Iran ups oil swap capacity to 500,000 bpd in Caspian Sea

Source :   Xinhua

TEHRAN, March 3 (Xinhua) -- Iran has increased its oil swap capacity in the Caspian Sea region from 200,000 to 500,000 barrels per day (bpd), Press TV reported on Sunday.

The Islamic republic plans to further develop the coastal infrastructure at its northern port city of Neka, situated some 200 kilometers to the north of Tehran, and raise its oil swap capacity, said th report.

The development plan is projected to increase the oil swap capacity of the Neka terminal to 1.5 million and 2.5 million bpd in coming years.

According to the report, 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.