National Iranian Oil Company (NIOC) has tasked one of its subsidiaries, Naftiran Intertrade Company (NICO), with resuming oil swap operations.

Head of Irans North Oil Terminals Co. Hamid Reza Shahdoost told Shana that NIOC has ordered NICO to revive oil swap operations as soon as possible.

NICO is the body in charge of administering Iran oil swap operations and mediated Irans oil swap with Caspian Sea littoral states.

Without oil swap with Iran, the crude oil exports by Kazakhstan, Turkmenistan, Azerbaijan and even partly Russia would have to forgo a part of their oil exports to international markets, Shahdoost said.

He also said Kazakhstan and Azerbaijan has indicated interest to start swapping oil with Iran through the north oil terminal.