FSU oil exports through Iran set to increase

Iran's long-held dream of becoming a major export route for oil from the Caspian Sea has taken another step forward with the completion of the first phase of a new pipeline from its Caspian Sea port of Neka to the Rey terminal outside Tehran. Upgrading of the country's northern refineries to process sour Central Asian crude is also underway.Although crude oil swaps with Kazakhstan and Turkmenistan have not risen as originally hoped, Iran is negotiating its first swap deal with a Russian oil exporter–Lukoil–paving a new way for Russian oil companies to export their rising production to world markets.Early agreementIran has long sought to present itself as a major export...

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