Majlis

Parliament outlines new obligations on crude sales at IRENEX

MNA – Iranian lawmakers on Sunday approved the new outlines obligating the Oil Ministry to offer at least a total of six million barrels of crude and condensate on Iran Energy Exchange (IRENEX) per month.

According to a newly approved clause in the next fiscal’s budget bill, the Oil Ministry is now obliged to offer at least 2 million barrels light and 2 million barrels of heavy crude on IRENEX each month, in a bid to push forward the plans on circumventing the US’s unilateral sanctions on the country’s oil sector.

The clause also stipulates a minimum offering of 2 million barrels of gas condensate on IRENEX per month, which will be supplied from the Giant South Pars Gas Field on the energy exchange.

The sales on IRENEX should involve settling payments entirely in rials as well as foreign currencies.

The National Iranian Oil Company has so far launched four rounds of crude oil sale on IRENEX. The fifth round is scheduled for tomorrow (Feb. 18).

NIOC also launched its first condensate sales at IRENEX last week. The item was supplied by different Iranian refineries including Bandar Abbas, Kermanshah, Tehran, Shiraz and Ilam.