Energy   Exchange & Stocks  

2m Barrels of Gas Condensates on Offer via IRENEX

Two 2 million barrels of natural gas condensate is on offer at discounted prices in the international ring of the Iran Energy Exchange today (Monday).

Amirhossein Tebianian, the National Iranian Oil Company representative in charge of petroleum products on IRENEX, says the cargo will be offered at a lower price compared to the reference price. 

“The base price for Monday’s offer is $67.14 per barrel which is 5% lower compared to the $70.76 reference price,” IRNA quoted him as saying. 

The cargo will be offered as per new instructions issued by the Oil Ministry for selling oil and petroleum products on IRENEX.  

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

The minimum purchase order has been reduced from the previous 35,000 barrels to 1,000 barrels for land delivery.

However, the minimum purchase for sea delivery is unchanged.    

Buyers can receive the cargo either at Kharg Island terminal off the Persian Gulf for sea delivery or at petroleum storage tanks in Bandar Abbas if they want land delivery.

Offering crude oil and petroleum products on the energy market is part of government efforts to involve the private sector and international companies in the oil industry, which has long been under government control. 

The NIOC has so far sold over 1.1 million light and heavy crude in 10 sessions since the program started last October.

News No: 4743
Date: 2019/06/03 - 20:24
News Source: Financial Tribune

Gas  IRENEX  Energy  Iran Energy Exchange  Persian Gulf 


Leave a Comment:


Iranian oil minister mocks Trump’s claim on Middle East oil

Iranian Oil Minister Bijan Namdar Zanganeh mocked US President Donald Trump’s claim that his country does not need Middle East oil and natural gas “anymore”.

Iran, Afghanistan considering energy projects in border areas

Iran and Afghanistan are considering realization of 16,000 megawatts potential of renewable energy projects in border areas, IRNA reported.

21 new power plants to go operational by March 2020

Iranian Energy Minister Reza Ardakanian said 21 new power plant projects worth 210 trillion rials ($5 billion) will go operational by the end of the current calendar year (March 20, 2020) to add 3000 megawatts (MW) to the country’s power generation capacity.

India: Sarda Energy and Mineral Pellet Production Up in Q1 FY'20

Sarda Energy and Mineral Limited - one of the integrated steel producer based in central India has released its operational results for the first quarter of FY’20 ending Jun'19.

Non-oil exports from PSEEZ up 2% yr/yr

Non-oil exports from Pars Special Economic Energy Zone (PSEEZ) in Iran’s southwestern port city of Assaluyeh reached 17.8 billion tons since the past Iranian calendar month of Shahrivar (started August 23, 2018), up to date, registering a two-percent rise compared to the same period in the preceding year.

SZOGPC self-sufficient in manufacturing, repairing oil industry equipment

South Zagros Oil and Gas Production Company, a subsidiary of the National Iranian Oil Company, has manufactured or repaired the 521 items needed in the oil and gas industry. SZOGPC’s operations director, Seyed Mahmoud Mirbagheri said on Tuesday that 499 of the company’s needed items were supplied by domestic contractors.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners