NIOC releases details of selling oil in stock market

SHANA – The National Iranian Oil Company (NIOC) released details of selling crude oil on the domestic stock market.

The company is planning to sell a million barrels of crude oil in the export floor of the market in October or early December.

Buyers may pay 20 percent of the price of oil in Rials and the rest in dollars.

Buyers are required to deposit 10% of the order value in Rials, which, if carried out, will be part of the 20% payment in Rials.

The buyers will compete based on the price of crude oil declared by the National Iranian Oil Company, which is based on the company’s international trading prices, in a bid to create a competitive environment that will lead to a reasonable price.

Delivery of crude oil to buyers will be made at a minimum of 5,000 tonnes (equivalent to about 35,000 standard barrels).