Iran parliament supports oil sale at stock market

Oil&Gas Materials 26 November 2018 15:57 (UTC +04:00)

Tehran, Iran, Nov.26


Iranian Parliament's Energy commission has supported the oil sale via the stock market, Fars news agency reported.

The National Iranian Oil Company (NIOC) and Iran Energy Exchange have offered one million barrels of crude oil exports in the stock market - all of which was purchased by the private sector.

Crude oil trading is a solution to the US re-imposed sanctions against Iran oil exports.

Despite success in the first stock market sale, the timeline for the second oil offering at the energy exchange is unknown, said the report.

Several Iranian MPs, specially in the energy and economic commission, believe that oil sale at the stock market should not be halted and the NIOC should continue to offer oil during the next five years, to form the oil trading in the country and reduce the effect of sanctions, and turn Iran into an oil hub and a source that decides the oil prices in the region.

The Chairman of Parliament Economic Commission Mohammad Pour Ebrahimi, noted that the oil sale at the stock market does not require the license of Supreme Economic Coordination Council.

"Supreme Economic Coordination Council did not pass the oil sale at the stock market, it only approved the operation process, therefore it is not necessary for the council to decide on the second oil offer to the exchange. Currently the path has been paved away and Ministry of Oil has helped too, so I think this plan can continue," he said.