TEHRAN (ISNA)- Iran has held initial talks with Turkmenistan, Russia and Kazakhstan on oil and gas swap, said Iran's Deputy Oil Minister for International Affairs and Trade Amir-Hossein Zamani-Nia.

He also said swap is one of the fields in which Iranian private sector should actively participate.

New oil contracts include participation of Iranian companies besides foreign ones, he noted.

The largest buyers of Iranian crude and condensate are China, India, Japan, South Korea and Turkey.

Iran holds nearly 10 percent of the world's crude oil reserves and 13 percent of OPEC reserves. About 70 percent of Iran's crude oil reserves are located onshore, with the remaining mostly located offshore in the Persian Gulf.

The country also holds proven reserves in the Caspian Sea.

By ISNA