oil trade Archives - Iran News Daily

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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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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Top Banker: Iran, Iraq to Use Euro, Dinar in Oil Trade

reporter 1222 — Thu, 07 Feb 2019 08:04:37 +0000

The governor of the Central Bank of Iran unveiled plans for using non-dollar accounts for oil and gas trade with Iraq.

Abdolnaser Hemmati on Wednesday held a meeting with presidents of Iraqi banks, members of Iraq’s chamber of commerce and the Arab country’s business people during a trip to Baghdad.

In the gathering, the top Iranian banker unveiled a new mechanism to continue Iran’s trade with Iraqi businesses, saying the CBI is going to open euro and dinar-based accounts to process transactions for trade in oil and gas.

Describing Iraq as Iran’s major partner, Hemmati said the two countries have agreed to make the banking ties much stronger.

“According to the agreements, Iranian exporters should be able to continue activities via Iraqi banks, and Iranian banks could also open dinar accounts in Iraqi banks.”

He also stated that Iraqi companies can reciprocally open accounts in Iranian banks and conduct transactions in dinar.

In December 2018, Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshaq said the central banks of Iran and Iraq were finalizing negotiations to begin trade in their own currencies.

Iraq’s Foreign Minister Mohamed Ali Alhakim has made it clear that his country cannot cut off trade ties with Iran under the US sanctions, saying the value of annual trade between Iran and Iraq amounts to $12 billion.

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Iran, France oil trade tops $2bn

reporter 1222 — Wed, 28 Feb 2018 07:30:39 +0000

French Ambassador to Iran François Sénémaud said that Iranian Oil Ministry could create favorable dynamicity in oil projects especially in South Pars Gas Field.

Speaking in the inaugural ceremony of Tutorial Workshop between Iran and France in HSE (Health, Safety and Environment) in the oil industry, French ambassador pointed to the salient achievement of the Iranian Oil Ministry in creation of dynamicity among Iranian economic enterprises and firms and added, “the French delegation in its recent visit from installations and facilities of South Pars Gas Field was deeply impressed on the incredible success of Iranian companies in this field.”

With the removal of sanctions imposed on Iran and implementation of Joint Comprehensive Plan of Action (JCPOA), the official title of nuclear deal, cooperation between Iran and France has been resumed in the field of oil and gas in such a way that total oil trade volume exchanged between the two countries of Rian and France exceeded $2 billion in 2017.

François Sénémaud pointed to the fruitful experience of French companies in the international activities and said, “it is hoped that cooperation between Iranian and French companies in the oil and gas industry will continue especially in the field of HSE (Health, Safety and Environment).”

HSE is an important issue in the Iranian oil and gas industry which lays the ground for the economic development as well, the ambassador reiterated.

In the wake of signing Paris Environmental Agreement (COP21), the issue of environment is the other binding aspect, so that HSE is no longer a lateral issue, rather it is very important for the promotion of economic cooperation.

The two-day tutorial workshop will be held between Iran and France in Tehran on Feb. 27-28, 2018 in the field of HSE in the presence of specialists and experts from world’s most prestigious oil and gas companies in cooperation with the Commercial and International Affairs Deputy Office and HSE Department General of the Oil Ministry, the report concluded.

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