NIOC to Sell 2 mb of Crude Oil at Energy Exchange: The National Iranian Oil Company (NIOC) has planned to offer 2 million barrels of heavy crude oil on the Iran Energy Exchange (IRENEX) on July 9.

NIOC to Sell 2 mb of Crude Oil at Energy ExchangeThe base price for this offer is $57.66 per barrel, and the minimum purchase volume is 35,000 barrels.

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.

This is the fourth heavy crude oil offering of NIOC on the Iran Energy Exchange and the second heavy supply of crude oil in the current calendar year which began on March 21. On the first offering of this year, 70,000 barrels of heavy crude were traded.

On May 21, NIOC offered 2 million barrels of crude oil on IRENEX.

In the third offering, on April 30, 70,000 barrels of crude oil were traded. 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.