VOL. XLI

No. 24

15-June-1998

IRAN

Caspian Crude Oil Swaps Expected To Start Soon Despite Technical Delays

Of the three oil swap contracts which have been concluded to date between Iran andproducers in the Caspian Sea, a deal signed with Kazakhstan in 1996 has been suspended fornearly 15 months while agreements negotiated earlier this year with two western oilcompanies active in Turkmenistan have yet to commence. Under the current swap framework,Kazakh or Turkmen crude is delivered by tanker to...