Tehran, Iran, Feb.23
Trend:
The third oil offering at Iran’s Energy Exchange (IRENEX) was unsuccessful due to the lack of foreign currency account.
"The reason for the unsuccessful trading despite the presence of foreign customers was the lack of foreign currency account, the problem, which is being resolved," said the National Iranian Oil Company (NIOC) representative Amir Hossein Tebyanian, Trend reports citing Mehr News Agency.
The official noted that two foreign customers took part in the third oil offering on February 19. “Unfortunately, there is no foreign currency deposit account to use for trading. On the other hand, we should sell the oil to customer without knowing the identity. The new ways are being explored to receive foreign currency payment.”
Tebyanian noted that purchasing one million barrels of oil costs around $3 million. Foreign customers can pay the money via foreign exchange agencies, but since the payment procedure of oil offering is still new, the customers are not sure to pay in rial, he said. “On the other hand, foreign currency payment requires a contact with the customers that is not approved by the NIOC."
"Selling oil at the Energy Exchange is a new method that will gradually show the results, but in general, the oil offering does not have any harm for the country,” he added.
Teyabnian noted that the customers of Iranian oil were Turkey, China and UAE and there are no problems with paying in rial or foreign currency, since Iran has transaction with these countries.