I suppose if one were an energy company, one might be prepared to go back to Iran. Even if one had been nationalized several times in the past, you might go back and invest again because the country may be changing and it has huge energy resources. So as an investor, at some point, I can understand that. But as an oil producer in the Caspian, extending a route through Iran, I'm not sure I see that the economics are any better. A pipeline all the way to the Persian Gulf as opposed to swaps clearly would be a very expensive undertaking.
Swaps are limited.
Remember on swaps, you always end up at the mercy of the person who is doing the buying.