IRENEX Archives - Iran News Daily

TEDPIX climbs 14,267 points, hit 740,404

reporter 1222 — Wed, 22 Apr 2020 13:02:23 +0000

TEHRAN (Iran News) – TEDPIX, the main index of Tehran Stock Exchange (TSE) 14,267 points to hit 740,404 on Wednesday (at 11:52 a.m. local time).

As reported, on the same day, more than 84.2 tons of hydrocarbon products, at the value of above two trillion trials (above $13.33 million), were traded at Iran Energy Exchange (IRENEX).

TSE registered its highest-ever jump on Saturday, the index gained 23,219 points in a single day to stand at 668,981, as over 5.775 billion securities worth 61.55 trillion rials (about $1.465 billion) were traded through 830,000 deals.

The first market’s index rose 17,205 points and the second market’s index climbed 46,040 points at TSE on Saturday.

The past Iranian calendar year (ended on March 19) witnessed a very fruitful performance for the country’s stock market and high hit in TEDPIX.

As TSE Head Ali Sahraei has announced, the value of trades at the Tehran Stock Exchange jumped 2.6 folds, while Return on Investment (ROI) reached 180 percent in the previous year.

Tehran Stock Exchange (TSE) is one of the four major stock exchanges of Iran, the other three exchanges are Iran’s over-the-counter (OTC) market known as Iran Fara Bourse (IFB), Iran Mercantile Exchange (IME), and Iran Energy Exchange (IRENEX).

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Private suppliers to offer 110,000 KWh of electricity at IRENEX

reporter 1222 — Sat, 29 Feb 2020 05:23:58 +0000

TEHRAN (Iran News) – Iranian private power suppliers will offer 110,000-kilowatt hours (KWh) of electricity at Iran Energy Exchange (IRENEX) on Saturday.

MAPNA group’s Parand Power Plant Company and Saba Power and Energy Group are the two major private suppliers of the electricity offerings, IRNA reported.

Offerings of electricity in the stock exchange have been following an upward trend so that in October 2019, the offering of electricity nearly doubled and reached 500 million kilowatt-hours (KWh).

The government has also been providing incentives for private power companies to encourage them to offer their generated electricity at the energy exchange.

Earlier this month, IRENEX’s Managing Director, Seyed Ali Hosseini, said offering electricity at the energy exchange would centralize the country’s electricity trades and consequently balance the prices.

According to Hosseini, balancing the electricity prices at IRENEX can result in providing electricity to industrial buyers at a lower price and would optimize electricity consumption.

“When such trades are concentrated in the energy exchange and economically motivated buyers and sellers start operating in a transparent environment, we will achieve a balanced price. This may be lower for some consumers than the current price,” the official told IRNA.

Hosseini added that currently, there is no coherent market for trading electricity, underlining that electricity is being offered at IRENEX on a regular basis.

Last October, Hosseini announced that utility companies that offer electricity at the energy bourse will be eligible for a 10 percent tax exemption.

“This will ensure mutual benefit for both sides as power producers get a 10 percent tax break and buyers get electricity cheaper from IRENEX”, he said.

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IRENEX offer two new oil products

reporter 1222 — Tue, 28 Jan 2020 06:34:39 +0000

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.

“After the offerings of propylene and normal hexane products at IRENEX, the country’s demand will be met through domestic resources,” said Ali Hosseini, IRNA reported.

According to the official, Shazand’s Imam Khomeini Oil Refinery, the current supplier of the mentioned products, has committed to offering 80 percent of its annual output, which is 40,000 tons and 60,000 tons of propylene and normal hexane, respectively, at IRENEX on a monthly basis.

Later Kermanshah and Abadan refineries will join Imam Khomeini Refinery to supply their products for offering at IRENEX.

Normal hexane is used as a solvent in the petrochemical and lubrication industries and propylene is commonly used as feedstock for petrochemical plants, Hosseini said.

Since the US withdrew from Iran’s nuclear pact in May 2018 and aimed to drive Iran’s oil exports down to zero, the Islamic Republic has been taking various measures to counter American sanctions and to lessen its economy’s reliance on oil.

In this regard, Iranian think tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to make up for the reductions in crude oil sales by exporting oil products.

Therefore, in the past few months, the National Iranian Oil Company (NIOC) and its subsidiaries have been constantly offering various oil products at IRENEX.

The NIOC has managed to sell millions of dollars of oil products via IRENEX over the past two years.

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Sale of petchems in Iran bourse exceeds $200 mln

reporter 1222 — Sun, 15 Dec 2019 13:37:26 +0000

TEHRAN (Iran News) – Sale of petchems in Iran local bourse has exceeded $200 million in one week as the government keeps using the mechanism to bypass the American sanctions imposed on the oil and gas industry.

