Iran sells first gasoline batch at domestic Oil Bourse

Business Materials 18 May 2011 17:50 (UTC +04:00)

Azerbaijan , Baku, 18 may /Trend/

Iran 's first batch of export gasoline traded in Oil Bourse for $1,012 per ton, IRNA reported quoting Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Ali Akbar Hashemian as saying.

Bandar Abbas Oil Refining Company (BAORCO) delivered 20,000 tons of gasoline for export to Iran's International Oil Bourse on Kish Island.

Iran 's Oil bourse officially entered Iran's Stock Market by the first trade of gasoline shares in Iran's International Oil Bourse.

The National Iranian Oil Refining and Distribution Company (NIORDC) committed to offer at least 30,000 tons of gasoline to Oil Bourse, he added.

A total of 20,000 tons of gasoline were brought to Iran Oil Bourse at the price of $1,041.86per ton last week. However, the trade stopped due to price differences between officials and customers.

The customers demanded $980 as a base price but the NIORDC stressed to increase the price up to $1,036.

Iran has no need to import gasoline, Seyed Shamsoddin Hosseini, Minister of Economic Affairs and Finance said earlier adding that country hold one billion liter gasoline for export.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

The increase in Iran's trade comes despite tightened United States and European Union sanctions imposed since the summer of 2010 against the Islamic republic, especially targeting its oil sector, due to its disputed nuclear program.