IRENEX to hold offering of 2m barrels of gas condensate on Monday

June 1, 2019

TEHRAN- Offering two million barrels of gas condensate produced in Iran’s South Pars gas field will be held at Iran Energy Exchange (IRENEX) on Monday, Shana reported.

As announced by National Iranian Oil Company (NIOC), the base price for this round of offering will be $67.14 per barrel.

This is the first round of condensate offering based on the new directive of the Oil Ministry in the current Iranian calendar year (started on March 21).

The least amount of loading for road transportation will be 1000 barrels and the purchasers can receive the cargos by three months as of the deal time.

The first gas condensate offering at IRENEX was done on February 13, which failed to attract customers.

Offering condensate at IRENEX came after the successful offering of crude oil at this market.

Since the U.S.’s withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran's oil exports down to zero, the Islamic Republic has been taking various measures to counter the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

MA/MA

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