Iran started oil swap arrangements with Iraq’s Kirkuk Sunday after resolving logistical issues, the oil ministry news service Shana reported Sunday. Kirkuk oil was unloaded from tanker trucks into tanks designated by the National Iranian Oil Products Distribution Co. in Darreh Shahr, a town located in the western province of Ilam that straddles the border with Iraq. Under the CIF-based swap deal, Iran will receive 30,000 to 60,000 b/d of oil from Kirkuk oil fields in northern Iraq to Iran’s four refineries in Kermanshah, Shazand (Arak), Tabriz and Tehran. In return for Iraqi oil, crude of equal value will travel from Iran into southern Iraq’s Basra province either by tanker or pipeline. The latest development comes after Amirhossein Zamaninia, Iranian deputy oil minister for international and commercial affairs said on May 7 that the crude oil swap arrangement between Iran and Iraq will begin in the following week. The […]