$3.17mn of hydrocarbon products traded at IRENEX on Mon.

TEHRAN, Jul. 28 (MNA) – Some 15,384 tons of hydrocarbon products valued at above 667.7 billion rials (about $3.17 million) were traded at the Iran Energy Exchange (IRENEX) on Monday.

As reported, light fuel oil, liquid nitrogen, methanol, raffinate, and liquid gas were among the offered products at IRENEX on Monday.

Hydrocarbon offerings also continue on Tuesday with products such as raffinate, industrial propane gas, industrial liquefied gas, gas oil, pyrolysis gasoline going on sale.

Since the US 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 US actions and to lessen its economy’s reliance on oil. The country also sought new strategies to help its oil exports afloat, one of which is diversifying the mechanism of oil sales, like offering oil and oil products at the country’s stock market.

In the past few years, Iranian think-tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to lessen the economy’s reliance on crude sales. 

In this regard, one of the main strategies of the National Iranian Oil Company in recent years has been focusing on the country’s refineries and offering various oil products at IRENEX in order to increase the exports.

The total value of deals conducted at the Iran Energy Exchange reached 537 trillion rials (about $2.55 billion) during the last fiscal year that ended on March 20, 2020. 

The amount was up 30% compared to the year before, according to the IRENEX website. 

Diesel, gasoline, liquefied natural gas, raffinate, electricity, heavy crude oil, solvent 402 (white spirit), solvent 503, heavy oil cut, and heavy naphtha were among products sold in the energy bourse.  

HJ/4985098

News Code 161551

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