Iran energy exchange to trade oil

TEHRAN March 19 (Shana)–Iran Energy Exchange will start trading crude oil in April, director for international affairs of the National Iranian Oil Company (NIOC) said.

“As of April 6, crude oil will be traded in the Energy Exchange,” Mohsen Qamsari told Shana.

He said that 3,000 b/d of crude oil supplied by Tabriz Refinery will be traded to be used in mini-refineries located in central Iran.

Qamsari said the price of oil cargoes traded in the Energy Exchange will be decided after the end of Iran’s New Year vacations.

“Crude oil will be sold in cash and its settlement will be based on the Energy Exchange conditions,” he said.

Qamsari said that revenues from crude oil trade will be deposited into state coffers.

Iran first started trading crude oil in the Mercantile Exchange, but the process was halted due to lack of infrastructure.

By SHANA

 

The Iran Project is not responsible for the content of quoted articles.