NIOC to Offer Heavy Crude Oil at IRENEX : The National Iranian Oil Company (NIOC) has planned to offer 2 million barrels of heavy crude oil on the international floor of the Iran Energy Exchange (IRENEX) on August 21 at $52.81 per barrel.

According to NIOC, this is the 6th heavy crude oil offering by NIOC at IRENEX. On April 30, the company sold 70,000 barrels of heavy crude oil at IRENEX.

Buyers can receive their cargo(es) up to three months after the transaction, and the delivery of the cargo(es) in other areas is subject to approval by the National Iranian Oil Company. Source: SHANA

About IRENEX: The geo-economic situation of Islamic Republic of Iran and its rank as one of the world’s largest oil and gas producers, plus its outstanding infrastructure in electrical power and other energy resources has made the existence and expansion of an energy exchange inevitable in Iran.
Iran Energy Exchange operates with the aim of organizing, listing, supervising and easing the trade of energy carriers and energy carrier based securities, providing non-discriminatory and fair access of trading platforms to members, cooperation and coordination with financial institutions, companies, organizations and establishment of energy markets trustees such as ministries of Petroleum, Energy, Industry, Mine and Trade and the companies of National Iranian Oil Co., National Iranian Oil Refining & Distribution Co., National Iranian Petrochemical Co., Tavanir, Iran Grid Management Co., Iran Water Resources Management Co. and Environmental Protection Organization and also performing other duties assigned in the company statute. Iran Energy Exchange was established on July 7, 2012 with the license of the Supreme Council of Securities & Exchange as the fourth official exchange of the country and as a public stock company under the supervision of the Securities & Exchange Organization.