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Dragon Oil




Date: 2000- July 2010

Deal: According to a company press release, Dragon Oil signed a 10-year contract in 2000 for a crude oil swap with the Naftiran Company Ltd. (NICO), a subsidiary of the National Iranian Oil Company (NIOC). The agreement expired on March 31, 2010, but was renewed for three months and is set to expire in July 2010 (Dragon Oil Press Release, June 16, 2010). According to an industry publication, Dragon Oil's crude comes from the Cheleken oil field, in offshore Turkmenistan (Arabian Oil & Gas, April 11, 2010).

A British trade publication reported that Dragon Oil will not renegotiate its oil swap deal with NICO and will instead export its oil via Socar Trading through Azerbaijan for at least one year. Dragon Oil states that it will remain flexible to alternative routes, however, and could return to the Iranian route if the terms of an agreement were favorable (ShareCast, June 16, 2010).

Dragon Oil's website states that in 2009, it exported 90 percent of its crude oil though Iran under the NICO oil swap arrangement, and the remaining 10 percent through Azerbaijan (Dragon Oil Press Release, January 22, 2010).

U.S. Business Ties: Dragon Oil does not appear to have business ties with the U.S., and the company has received no U.S. government contracts  (, accessed August 20, 2014).

Last Updated: August 20, 2014