Oil-related securities to be sold on Iranian Energy Exchange
BAKU, Azerbaijan, August 15
By Elnur Baghishov – Trend:
Standard parallel salaf contracts for heavy crude oil of the National Iranian Oil Company (NIOC) will be on sale at the Iranian Energy Exchange (IRENEX) onAugust 16, Director General of IRENEX Ali Hosseini told IRNA, Trend reports.
Hosseini noted that the financial security of the salaf contracts is 20 trillion rials (about $476 million).
Standard parallel salaf is an Islamic contract similar to ‘futures’ contract, with the difference being that the contract’s total price must be paid in advance.
The director general said that these contracts have been prepared by NIOC and will be sold under the Seneft 002 and Seneft 003 codes.
According to him, the initial cost of each contract is 9.44 million rials (about $224). The value of the financial security under the code Seneft 002 will be 15 trillion rials (about $357 million), and under the code Seneft 003 will be 5 trillion rials (about $119 million).