Iran cancels sale of 'parallel salaf' contracts on heavy crude oil
BAKU, Azerbaijan, September 15
By Elnur Baghishov – Trend:
The sale of standard parallel salaf contracts for the sale of heavy crude oil to citizens in Iran has been removed from the government's agenda, Iran's First Vice President Eshaq Jahangiri said at a meeting of the Economic Council of Iran, Trend reports citing official website of the First VP.
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.
Jahangiri stressed that the plans similar to the standard parallel salaf contracts in Iran's budget for next year (March 21, 2021 - March 21, 2022) should be regulated for providing of necessary revenues to the government.
Jahangiri added that the standard parallel salaf contracts for the sale of heavy crude oil could bring the government 1.4 quadrillion rials (about $33.3 billion).
”The focus in the next year's budget should be on solving economic problems such as inflation and high prices,” he said.
The Standard parallel salaf contracts for heavy crude oil of NIOC were planned for sale at the Iranian Energy Exchange (IRENEX) on August 16, but later the sale was stopped. The financial security of the salaf contracts was planned 20 trillion rials (about $476 million).