Iran's IRENEX refuses to reveal names of oil buyers via exchange
Tehran, Iran, Oct.29
The supply of crude oil on the energy market yesterday were historic, IRENEX Managing Director Ali Hosseini told IRIB news.
At the same time, he said that IRENEX does not reveal the names of oil buyers via the exchange.
“According to the law, the disclosure of the names of buyers is a crime so this information is confidential," he said.
“The exchange is transparent with the exception of the names of the buyers,” he said.
Referring to some of the characteristics of the crude oil supply in the Energy Exchange, he says there is no restriction on shipping and it is up to the buyer, as well as the volume of shipments is reduced which require less liquidity.
“The settlement period is set for 50 days,” said Hosseini.
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter US sanctions which come into effect on Nov. 4 and aim to stop the country's key crude exports.
Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel.
Iran said in July it would start oil sales to private firms as part of its efforts to keep exporting oil and would take other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November.
SHANA said Sunday's crude sales were carried out in increments of 35,000 barrels, without naming the buyers.