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Iran to put heavy crude oil up for sale

Oil&Gas Materials 23 April 2019 15:00 (UTC +04:00)

Baku, Azerbaijan, April 23

By Elnur Baghishov – Trend:

The National Iranian Oil Company (NIOC) will put heavy crude oil up for sale on 30 April at Iran’s IRENEX energy exchange, Trend reports referring to the NIOC’s website.

The NIOC has announced that 1 million barrels of heavy crude oil will be put up for sale at IRENEX for the first time, at $63.51 per barrel.

Conditions for the sale of heavy crude oil are similar to those for the sale of light crude oil – as such, it is possible to make the initial payment at 6 percent of the price (payments can also be made in foreign currency), while the rest can be paid by customers through the currency mechanisms approved by the National Iranian Oil Company (NIOC).

Customers can receive the load within 4 months after the purchase. It is also possible to receive the load in other locations approved by the NIOC.

Additionally, customers can also receive the load via land routes from Tabriz Oil Refinery's warehouses.

The minimum amount of heavy crude oil put up for sale at the energy exchange is 35,000 barrels.

On April 9, the NIOC put 1 million barrels of light crude oil up for sale at IRENEX, but the offer failed to attract customers.

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