Iran to put up oil for sale at energy exchange on April 9

Iran to put up oil for sale at energy exchange on April 9

Baku, Azerbaijan, Mar. 27

By Elnur Baghishov – Trend:

The National Iranian Oil Company (NIOC) will put up 1 million barrels of oil for sale at the energy exchange on April 9, Trend reports referring to the NIOC’s website.

According to the report, the initial price of 1 barrel of oil is $63.36, and the minimum sales package is 35,000 barrels of oil.

With regards to the payments for the sale of oil, it is possible to make 6 percent of an initial payment with a foreign currency. Customers can pay the rest of the amount through currencies approved by the NIOC.

Customers can receive the purchased oil within 4 months. The handover of products is possible in locations approved by the NIOC.

Additionally, customers can receive the oil they have purchased from the oil storage facilities of Tabriz Oil Refining Co..

The NIOC had previously put up oil for sale at the energy exchange. Despite having sold a total of 1 million barrels of oil in 2 stages, no sales were made in the following stages, save for 35,000 barrels. The NIOC will be putting up oil for sale for the 8th time at the energy exchange.

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