Russia and Iran continue to discuss swap supplies of oil and gas, logistical issues remain

MOSCOW. Feb 29 (Interfax) - Russia and Iran are continuing to negotiate on swap supplies of oil and gas, while transportation and logistical issues remain, Russian Deputy Prime Minister Alexander Novak said.

"We are still discussing it, since in many ways it depends not only on the country with which the swap is being made, but also on issues of logistics, transportation and so on," Novak said.

He noted that the issue remains relevant, recalling the memoranda signed between Gazprom and the National Iranian Oil and Gas Company.

Russia and Iran have been discussing swap supplies of energy resources for more than one year. The countries have considered different logistics routes, including through the Caspian Sea, by rail, and via oil pipeline.

Russia expected to conclude an oil and gas swap agreement with Iran by the end of 2022. Novak said that at the first stage, volumes should reach about 5 million tonnes of oil and 10 bcm of gas per year.