Iran: Progress Made On Oil-For-Goods Agreement With Russia
Stratfor 12-Apr-14
Iranian-Russian negotiations over an oil-for-goods agreement and the signing of a $20 billion contract have entered a new phase, with Iran beginning work on the Neka oil terminal in the Caspian Sea, Iran's Mehr news agency reported April 12. Tehran and Moscow have reached initial agreements, allowing Iran to begin dredging the terminal, which will be the country's largest platform in the Caspian, to prepare it for the berthing of bigger tankers. If the agreement is finalized, Russia will import around 500,000 barrels of Iranian oil per day. Though Russia and Iran may see short-term benefits for keeping the dialogue going, the actual implementation of the oil-for-goods deal is risky for both countries.
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