BAKU, Azerbaijan, May 11
By Elnur Baghishov - Trend
National Iranian Oil Company (NIOC) will put on sale 35,000 tons of mazut (380 centistokes) at the Iranian Energy Exchange (IRENEX) tomorrow, on May 12, Trend reports referring to the company.
According to the report, customers must pay 10 percent of the purchase products' value to NIOC before the sales.
“The starting price of each ton of fuel oil will be -38 dollars,” report said.
According to the company, the products will be delivered to the Bandar Abbas port of Iran.
On May 5, NIOC sold 35,000 tons of fuel oil at IRENEX.
In 2018, following the US sanctions, the National Iranian Oil Company's crude oil exports decreased, so NIOC started selling its products at IRENEX to diversify the sales of oil and oil products.
The NIOC has been selling crude oil and gas condensates on the energy exchange since October 2018. About 1.085 million barrels of heavy and light crude oil have been sold until March 20, 2019.