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Turkey, Iran central banks re-open SWIFT connection: official
SWIFT this year reconnected a number of Iranian banks to its system
By
  • Agencies
Published Wednesday, June 01, 2016
The central banks of Turkey and Iran have re-opened their connection on the SWIFT global transaction network, an Iranian economy official said on Wednesday, a sign of normalising banking ties after the lifting of sanctions against Tehran.

Sadegh Akbari, Iran's general director for foreign economic relations, made the comment while speaking to reporters at a conference in Istanbul.

SWIFT this year reconnected a number of Iranian banks to its system, allowing them to resume cross-border transactions with foreign banks. Iranian banks were disconnected from Belgium-based SWIFT, the Society for Worldwide Interbank Financial Telecommunication, in March 2012 as international sanctions tightened against Tehran over its disputed nuclear programme.
 
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Spain’s Repsol buys 1 million barrels of oil from Iran

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Repsol, Spain’s largest oil company, signed a contract with Iran to buy one million barrels crude oil for delivery in July, according to the country’s Ministry of Petroleum.

Iran’s oil exports to Europe have risen up since clinching a landmark nuclear deal between Iran and the six world powers last year.

Iranian oil exports to Europe, which used to be 100,000 bpd, has neared 600,000 bpd today and is expected to rise to 700,000 bpd.

Repsol’s contract with Iran is among the latest contracts between Iran and European companies. Russia’s energy giant Lukoil said it plans to resume refining Iranian oil on the Italian island of Sicily.

Lukoil Chief Executive, Vagit Alekperov said his group will now resume processing Iranian oil at the ISAB refinery in Sicily where Russian Urals was used during years of sanctions on Iran.
 
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