Tehran,Iran, Oct.11
Trend:
Iran's National Oil Company announced that it will put up one million barrels of crude oil at the Iran Energy Exchange in mid-October.
The Iranian National Iranian Oil Company (NIOC) announced about the put up of crude oil on the energy stock market in pursuance of the general policies of the “Resistance Economy”, diversification of oil sales practices, the private sector participation and enforcement of the Sixth Development Plan.
According to the statement issued by The Iranian National Iranian Oil Company on Wednesday, the sale of crude oil will be 20% in Rials and 80% in other currencies. Rial settlement is in cash before the delivery of the goods and the settlement of the currency is in the form of credit by providing bank guarantee.
“Buyers must transfer 10 percent of the value of the order in Rials as the pre-paid advance to the declared Central Securities Depositary's bank accounts.”
According to the statement, the buyers will compete on the price of crude oil, based on the declared base price of the National Iranian Oil Company, which is in line with the company's international trading prices, which is expected to create a competitive environment that will lead to a clear and reasonable price.
“Deliveries of crude oil to buyers are in cargos with at least 5,000 tons (equivalent to about 35,000 barrels) capacity, and buyers can, by aggregating purchase contracts, take steps to buy larger shipments.”
The statement further said that the sale of goods will be free to all destinations, except for Israel.
The operating mechanism and other terms of delivery, including the base price, the delivery of the goods, the provisional and final settlements, the terms of the guarantee of the pledge, etc., will be announced in the supply announcement.
The supply announcement which is including the supply of crude oil on the Energy Exchange, will be released next week.