IRENEX to offer condensate at $60.40 per barrel on Tue.

TEHRAN, Jul. 13 (MNA) – The National Iranian Oil Company will offer two million barrels of gas condensate at the international ring of the energy exchange (IRENEX) on Tuesday (July 16) at the base price of $60.40 per barrel.

National Iranian Oil Company (NIOC)’s representative in Iran Energy Exchange (IRENEX) announced that during the 8th round of offering gas condensate at IRENEX  two million barrels of gas condensate at the base price of $60.40 per barrel will be offered on Tuesday.

"The least possible amount for loading a cargo for land transportation is 110 tons," he said, "the purchasers can receive their cargoes for at most three months after the purchasing date."

Since the U.S.’s withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran's oil exports down to zero, the Islamic Republic has been taking various measures to counter the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

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.

HJ/4665389

News Code 147583

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