ECONOMY   Mercantile Exchange  

Official: Foreign Firms Eyeing to Purchase Iran's Oil

Several foreign companies have shown interest in purchasing Iran's oil via the exchange market, Managing director of Iran's Energy Exchange Seyed Ali Hosseini said.

"A special trading code to buy Iranian crude via the exchange market has been given by us to a number of foreign companies," Hosseini added.

The managing director of Iran's Energy Exchange, however, revealed that the date for the next supply of crude to the stock market has not been decided as yet.

"The Supreme Economic Coordination Council has agreed to continue the supply of crude via the stock market," Hosseini said.

Iran launched the sale of oil supply futures on the eve of the new US sanctions targeting the country’s oil and banking sectors, and managed to sell 280,000 barrels of crude on the first day. In these transactions, the price per barrel was $74.85, 20 percent of which were paid in Iranian rial and the rest in foreign currencies.

In the second phase, the country sold 700,000 barrels of crude, with price per barrel at $64.97.

So far, the system of sales in the stock market was based on 20 percent paid in Iranian rial and 80 percent in foreign currencies. Recent requests and proposals indicate that the sales will be paid 100 percent in Iranian rail from now on.

News No: 3045
Date: 2018/12/23 - 18:11
News Source: FARS News Agency

Oil  Seyed Ali Hosseini  stock market  US sanctions  Energy Exchange 


Leave a Comment:


Chevron Approves $5.7b Deepwater Oil Project

Chevron, the largest US oil group, announced it has approved the development of a deepwater high-pressure oil project in the Anchor oil field in the US Gulf of Mexico, which will require $5.7 billion investment, in the industry’s first such deep-water high-pressure projec.

Iran’s Pet-Chem Exports Rising Despite Sanctions

New report shows that neighboring countries are increasing their purchase of Iran’s petrochemical products through a local energy exchange where more than $200 million sales have been recorded just in last week.

Creditors succeed in auctioning PdV oil in Curacao

Creditors carried out a rare court-ordered auction of Venezuelan crude in Dutch-controlled Curacao, where Venezuela's national oil company PdV usually succeeds in settling debt-related claims on its assets.

Oil Prices Highest in 3 Months

Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

Indonesia Eases Visa for Iranian Traders

Indonesian Ambassador to Tehran Octavino Alimudin said that his country is eager to have stronger economic ties with Iran, adding that to boost trade ties, Jakarta has eased visa-issuance process for Iranian traders and businesspeople.

Iran Pockets $200 Million Through Indigenizing Oil Industry Equipment

The Research Institute of the Petroleum Industry (RIPI), a subsidiary of the Iranian oil ministry, has managed to address the technological needs and provision of equipment for the country’s oil industry so much so that the country has saved $200 million since late March 2019.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners