Iran's offers Oil swap with Iraq

Iran offers 350,000 bpd oil swap with Iraq

Forbes -Reuters, 10.24.03

MADRID, Oct 24 (Reuters) - Iran offered on Friday to help Iraqi reconstruction efforts by allowing former enemy Iraq to export oil through Iranian terminals or to enter into an oil swap arrangement of up to 350,000 barrels a day.

Iran also promised a facility of up to $300 million in buyers' and suppliers' credits and offered to supply electricity and gas to Iraq.

"We stand ready to supply our electricity and gas to Iraq and to facilitate its oil exports through our oil terminals or enter into a swap arrangement that can amount to 350,000 barrels per day," Foreign Minister Kamal Kharrazi said in the text of a speech he will deliver to a donors' conference on Iraq.

Oil experts said a swap arrangement would allow Iraq to export oil across the border to Iran to refine while Iran sold a similar amount of Iranian crude on Iraq's behalf.

Iraq has struggled to lift exports since the war in March because of sabotage attacks on its northern pipeline through Turkey.

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printed from Iran's offers Oil swap with Iraq on 2004-06-03 13:00:23