Lukoil's Vice President Vladimir Nekrasov has said the company is negotiating with Iranian authorities on the supply of Iranian crude oil to refineries in Bulgaria, Romania, and Italy.

The "oil exchange", which foresees deliveries of crude from Iran in return for a refined product sent to the Islamic Republic, Russian daily Kommersant has quoted Nekrasov as telling journalists.

If talks are successful, the exchange could start as early as this year.

The increase of excise duties in Russia might make it less profitable for Lukoil or other companies to make oil products, Kommersant has noted.

Regarding Bulgaria, Lukoil is referring to its Burgas-based refinery, which has a capacity of producing 9.8 tons a day, Reuters reports.

Iran has been experiencing problems with its refining facilities for years and has been forced to buy refined oil products from abroad.

Reports come as the country is working toward a strong return to the global markets, after the international community agreed to lift the sanctions imposed on it over its controversial nuclear program.

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