Iran’s NIOC: initial price of 1 barrel of oil to be $61.73 per barrel

Oil&Gas Materials 18 March 2019 16:05 (UTC +04:00)

Baku, Azerbaijan, Mar. 18

By Elnur Baghishov – Trend:

The National Iranian Oil Company (NIOC) will put 1 million barrels of oil for sale once again on March 18, Trend reports referring to the NIOC’s website.

The initial price of 1 barrel of oil has been set at $61.73.

The minimum purchase price at the energy market is 35,000 barrels.

Customers can receive the purchased oil within 4 months.

The Kharg Island of Iran’s southern Bushehr Province has been determined as the handover point for the purchased oil. The handover of products is also possible in other locations through the approval of the NIOC.

It is possible to pay 6 percent of the initial payment in foreign currency, while the rest of the amount needs to be paid within 90 days via payment mechanisms for foreign currency approved by the NIOC.

Recently, despite putting 1 million barrels of oil up for sale at the energy exchange, the NIOC managed to sell 35,000 barrels.