Foreign buyers can purchase Iranian oil at IRENEX: NIOC head

October 26, 2018

TEHRAN - National Iranian Oil Company (NIOC)’s Managing Director Ali Kardor said on Friday that foreign customers can also purchase the Iranian oil which is due to be offered at the country’s Energy Exchange (IRENEX).

“Over 100 trading codes have been received by foreign customers at IRENEX which could be used to purchase oil cargoes and oil products,” Kardor told IRNA.
As part of the country’s programs for tackling U.S. sanctions, Iran is going to offer crude oil at its stock market as from October 28 for one week.
The government is to offer oil in form of 5,000-barrel-cargos and the total of one million barrels, the NIOC managing director has previously announced.
The offered oil at IRENEX will be exported, Kardor added.
The decision is made to let the Iranian private sector export crude oil in a bid to foil U.S. sanctions. Since Washington aims to cut Iran's oil sales, Iranian private companies can transparently buy and sell the crude through this market.
The issue of offering crude oil in the stock market of Iran dates back to the Iranian calendar year of 1379 (March 2000-March 2001). Since then it has come on the table several times but was never materialized.
EF/MA

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