quantities and specifications, which requires the export of Iraqi oil from the fields of Kirkuk through the basins," said ministry spokesman Assem Jihad. The Iranian-Iranian border near the area of ​​Kermanshah that the same quantities will be delivered in export ports in southern Iraq '.

Jihad added that 'the export rates of 30-60 thousand barrels per day are transported through cars pelvic', indicating that 'it is hoped to create a pipeline extending from the fields of Kirkuk to the border to transport oil capacity of 250 thousand barrels per day.' 

Jihad said that 'this agreement will contribute to the disposal of part of Kirkuk oil and the export of alternative oil received directly across the territorial waters in southern Iraq,' noting that 'Iran will benefit from this oil for the purposes of liquidation and cover the needs of the region of Kermanshah'. 

Jihad pointed out that 'Iraq's exports from the Kirkuk fields stopped through the northern port because of differences between the federal government and the territorial government, and requires the Ministry of Oil to discharge the oil extracted, and therefore this step will be an opportunity to discharge oil from the fields of Kirkuk and export and to ensure additional revenue for the federal treasury.


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