The official IRNA agency said the value of trades involving sale of various petchems at local bourse, Iran Energy Exchange (IRENEX), in the week ending on December 11, 2019, had reached a total of 27.108 trillion rials.

The report said around 25.864 trillion rials (nearly $207 million) had been gained from the sale of products at the export ring of IRENEX which is normally frequented by customers from neighboring countries.

It said major products sold to foreigners over the weekly trade period were gasoline, diesel and liquefied natural gas (LNG), adding that the total weight of the cargoes traded, including those sold to domestic customers, had topped 4.3,606 tons.

IRENEX, once a modest instrument used for local energy trades, has become a major component of government efforts to offset the impacts of the American sanctions on the direct sale of oil and petrochemical products.

Major Iranian refineries have been offering their high-end products for trade at the bourse where customers from neighboring countries like Iraq, Pakistan, and Afghanistan are placing heavy orders for products like gasoline and LNG.

The United States imposed its inclusive sanctions on Iran’s oil sale in November last year months after Washington withdrew from an international agreement on the country’s nuclear program.

Government officials believe the sanctions, which were toughened in May, have caused a major boom in the downstream sections of the oil industry where Iran had normally lagged behind in terms of investment and production over the past decades.

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South Pars Gas Production Reach 1bcm by March

reporter 1222 — Sat, 07 Dec 2019 05:30:22 +0000

TEHRAN (Iran News) – Iran’s South Pars daily gas production will reach one billion cubic meters (bcm) by March 2020, which would be a miraculous achievement at a time when the country is under severe unilateral sanctions imposed by the US, said an Iranian MP.

In May 2018, President Donald Trump pulled the US out of the Joint Comprehensive Plan of Action, signed between Iran and the P5+1 in July 2015, and reimposed Washington’s unilateral sanctions on Tehran.

Speaking in an exclusive interview with Iran Daily, Ali Bakhtiar, a member of the Iranian Parliament’s Energy Committee, added this will be accomplished in light of the completion of the development projects of a number of the phases of the South Pars (SP) Gas Field in the Persian Gulf by the same date.

Iran jointly owns the field with Qatar, which calls its part of the world’s largest gas reserve, the North Dome, and recently managed to overtake the Arab country in extraction from the joint field.

He described by developing South Pars fields, Iran’s being ahead of Qatar in gas production from the field as a great achievement, while being under strict US sanctions, adding that the country had accomplished this over the past 12 months while none of the world’s major companies were cooperating with it.

“Iran managed to get past Qatar in gas extraction from SP while relying on domestic companies’ capabilities. This comes as the Qataris have been cooperating all the while with all of the world’s leading companies in production from the field.”

He noted that Iran sits on the world’s biggest hydrocarbon (oil and gas together) reserves.

“At present, no country can officially purchase oil from Iran as the US has ended waivers from its unilateral sanctions for customers of Iranian crude. Nevertheless, even under the present difficult circumstances, we have certain techniques to bypass the sanctions. We are currently continuing our oil exports although at a slower pace and in a smaller volume [compared to the pre-sanctions era].”

Bakhtiar said the US has failed to make its dream of reducing Iran’s oil exports to zero come true, noting that in November 2018, when the white House announced that it would bring Iran’s overseas sales of crude to zero, “we put our crude cargo on sale on Iran Energy Exchange (IRENEX) and managed to sell our oil in one of the most transparent markets.”

Elaborating further on Iran’s strategy of selling oil through IRENEX, he added that over the past few years, the ground became prepared for, first, selling petrochemicals and, then, offering oil byproducts.

Offering oil on the domestic stock exchange began following the achievement to sell oil byproducts on IRENEX, the lawmaker said, describing the experience as successful.

Turning to problems involved in offering crude oil on IRENEX, he said the drawbacks can be overcome, making the continuation of the process definitely possible.

“We are required to use the domestic capital market to sell oil, particularly, as Iranians are willing to purchase crude through the stock exchange.”

It is interesting for them to be able to use their capital for buying crude oil on the stock exchange, he said.

Bakhtiar said the Iranian Parliament’s Energy Committee is studying and exploring different techniques and strategies for selling oil and will welcome and support new plans and ideas to this end.

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IRENEX Ready to Trade 6 Million Barrels of Oil

reporter 1222 — Thu, 14 Nov 2019 10:32:45 +0000

TEHRAN (Iran News) – The National Iranian Oil Company (NIOC) says IRENEX ready for three big trades involving six million barrels of oil and condensates in a local bourse next week.

A Wednesday statement on the NIOC website said that the trades at Iran Energy Exchange (IRENEX) are planned for three consecutive days beginning on Monday.

It said two million barrels of condensates, an extremely light form of oil and normally a byproduct of natural gas production, will be traded at IRENEX on Monday at an initial price of $57.87 per barrel.

