Iran’s natural gas to be put up for sale at Iranian Energy Exchange

Oil&Gas Materials 2 June 2021 17:48 (UTC +04:00)
Iran’s natural gas to be put up for sale at Iranian Energy Exchange

BAKU, Azerbaijan, June 2

By Elnur Baghishov – Trend:

The National Iranian Gas Company (NIGC) will put up a maximum of 10 billion cubic meters of natural gas for sale on the Iranian Energy Exchange (IRENEX) in the current Iranian year (from March 21, 2021 through March 20, 2022), Trend reports citing the Plan and Budget Organization of Iran’s website.

In this regard, a decision was made at today's meeting of the Cabinet of Ministers of Iran.

According to the decision, in connection with the sale of natural gas at the IRENEX, the NIGC will determine the volume of sales, taking into account the production, consumption, physical infrastructure and so on.

“Also, in order to increase the share of the private sector in the energy sector and trade, other gas suppliers authorized by the NIGC and the Iranian Energy Exchange will be able to sell gas at the IRENEX,” the decision said.

In the direction of compliance with the rules related to sales, the NIGC and the IRENEX will submit a report per three months on the sale of natural gas to the Ministry of Petroleum of Iran, Plan and Budget Organization and the Ministry of Economic Affairs and Finance of Iran, the decision said.

Reportedly, Iran extracts more than 1 billion cubic meters of gas daily.