Global Business in Iran Database

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Dragon Oil - Business Halt


Dragon Oil, an Emirati petroleum company, recently renewed a crude swap contract with Iran. Dragon, with oil production facilities in the Caucuses, would ship Iran the oil it had gotten in the West and Iran would release an equal amount of oil for sale by Dragon in Asian markets. The Emeriti company, which has done business with Iran for nearly a decade, has had trouble renewing this contract due to a depressed oil market. As such, the Islamic Republic is now much less willing to engage in crude swap deals and has reportedly charged Dragon Oil a hefty markup over the previous contract.

Due to both increased risk in using Iranian pipelines thanks to international sanctions as well as the increase in cost over its previous contract, Dragon has decided not to renew its short term crude swap deal with Iran in July. Instead, it has negotiated a deal with Socar Trading, part of Azerbaijan's national oil company, to send its crude through Azerbaijani pipelines. 



  • Current Status:
  • Discussion Date: Sun, 2010-04-11
  • Contract Date:
  • Completion Date:


1. Daniel Canty, "Dragon Oil seeks renewed crude swap deal with Iran", Arabian Oil and Gas, April 11, 2010, available at

2. "Rejigged Iran deal may hit Dragon Oil numbers", UpstreamOnline, April 22, 2010, available at

3. "Dragon Oil Ditches Iran for Azerbaijan", Sharecast, June 16, 2010, available at

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