Energy Exchange chief:

Foreigners asked to buy Iranian oil via stock market

TEHRAN (defapress) – Managing director of Iran's Energy Exchange said Sun. that a number of foreign companies have already obtained a special trading code to buy Iranian crude via the exchange market.

News ID: 74509

Date: 23 December 2018 - 13:40

Speaking to IRNA, Seyyed Ali Hosseini, the managing director of Iran's Energy Exchange, said some countries have been contacting their embassies in Iran to obtain information about the purchase of oil supply futures via the stock market, and a number of foreign companies have already held direct talks on this matter and even received a special trading code for buying Iranian oil.

He said the date for the next supply of crude to the stock market has not been decided yet, adding that the Supreme Economic Coordination Council has agreed to continue the supply of crude via the stock market.

He added that the Ministry of Petroleum will be in charge of supplying the next batch of crude after the batch is ready for launch.

Hosseini noted the many applications for purchasing Iranian crude in recent weeks, saying there is no limit to oil supply by the National Iranian Oil Company.

He added that there are more than enough clients for Iran’s oil; however, the matter of concern is the instability of global oil markets and their downtrend.

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 thousand barrels of crude on the first day. In these transactions, the price per barrel was $74.85, 20% of which were paid with Iranian rials and the rest with foreign currencies.

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

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

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