Offering LPG at IRENEX underway well, says NIGC managing director

January 18, 2020 - 14:54

TEHRAN- Managing director of National Iranian Gas Company (NIGC) said offering liquefied petroleum gas (LPG) at Iran Energy Exchange (IRENEX), which started several months ago, is being conducted well and the required infrastructure is provided in this due.

Expressing satisfaction over the proper condition of offering LPG at IRENEX, Hassan Montazer Torbati said, “Offerings are done regularly at a proper price and to the proper customers, so we invite the private sector to invest more in this field”, Mehr news agency reported.

IRENEX Managing Director Ali Hosseini had previously said that while the energy exchange and NIGC have reached some agreements on offering LPG for exports at IRENEX, they have also come to an agreement for offering natural gas and some expert meetings have been held in this due.

Since the U.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 U.S. actions and to lessen its economy’s reliance on oil.

In the past few years, Iranian think-tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to lessen the economy’s reliance on crude sales. In this regard, one of the main strategies of the National Iranian Oil Company (NIOC) in recent years has been focusing on the country’s refineries.

NIOC has been offering various grades of crude oil and oil products at IRENEX almost every week, since the beginning of the current Iranian calendar year (March 21, 2019). 

MA/MA

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