TEHRAN (Iran News) – Two new oil products, namely propylene and normal hexane, are going to be offered at the Iran Energy Exchange (IRENEX) for the first time next week, said the managing director of IRENEX.

The post IRENEX offer two new oil products appeared first on Iran News Daily.

NIOC, however has been offering various grades of crude oil almost every week, since the beginning of the current Iranian calendar year.

As decided by NIOC in collaboration with IRENEX, buyers can receive their cargo up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

Since the U.S.’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 the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

NIOC offered light crude oil at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

Offering gas condensate at IRENEX came after the successful offering of crude oil at this market. The first offering was done on February 13, which failed to attract customers.

And then the turn came to heavy crude. Offering heavy crude at IRENEX came after NIOC offered light crude at this stock market in eight round.

National Iranian Oil Company sold 70,000 barrels of heavy crude oil at IRENEX for the first time on April 30. In the first round one million barrels of heavy crude was offered at a base price of $60.68.
NIOC’s representative in IRENEX has said that the company will continue offering oil at IRENEX, Mehr news agency reported.
“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian said in a press conference hosted by Mehr news agency at the place of the agency in early July.
Briefing the press about the procedures and processes of NIOC’s oil and gas condensate offerings at IRENEX, the official noted that physical sales of oil at IRENEX is just the first step and the main goal is to activate other financial instruments, and offer Iranian crude in the regional stock markets.
“We will continue offering oil at the IRENEX in order to institutionalize the necessary procedures which are a prerequisite for improving IRENEX to the level of world class stock exchanges.” he said.
According to the official, IRENEX was initially founded in an attempt to permit the Iranian private sector export crude oil since Washington aims to cut Iran’s oil sales.
However now, foreign buyers have also expressed willingness to engage in IRENEX oil offerings and welcoming the idea, NIOC is preparing necessary bases for them to be able to do so.

The post IRENEX to hold 9th round of heavy crude oil offering on Tuesday appeared first on Iran News Daily.

Buyers can receive their cargo up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

According to Iran’s current year budget law, NIOC is obliged to offer two million barrels of heavy crude oil, two million barrels of light crude and two million barrels of gas condensate every month.

In this regard, the company has been offering various grades of crude oil almost every week since the beginning of the current Iranian calendar year.

Light crude oil was offered at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

NIOC’s representative in IRENEX has said that the company will continue offering oil at IRENEX, Mehr news agency reported.

“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian said in a press conference hosted by Mehr news agency at the place of the agency in early July.

According to the official, IRENEX was initially founded in an attempt to permit the Iranian private sector export crude oil since Washington aims to cut Iran’s oil sales.

However now, foreign buyers have also expressed willingness to engage in IRENEX oil offerings and welcoming the idea, NIOC is preparing necessary bases for them to be able to do so.

The post IRENEX to hold 15th round of offering light crude oil on Tuesday appeared first on Iran News Daily.

The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the National Iranian Oil Company (NIOC).

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

According to this report, supply of crude oil and gas condensates in Iran Energy Exchange (IRENEX) has been put atop agenda in line with realization of policies of resistance economy based on diversifying in the sale methods and use of high capacities and capabilities of the private sector for spurring exports and export activities.

The post NIOC to offer 2mn barrels of gas condensate on Sep. 11 appeared first on Iran News Daily.

This is the 7th heavy crude oil offering by NIOC at IRENEX. The company also offered two million barrels of heavy oil on Wednesday (August 21) at a base price of $52.81 per barrel.

Similar to the previous rounds, buyers are required to buy at least 1,000 barrels of oil for land delivery and 35,000 barrels for sea delivery. Buyers can settle the payments 90 days after the transaction.

Buyers can receive their cargo(es) up to three months after the transaction, and the delivery of the cargo(es) in other areas is subject to approval by the National Iranian Oil Company.

The post NIOC to offer heavy crude at IRENEX on Aug. 27 appeared first on Iran News Daily.

Buyers can receive their cargo up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

Since the U.S.’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 the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

NIOC offered light crude oil at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

Offering gas condensate at IRENEX came after the successful offering of crude oil at this market. The first offering was done on February 13, which failed to attract customers.
And then the turn came to heavy crude. Offering heavy crude at IRENEX came after NIOC offered light crude at this stock market in eight round.

National Iranian Oil Company sold 70,000 barrels of heavy crude oil at IRENEX for the first time on April 30. In the first round one million barrels of heavy crude was offered at a base price of $60.68.

NIOC’s representative in IRENEX has said that the company will continue offering oil at IRENEX, Mehr news agency reported.

“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian said in a press conference hosted by Mehr news agency at the place of the agency in early July.

