2mb of light crude at IRENEX on Tuesday

MNA – The National Iranian Oil Company will offer light crude at the next round of the international ring of Iran Energy Exchange on September 17.

Two million barrels of light crude will be offered on Tuesday at a base price of $5678/barrel.

Those interested are required to buy at least 1,000 barrels of oil for land delivery and 35,000 barrels for sea 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.

As per law, the Oil Ministry is obliged to offer on a monthly basis light and heavy crude plus natural gas condensate via the energy exchange.

Selling oil in the energy market is an initiative to diversify trading to involve private firms in the heavily state-controlled oil sector.

Role of the private sector in oil export has gained traction, particularly after the new US sanctions, which among other things, has hit the oil industry hard, aiming to paralyze the oil-based economy.