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NIOC to Sell 6mln Barrels of Crude Oil, Condensates at Energy Exchange on Monday

The National Iranian Oil Company (NIOC) plans to offer 6 million barrels of crude oil and condensates on the Iran Energy Exchange (IRENEX) on November 18.

NIOC is preparing for three big trades involving six million barrels of oil and condensates in a local bourse next week.

A Wednesday statement on the NIOC website said that the trades at IRENEX are planned for three consecutive days beginning on Monday.

It said two million barrels of condensates, an extremely light form of oil and normally a byproduct of natural gas production, will be traded at IRENEX on Monday at an initial price of $57.87 per barrel.

On Tuesday, the NIOC said, two million barrels of light crude will be traded at an initial price of $56.72 per barrel while a 2-million-barrel cargo of heavy crude will be traded on Wednesday at an initial price of $52.77 per barrel.  

All the trades will take place at the export ring of IRENEX, a local mechanism for energy trade which has been used since mid-summer for selling Iran’s oil and petrochemical products.

If sold at the declared prices, the three cargo of oil could generate around $350 million in income for the NIOC, a company which has seen its normal and direct sale of crude to foreign customers reduced as a result of sanctions imposed by the United States.

News No: 7446
Date: 2019/11/14 - 18:27
News Source: Fars News

NIOC  Energy Exchange  Crude Oil  IRENEX  price 

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