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October 24, 2003: Iran Says It Will Enter Into Oil Deal With Iraq

2003-10-24

Iran’s foreign minister, Kamal Kharrazi, says in a statement that Iran would allow Iraq to export oil through Iranian terminals or to enter into an oil swap arrangement of up to 350,000 barrels a day. A swap deal would help Iraq finance its reconstruction by allowing the country to export its oil to Iran’s refineries while Iran sells a comparable amount of Iranian crude oil on Iraq’s behalf. Iran also offers to supply its neighbor with electricity and gas, and says it could also help Iraq secure up to $300 million in buyers’ and suppliers’ credits. [Reuters, 10/24/2003]