New round of NIOC oil supply at IRENEX to kick off on Nov. 11

TEHRAN, Nov. 06 (MNA) – National Iranian Oil Company (NIOC) has announced that the new round of oil Supply at Iran Energy Exchange (IRENEX) will start on November 11.

NIOC has priced each barrel of crude oil at IRENEX at $71.59, while the figure was previously announced at $76.29, SHANA reported.

This time, each unit of purchased cargoes comprises 35,000 barrels, like the first offer, but the settlement deadline for the purchases has been extended from 50 days to 60 days compared to the first crude offer by NIOC at IRENEX.

On October 28, NIOC offered a million barrels of crude oil at IRENEX of which 280,000 barrels were traded at 74.85 dollars per barrels.

The plan for selling export crude oil through energy stock market is carried out with the aim of diversifying crude oil export methods and participation of private sector in this plan.

The plan of supplying crude oil in stock market has frequently been raised in the past years but it is doomed to failure. Finally, the plan became operational at the unsparing support of the government and special emphasis of First Vice President Es’hagh Jahangiri.

The move comes as part of a plan to facilitate Iran’s oil exports as US sanctions targeting its energy sector in November draw nearer.

SHANA/MNA

News Code 139391

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