On Tuesday, the NIOC said, two million barrels of light crude will be traded at an initial price of $56.72 per barrel while a 2-million-barrel cargo of heavy crude will be traded on Wednesday at an initial price of $52.77 per barrel, Press TV reported.

All the trades will take place at the export ring of IRENEX, a local mechanism for energy trade which has been used since mid-summer for selling Iran’s oil and petrochemical products.

If sold at the declared prices, the three cargo of oil could generate around $350 million in income for the NIOC, a company which has seen its normal and direct sale of crude to foreign customers reduced as a result of sanctions imposed by the United States.

The IRENEX said earlier this week that the National Iranian Oil Refining and Distribution Company (NIORDC) had sold off 115 million liters of liquefied petroleum gas (LPG) in a single day of trade in the exchange, generating more than $23 million in income.

The successful sell-off by the NIORDC may have encouraged the NIOC to accelerate its plans for the trade of oil cargoes at IRENEX.

The Wednesday statement on the NIOC website said that the planned sale of oil through the local bourse is in line with the company’s obligations under a national budget law while insisting the trade could diversify the sale methods at the time Iran is practicing “the economy of resistance”.

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IRENEX to hold 6th round of heavy oil offering on Wednesday

reporter 1222 — Sun, 18 Aug 2019 08:50:47 +0000

In this round, two million barrels of heavy crude will be offered at the base price of $52.81 per barrel.

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.

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2nd cargo of gasoline to be offered at IRENEX today

reporter 1222 — Sun, 04 Aug 2019 13:10:26 +0000

In addition to the mentioned 18,000 tons of gasoline, which is to be exported, some 10,000 tons of diesel fuel and 3,000 tons of Kerosene will also be offered on the same day.

The first cargo of gasoline was offered at IRENEX on July 30 for Afghan buyers in the initial phase. Chief Executive of PGSR Mohammad Ali Dadvar on Saturday said that the cargo, as the first Iranian exports cargo to neighboring countries through IRENEX, was exported overseas.

As reported, two methods namely payment via Central Securities Depository of Iran and direct payment to the seller outside of the capital market clearing house have been provided for the buyers.

Payment can be cleared either in rials or in foreign currency.

Buyers should first receive trading codes to be eligible to trade in IRENEX. They can also place orders via authorized brokerage companies.

For the time being, purchasing the offered gasoline is solely limited to companies (legal entities) and it is bound to be done under contracts with NIOC and Iranian and foreign companies are required to provide evidence and legal documents to prove their legitimacy.

Since the US 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 US actions and to lessen its economy’s reliance on oil.

In this regard, one of the main strategies of the National Iranian Oil Company in recent years has been focusing on the country’s refineries.

Earlier this month, the Oil Minister Bijan Namdar Zanganeh announced that the country’s daily gasoline production exceeded 110 million liters to mark a new record in the country’s gasoline production history.

The NIOPDC reports indicates that the country’s daily gasoline production has witnessed a 5 million barrels increase in the past six months.

The increased in the gasoline output has been mostly due to the inauguration of the third phase of PGSR.

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IRENEX to hold 3rd round of heavy crude oil offering on Tuesday

reporter 1222 — Sun, 16 Jun 2019 07:31:29 +0000

The base price for this round of offering, which is the third round, is $59.59 per barrel.

NIOC could sell 1.085 million barrels of crude oil, both light and heavy, and also gas condensate through 17 offerings at Iran Energy Exchange (IRENEX) during the past seven months since offering these products kicked off at Iranian stock market.

NIOC has so far offered light oil through 10 offerings at the IRENEX.

Offering gas condensate at IRENEX came after the successful offering of crude oil at this market. The product has been already offered at the IRENEX in five rounds. 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.

Iranian National 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.

Heavy crude offering has been held two times at IRENEX so far.

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NIOC to offer 2mn barrels of heavy crude at IRENEX on Tue.

reporter 1222 — Sat, 15 Jun 2019 13:10:54 +0000

The offering will be conducted within the same framework that light crude and gas condensate have been offered at IRENEX.

Accordingly, the heavy crude will be offered in cargos of 35,000 barrels each, and buyers are required to purchase a minimum of one cargo.

Those interested 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. Moreover, the payments should be settled within 90 days.

The cargo can be loaded up until three months after the purchase is done, and receiving the cargos at other terminals will need NIOC’s approval.

NIOC offered one million barrels of heavy crude on April 30 at a base price of $60.68, during which 70,000 barrels of heavy oil were sold.

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

Role of the private sector in oil exports has gained traction, particularly after the new US sanctions, which among other things, has hit the oil industry hard, aiming to paralyze the economy.

NIOC has so far sold 1.1 million barrels light and heavy of crude via IRENEX.

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