The set price for this round of oil sales was $71.59 per barrel, the report
added.
On October 28, just few days before new U.S. sanctions on Iran’s petroleum
sector took effect (November 4), NIOC could sell some 280,000 barrels of crude
oil at $74.85 per barrel on the first day of offering crude oil for export at
the international ring of IRENEX. With the daily supply amount of one million
barrels per day, the market wrapped up by selling eight 35,000-barel-cargos of
oil on the day.
Establishment of IRENEX, which is considered as a turning point in Iran's
strategic oil industry and capital market and also a platform for producers and
consumers to be in touch and pay lower trade costs in a transparent business
environment, can be translated into creation of a new energy stock market that
results in economic development. Absorbing a part of available liquidity and
injecting it to production sectors and financing various industries, especially
those active in energy sector, it can bring financial discipline and spur
domestic production and economic growth.
The energy market is basically exports-oriented and has the capacity to increase
Iranian oil customers both domestically and internationally. Price setting
relies on the base price determined by NIOC according to global prices.
Receiving a trading code, foreign companies can purchase oil cargos from IRENEX.
By now, over 100 trading codes have been received by foreign customers at IRENEX
which could be used to purchase oil cargoes and oil products. The Securities and
Exchange Organization (SEO) preserves the customers’ data from all across the
world confidential.
Source:TehranTimes