Russia launches swap deliveries of petroleum products to Iran, range to expand - Novak

GROZNY. Nov 1 (Interfax) - Russia has launched swap deliveries of petroleum products to Iran, and the range will expand, Russian Deputy Prime Minister Alexander Novak told journalists following the results of the two countries' intergovernmental commission in Grozny.

"Swap deliveries of petroleum products have already begun, and we have agreed to expand the range," Novak said.

Russia could ramp up oil production in Iran by exploiting new fields going forward, Novak told reporters.

"A number of investment projects are already being implemented here for the participation of Russian companies regarding oil production in Iran. Going forward, beginning next year, the volumes [of production] should increase further, and new fields will be developed," he said.