NIOC kicks off selling crude oil in stock market today

TEHRAN, Oct. 28 (MNA) – Selling export crude oil in energy stock market kicked off today on Oct. 28 with supplying one million barrels of export oil.

After many ups and downs, selling export crude oil in stock market started today and will last by Nov. 4.

In this regard, the National Iranian Oil Company (NIOC) released an announcement on Saturday and said, “banks of Pasargad, Tejarat, Tose-e Saderat Iran, Sepah, Saderat, Mellat, Melli and Parsian were qualified to issue guarantees for crude oil trades in the stock market.”

Applicants willing to participate in this deal are required to deposit 10% of order value in cash into the account announced by the Central Securities Depository Company latest by two hours left by the time of offer.

Once the deal is concluded, this figure will be considered as a part of 20% of oil price in rials basis, NIOC added.

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 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.

NIOC put the total volume of oil supply in stock market at one million barrels of oil per day (bpd) and all oil buyers can take part in transaction of the black gold.

The procedure of selling oil in energy stock market will be based on 20 and 80 percent in rials and currency respectively.

Given the above issue, oil buyer should deposit and settle foreign currency in the set period after loading operation provided that it should be approved by the National Iranian Oil Company in advance.

The delivery of crude oil to buyers will be done in consigmnets at least 5,00 tons (equal to about 35,000 standard oil barrels).

For his part, CEO of the National Iranian Oil Company (NIOC) Ali Kardor said that foreigners can also embark on buying shipments of Iranian crude oil through receiving transaction code from energy stock market.

MA/IRN83080582

News Code 139116

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