Briefing the press about the procedures and processes of NIOC’s oil and gas condensate offerings at IRENEX, the official noted that physical sales of oil at IRENEX is just the first step and the main goal is to activate other financial instruments, and offer Iranian crude in the regional stock markets.

“We will continue offering oil at the IRENEX in order to institutionalize the necessary procedures which are a prerequisite for improving IRENEX to the level of world class stock exchanges.” he said.

IRENEX was initially founded in an attempt to permit the Iranian private sector export crude oil since Washington aims to cut Iran’s oil sales.

However now, foreign buyers have also expressed willingness to engage in IRENEX oil offerings and welcoming the idea, NIOC is preparing necessary bases for them to be able to do so.

The post IRENEX to hold 6th round of heavy oil offering on Wednesday appeared first on Iran News Daily.

Similar to the previous rounds, buyers are required to buy at least 1,000 barrels of oil for land delivery and 35,000 barrels for sea delivery. Buyers can settle the payments 90 days after the transaction.

Buyers can receive their cargoes up to three months after the transaction, and the delivery of the cargoes in other areas is subject to approval by the National Iranian Oil Company.

Offering crude oil on the stock market is part of efforts to involve the private sector and international companies in the oil industry, which has long been completely under government control.

As part of the current fiscal budget, lawmakers passed a proposal to oblige the Oil Ministry to offer on a monthly basis 2 million barrels of light crude on IRENEX.

The post Iran Energy Exchange to offer heavy crude on Wednesday appeared first on Iran News Daily.

The minimum purchase order is 35,000 barrels for sea and 1,000 barrels for land delivery.

Buyers can settle the payments 90 days after the transaction. They are required to pay 6% of the order value in rials or foreign currency two hours before the beginning of trading time at 02:30 pm local time.

The cargo can be received up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

Today’s session marks NIOC’s seventh round of light crude offer in the current fiscal (started on March 21).

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

Offering crude oil and petroleum products on the energy market is also a part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.

The post 2mn barrels of light crude at today’s energy exchange appeared first on Iran News Daily.

The least possible amount for loading a cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the National Iranian Oil Company (NIOC).

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

According to this report, supply of crude oil and gas condensates in Iran Energy Exchange (IRENEX) has been put atop agenda in line with realization of policies of resistance economy based on diversifying in the sale methods and use of high capacities and capabilities of the private sector for spurring exports and export activities.

The post NIOC to offer 9th round of supplying gas condensate at IRENEX appeared first on Iran News Daily.

Also, the statistics showed a 9.2-percent growth in TEDPIX, the main index of TSE, which stood at 234,879 points, and a 12.6-percent rise in IFX, the main index of IFB, which stood at 2,978 points at the end of the third month.

Based on the already released reports and data, Iran’s exchange markets witnessed fruitful performances and results in the past Iranian calendar year 1397 (ended on March 20, 2019).

Applying new financial instruments in Iranian capital market was another achievements of the exchange markets during the past year, as TSE officially launched “futures” in mid-December 2018 for more risk management and IME launched “option” in early March 2019 in an approach to diversify financing methods for agricultural products.

This progressive trend is also continuing in the current year, as TSE Head Ali Sahraei announced on Saturday that TSE plans to launch a new market named “prime market” in which the price range for the shares increase.

He said that only companies with a minimum transparency score of 70 (out of 100) and floating stock of at least 25 percent would be accepted in the prime market.

Sahraei also said that there is no difference regarding rules governing market makers in this and other markets, adding that participation of market makers is mandatory in the prime market.

TSE main index TEDPIX has increased 56,220 points or 20.4 percent to 234,879 during the first quarter of the current Iranian calendar year (March 21-June 21).

As reported, some 258,055 billion securities worth 723.503 trillion rials (about $17.226 billion) were traded through 17.999 million deals at TSE during the three-month period.

Also, on June 24, during the meeting of IME shareholders, IME Managing Director Hamed Soltani-Nejad said that this exchange has prepared ten macro plans to improve its performance during the current Iranian calendar year.

He mentioned development of underlying assets through existing instruments, development of financial instruments for commodity-backed securities, expansion of market size and depth, increasing cooperation with other organizations, and strengthening IME brand as some of the mentioned macro plans.

Soltani-Nejad has previously announced that IME accounted for 39 percent of the value of the total trades in the Iranian capital market during the past Iranian calendar year.

He put the value of IME trades at 1.78 quadrillion rials (about $42.3 billion) in the past year.

The value of trades at IME rose 52 percent in the past calendar year from its previous year

Over 24.84 million tons of commodities valued at 884.3 trillion rials (about $21.05 billion) were traded at the physical market of IME, showing seven percent fall in the amount and 77 percent rise in the worth of trades year on year.

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