According to the NIOC, light crude oil supply notification of National Iranian Oil Company in International Ring has published in Iran Energy Exchange (IRENEX). National Iranian Oil Company intends to by the end of October this year, propose to supply one million barrels of crude oil at the International ring of IRENEX.
How You Can Buy From Iran?
Accordingly, sales in the form of 20% in rial and 80% of the other currency (USD) which clearing of Rial section (in accordance with the Sana rate Conversion) will take place in cash before delivery of cargo and clearing of other currency section with credit (by providing a bank guarantee, a pledge of valid repayment of accepted banks from the NIOC after the delivery of the goods).
Buyers to participate in the transaction, must pay 10% of the order value as an advance payment before the offer in Rial to the Central Securities Deposits and Settlement of funds Accounts, which will be part of a 20% in rial if it is traded.
Buyers based on the declared fix price of the National Iranian Oil Company which will be based on the international transaction prices of the company, will compete on the price of crude oil which creation of such a competitive environment is expected to lead to a fair and transparent price discovery.
The minimum orders for delivery of crude oil to buyers is at least 5,000 tons (equivalent to about 35,000 standard barrels). Of course, buyers can take larger shipments by aggregating purchase contracts.
About Crude Oil
Crude oil is a natural product that contains hydrocarbon reserves and other organic materials. A kind of fossil fuel, the usage of crude oil is to producing useful products such as gasoline, diesel, etc in various types of petrochemicals. The source is irreversible, which means it cannot be naturally replaced by the amount consumed. Therefore, it is a limited source.