Publishe Date: 6:18 PM - 4/9/2014 | Print

Minister says does not rule out Iran-Russia talks on barter oil deal

Economy - Oil Minister Bijan Namdar Zanganeh said on Wednesday that he did not reject conclusion of any oil deal between Iran and Russia.

ˈI neither confirm nor reject the issue,ˈ Zanagneh said in an interview when asked whether Iran had signed a barter oil deal with Russia.

Based on certain reports, Iran and Russia are said to have been in talks for an oil-for-goods swap deal worth $1.5 billion that would enable Iran to raise oil exports substantially.

Russian and Iranian sources close to negotiations said both sides were in final stage of discussion on a deal under which Russia would buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

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