Ukraine to buy Iranian crude

Aug 02, 2016 12:00 AM

Iranian Oil Minister Bijan Zanganeh announced that Ukraine has put in a request to purchase Iran’s crude oil.

Speaking on the sidelines of a meeting with Ukrainian Minister of Energy and Coal Mining Ihor Nasalik, Iran's oil minister said the European side raised the topic of importing Iran’s oil and gas as well as crude transit; “Iran’s offer for the launch of cooperation would be to supply Ukraine’s oil demand though their need for the product is limited.”

Zanganeh, while reiterating that oil refining capacity of Ukraine is low since the European country is mainly an importer of oil products, added “the Ukrainian side insists on becoming a transit hub for transferring Iranian oil and gas to Eastern Europe.”

The member of the Iranian cabinet emphasized that Ukraine enjoys an efficient transfer network and more negotiations will be held in this regard; “economic and practical feasibility of the project needs to be investigated before supplying oil demand of Czech Republic and Slovakia through Ukraine.”

The official outlined oil transit as the main axis of the Monday meeting adding “Ukraine possesses advanced technologies in area of rotary engines and holds mutual collaboration with Iranian firms over turbines and compressors for the gas industry.”

In response to the question if any breakthrough has been achieved in project financing by Ukraine through the banking system, which was discussed during a meeting with Ukraine deputy prime minister last year, Oil Minister Zanganeh said “no progress has been made in this respect due to external complications.”

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