Iran to offer more oil and gas condensate at Energy Exchange

Oil&Gas Materials 5 March 2019 15:37 (UTC +04:00)

Tehran, Iran, March 5


National Iranian Oil Company (NIOC) is to provide two new oil and gas condensate offerings at the energy exchange by the end of the current Iranian year (started on March 21, 2018).

"The two sets of oil and gas condensate offerings will set for sale at the energy exchange on March 11 and March 18,” said the NIOC representative Amir Hossein Tebyanian, Trend reports citing IRNA.

"The major aim of oil offering is to sell small cargos and retail. So, small cargo of 35,000 barrels of crude oil will be offered at the exchange,” he added.

He said there is more flexibility with the new oil offerings, to encourage buyers to purchase and export oil, while the deadline for naming the oil tanker for delivery, is 10 days before loading.

Iran's sixth oil offering at the Energy Exchange on Monday failed to sell at the last minute.

Tebyanian, speaking on the above mentioned failure, said that offering oil at the exchange is a new method that requires time and understanding of foreign and domestic customers.

The official also indicated the US sanctions has overshadowed oil sale at the energy exchange.

“During the first and the second rounds of oil offering at the exchange in late October, customers purchased considerable amount of oil cargos since the pressure of the sanctions was less than it is now," he said.