Baku, Azerbaijan, Aug. 24
By Elnur Baghishov - Trend:
The National Iranian Oil Company will put up for sale two million barrels of heavy crude oil at the Energy Exchange on August 27, Trend reports referring to the company’s website.
The initial price of each barrel of crude oil will be $50.37.
According to Iran’s budget law for this Iranian year (started March 21, 2019), Iran’s Ministry of Oil should put up for sale two million barrels of light crude oil, two million barrels of heavy crude oil and two million barrels of gas condensate per month.
Since March 21, 2019, Iran has put up for sale heavy crude oil seven times at the Energy Exchange. So far, 70,000 barrels of heavy crude oil have been sold on the exchange.
Customers can get oil during three months after purchase at the centers chosen by the National Iranian Oil Company.
Iran has started to sell crude oil and gas condensate since October 28, 2018. However, only 1.085 million barrels have been sold so far at the Energy Exchange.