MNA – The National Iranian Oil Company (NIOC) is set to hold the new round of gas condensate offering at the Iran Energy Exchange (IRENEX) on Tuesday (April 16).
According to the Oil Ministry’s portal, one million barrels of condensate will be sold at this round at the base price of $67.85 per barrel.
The condensate will be offered in cargos of 35,000 barrels each, and buyers are required to purchase a minimum of one cargo.
Purchases can be carried out with a 6% pre-payment in foreign currencies. The buyers may clear their debts based on the mechanisms already defined by the Oil Ministry.
The cargo can be loaded up until four months after the purchase is done.
NIOC launched its first condensate sales at IRENEX in February. The item was supplied by different Iranian refineries including Bandar Abbas, Kermanshah, Tehran, Shiraz and Ilam.
Receiving the cargos at other terminals will need NIOC’s approval.
The Oil Ministry subsidiary is also offering crude oil at IRENEX. Eight rounds of crude sale have so far been launched at the energy exchange.
Offering crude oil on the stock market is part of efforts to involve the private sector and international companies in the oil industry. However, the move has not produced the desired results yet, as in the past eight rounds of offering, NIOC hardly managed to sell 1.015 million barrels of crude on IRENEX.