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Iran Energy Exchange ready to offer crude oil

23 July 2018 , 13:00Neftegaz.RU609

Teheran, July 23 - Neftegaz.RU. The condition is prepared for offering crude oil in Iran Energy Exchange (IRENEX), Securities and Exchange Organization (SEO) Head Shapour Mohammadi told IRNA on July 22.


The official expressed hope that trading crude oil in IRENEX will occur soon through follow-up measures by the oil and finance ministers. Offering fuel oil and other oil byproducts in IRENEX has been conducting since long time ago; so selling crude oil in this exchange market is possible as well, Mohammadi noted.


Capital market sees no barrier for offering crude oil in IRENEX and selling this product to domestic or foreign traders both in rial and in foreign currencies is possible, he added. We have already negotiated the issue with the Central Bank of Iran (CBI), Oil Ministry and Finance and Economic Affairs Ministry, the official said.


He referred to the several-year delay to start the plan for offering crude oil in IRENEX and said: It seems that the condition for this plan is now prepared more than any other time.


While offering crude oil in IRENEX has been impeded several times, what 1st Vice President Es’haq Jahangiri has already said has brought the attentions to the matter again.


In July 1, the official said that in a move to beat U.S. sanctions, Iran will let private companies to export crude oil. He said that Iranian crude will be offered on the bourse and the private sector can export it.


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