Sixth round of crude offering at IRENEX set for Feb. 13

TEHRAN, Feb. 25 (MNA) – The National Iranian Oil Company (NIOC) is set to launch the sixth round of oil sale at Iran Energy Exchange (IRENEX) on February 23.

According to a notice published on Monday, the sixth round of crude sale will be conducted with terms and conditions similar to that of the previous round.

NIOC will offer one million barrels of light crude in 35,000-barrel cargos at $59.63 per barrel. Customers are required to buy a minimum of one cargo.

Buyers can settle payments entirely in rials as well as foreign currencies. All the payments shall be cleared within 90 days after loading the cargo at the Iranian terminals.

Five rounds of crude sale have so far been launched at the energy exchange.

NIOC sold 280,000 barrels, divided in 35,000-barrel consignments, at $74.85/b during the first round. The second round looked more promising as the company sold 700,000 barrels at $64.97/b.

The third round (January 21) and the fourth round (February 4) ended without any trade, although these two rounds underwent some procedural change to meet the purchasing conditions for buyers.

The fifth round was held on February 18, when only a 35,000-barrel consignment of light crude was sold at $52.25.

Oil Minister Bijan Namdar Zanganeh said on Saturday that efforts for offering crude at Iran Energy Exchange (IRENEX) will finally pay off, but the bid needs time.

“The Oil Ministry continues to offer crude at IRENEX every week to reach the desired results,” he added.

To shoulder US pressures on Iran’s oil sale, the market initially needs time to get experienced with attracting both domestic and foreign customers via improving its business environment and getting as transparent as possible.

MR/4552173

News Code 142880

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