NIOC to offer $476m worth of oil in IRENEX via salaf bonds

TEHRAN - The National Iranian Oil Company (NIOC) plans to offer 20 trillion rials (about $476.1 million) worth of heavy crude oil in Iran Energy Exchange (IRENEX) through standard parallel salaf contracts (some kind of Islamic contract) on Sunday, the exchange’s managing director told IRNA.

By Mahnaz Abdi

Oil offering at IRENEX facing challenges, but will definitely continue

The national budget law for the current Iranian calendar year (started on March 21) obliges the Oil Ministry to offer at least two million barrels of light crude oil, two million barrels of heavy crude oil and two million barrels of gas condensate at the international ring of Iran Energy Exchange (IRENEX) every month.