TEHRAN – The value of trades on Iran Energy Exchange (IRENEX) rose 22 percent in the first half of the current Iranian year (March 21-September 22), reaching more than 1.413 quadrillion rials ($2.8 billion), the bourse’s managing director said.

Mohammad Nazifi told state media that alongside the growth in transactions, the exchange is pursuing strategic goals for the second half of the year, including introducing new products, expanding financial instruments, developing the electricity market, and focusing on renewables.

According to Nazifi, the value of rial-based competitive bidding exceeded 35 trillion rials ($70 million) in the first half, a 224 percent increase from a year earlier. Liquefied petroleum gas (LPG) led this segment with over 20 trillion rials ($40 million) in competitive bids.

He added that in the export ring, competition reached about $48 million, up 116 percent year-on-year. LPG supplied by the National Iranian Gas Company topped the export board with $12 million in competitive trades.

EF/MA