2mn barrels of light crude at today’s energy exchange

MNA – National Iranian Oil Company will offer light crude oil at today’s session of Iran Energy Exchange (IRENEX).

According to NIOC, two million barrels of oil will be on offer at a base price of $57.98/barrel.

The minimum purchase order is 35,000 barrels for sea and 1,000 barrels for land delivery.

Buyers can settle the payments 90 days after the transaction. They are required to pay 6% of the order value in rials or foreign currency two hours before the beginning of trading time at 02:30 pm local time.

The cargo can be received up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

Today’s session marks NIOC’s seventh round of light crude offer in the current fiscal (started on March 21).

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

Offering crude oil and petroleum products on the energy market is also a part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.