Domestic company buys first oil cargo on Iranian exchange (UPDATE)

Oil&Gas Materials 2 September 2011 12:27

Azerbaijan, Baku, Sept. 2 /Trend/

The details was added, (first version was posed at 10:58)

The first oil costumer on the Iranian oil exchange was a domestic company, ISNA reported quoting Executive director for international affairs at NIOC Seyed Mohsen Ghamsari as saying.

"The Iranian Naftiran Intertrade Company (NICO) was the first customer of oil cargo in Iran's Kish Island International Oil exchange after three failed trading session s on the exchange," Ghamsari said.

Ghamsari noted that previous fail ure to sell oil on oil exchange wasn't related to the banking problems , but disagreement on price s.

There was difference at least by $3.5 between the price soffered on exchange and that requested by costumers during the first three unsuccessful deals on oil exchange , he added.

After three times unsuccessful oil proffer on oil exchange , the fourth turned out successful, selling 500 barrels of an offer for 1 million barrels of oil to NICO.

NICO was established in the Jersey Channel Islands (United Kingdom) in 1991.

The company targets to start trading crude oil and products, as well as to create a competitive opportunity for the investment in oil and gas projects and to take an active part in the world energy security.

To perform its commercial responsibilities efficiently, NICO decided to set up an executive service company in London under the name of Naftiran Trading Services (NTS). NTS , in its turn, played an effective role and took considerable steps in establishing itself as an international trading partner in the field of crude oil and refined products during its 11-year life, in line with its objectives.