Azernews.Az

Iran has increased its oil swap capacity in the Caspian Sea region to 500,000 barrels per day (bpd), IRIB news agency reported.

According to a report on Sunday, Iran has increased the volume of its oil swap with the Caspian Sea littoral states, and currently has three short-term, mid-term and long-term plans high on its agenda in this regard.

The Islamic Republic plans to develop the coastal infrastructure at its northern port city of Neka, situated some 200 kilometers (124 miles) north of Tehran, and raise its oil swap capacity.

It has started the development of the offshore pool at Neka oil terminal to meet the needs of merchant shipping fleets and also raise the oil reception capacity of the site.

The development plan is projected to increase the oil swap captivity of the Neka terminal from the current volume of 200,000 to 500,000 bpd in the initial phase, and then to 1.5 and 2.5 million bpd in coming years as mid-term and long-term plans come on stream.

Iran imports oil from Central Asian countries to be refined at Tehran and Tabriz oil refineries and then delivers an equivalent amount of oil to potential buyers in the Persian Gulf.