Offering of oil products at Iran energy exchange improves

Tehran, Iran, Sept.2

Trend:

Trading of oil products at Iran Energy Exchange continues while it is expected that more products would be supplied, the Managing Director of Iran Energy Exchange (IRENEX) Ali Hosseini told Trend.

"Offering gasoline, diesel fuel, kerosene, liquefied petroleum gas (LPG) has been going on at the energy exchange for more than a month. The offering of these products was successful and was welcomed by buyers," he said.

"Some of the gasoline offerings were competitive and considering volume of gasoline production and distribution by ten refineries in the country, it is possible that the neighboring countries would be developing their markets as well," he said.

LPG offerings at the energy exchange were also successful and competitive, he said.

"About 25,000 tons of liquefied gas was sold last week," he said.

" Kerosene offering is domestically oriented, to supply the industrial feed. Some industries buy it to test if it can be used as feed. Hopefully, it will go well," said Hosseini.

"Around 12,000 tons of gasoline is being offered weekly, and all of it is being sold," he said.

"Diesel fuel offering started last week and some buyers approved the price and some did not. Considering constructive policies of the National Iranian Oil Refinery and Distribution Company for development of oil products sales at the energy exchange, these products would eventually develop and buyers would focus on energy exchange in order to purchase what they require," he said.

Hosseini went on to explain that gasoline, diesel fuel and LPG are completely for export purposes, only kerosene offering is for domestic market.

"The products are purchased for exports, by either Iranian or foreign companies, however the customers are mostly Iranian companies aiming to export the products," he said referring to whether foreign customers directly attempt to purchase products at the exchange.

"National Iranian Oil Company used to offer fuel oil at the energy exchange in the past, but due to some problems the operation has suspended. Now, we are looking to resume the offering," he indicated.

"The volume increase of oil products would depend on the market demands and whenever the demands are high - the offering will improve," he added.

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