Iran to put up gas condensate for sale

Business Materials 30 September 2019 09:30 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Elnur Baghishov - Trend:

The National Iranian Oil Company (NIOC) will put up two million barrels of gas condensate for sale at Iran Energy Exchange (IRENEX) Oct. 1, Trend reports with reference to IRENEX report.

The initial price will be $58.58 per barrel.

At least 1,000 barrels are expected to be sold, and customers can have the purchased gas condensate be delivered to them in locations approved by NIOC within three months after the sale.

Under the Iranian budget law for the current Iranian year (started March 21, 2019), Iran's Petroleum Ministry should put two million barrels of light crude oil, two million barrels of heavy crude oil and two million barrels of gas condensate up for sale every month.

Iran started putting crude oil and gas condensates up for sale since October 28, 2018. About 1.085 million barrels of crude oil have so far been sold at the exchange.