Iran approves to offer 3 million barrels of oil at energy exchange

Oil&Gas Materials 26 December 2018 15:43 (UTC +04:00)

Tehran, Iran, Dec.26


Iran's Oil Minister Bijan Zangeneh has announced the third phase of offering crude oil at the Iran Energy Exchange, while the top officials have approved the sale of 3 million barrels of oil, through payments in rial.

"Reports of the two previous oil sales at the Iran Energy Exchange have been submitted to the Supreme Economic Coordination Council, and the new license for the third phase of oil offering on the exchange has been issued," Zangeneh said, Trend reported via IRNA.

"In this regard, 3 million barrels of oil would be offered at the energy exchange while the payment would be 100 percent in rials, based on the SENA foreign exchange rate," the minister said, adding that the ministry would publish an announcement in the near future.

The National Iranian Oil Company sold 280,000 barrels of crude oil IRENEX at the price of $74.85 in late October while the second phase of oil offering sold 700,000 barrels at the price of $64.97 in November.

"If an individual has tendency to purchase oil at the exchange by paying foreign currency , the oil would be sold through foreign currency rate and if someone wants to buy oil in rials, it would be traded in rials," he said.

Zangeneh went on to say that the oil buyers at the exchange bought oil and exported it, without any problems.