Iranian expert: Steps must be taken to sell oil and gas condensate on energy exchange

Baku, Azerbaijan, Jan. 6

By Elnur Baghishov – Trend:

Gas condensate should be also put up for sale on the Iranian energy exchange because it is easier to sell gas condensate than oil at the international level, Iranian expert in energy issues Hamidreza Akbari said.

On the other hand, it is necessary to think of the ways to export gas condensate, Akbari added, Trend reports referring to SNN.

Taking into account the sanctions, Iran's primary goal is to put up oil for sale on the energy exchange, he said.

However, steps must be taken to achieve long-term goals. It is necessary to turn Iran's energy exchange into an international energy exchange. The efforts must be made for foreign investors to be able to enter the energy exchange. Several measures must be carried out in this direction, Akbari said.

Firstly, it is necessary to explain to the investors that it would be profitable to purchase oil from the Iranian energy exchange. Infrastructure should also be created. For this purpose, several solutions can be used, he said.

For example, payments will be fully carried out in rials. A foreign investor can carry out transactions with Iranian businessmen and change the currency for rials. Moreover, the information about oil put up for sale in the energy exchange should be announced in English, Akbari added.

Secondly, energy diplomacy is required. It is necessary to use the capabilities of the Foreign Ministry and ambassadors to attract the attention of foreign investors. So, Iranian ambassadors must hold discussions with foreign ambassadors and update them about such an energy exchange in Iran, he said.

In case of necessity, different banking channels must be created. The crude oil should be put up for sale in a stable way. That is, the Oil Ministry must sell oil on the energy exchange weekly, Akbari said.

In case of stability, the private companies will be able to sign an agreement with foreign refineries. Payment order envisages 10,000 barrels. Another issue is the extension of the payment period, he said.

Currently, 60 days are envisaged. That is, the customer could make payment during two months. But before the sanctions were imposed, the payment period was 90 days upon the contract between the Oil Ministry and foreign countries, Akbari said.

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