Iran to barter oil with Turkey for rail

Iran has reportedly sealed a deal with Turkey to barter oil for rail.

According to Tasnim news agency, the 80-million euro deal, Iran will buy nearly 1,000 kilometers worth of rails from Turkey, Pars Today reports.

The report quoted Turkish Transportation, Maritime Affairs and Communications Minister Ahmet Arslan as saying that Turkey will buy oil from Iran in exchange of train rails.

The minister reportedly said that in light of the deal, Turkish refinery TÜPRAŞ will buy Iranian oil and in exchange, Iran will purchase rails worth 80 million euros.

The official made the comments in Turkey’s Black Sea Province of Karabuk which is an industrial hub making train rails.

Arslan also said the deal was of great significance for Turkey.

Back in April, an Iranian official announced an agreement with India on the purchase of rails from that country.

Mohsen Pour-Seyyed Aqaei, the Managing Director of the Islamic Republic of Iran Railways, said the total weight of the rails bought from India stood at 250,000 tons.

“Five percent of the funds required for the purchase will be provided” by Iran, said the official, adding that “the remaining 95 percent of the funds will be provided by the Indian government.”