News ID: 253051
Published: 0219 GMT May 19, 2019

Iran to offer petrochemical products in energy bourse

Iran to offer petrochemical products in energy bourse

Iran is due to offer 10,000 tons of light naphtha, 2,000 tons of heavy naphtha and large cargoes of petrochemical products to domestic buyers through its energy bourse on Sunday, in a direct sale to bypass unilateral US sanctions.

Dissolving agents 402, 502 and 503, dissolved blending naphtha 410, liquid gas and raw benzaldehyde will be on sale for domestic buyers on the Internal Ring of Energy Stock Market (IRENEX), reported Fars News Agency.

Iran also offered 5,000 tons of light naphtha and other petrochemical products to domestic and international buyers through its energy bourse last week.

International buyers were offered liquefied natural gas (LNG) from the Persian Gulf Star Refinery on the International Ring of the IRENEX.

Also, Iso recycle oil and light naphtha from Bandar Abbas Refinery were presented on the Internal Ring of the IRENEX.

In February, Iran held the fourth session of direct sales of oil to domestic and international buyers through its energy bourse.

Iranian Deputy Oil Minister Amir Hossein Zamani-Nia declared earlier this month that Tehran was fully prepared to sell oil in a “grey market,” vowing to circumvent the unilateral US sanctions against the energy-rich country.

“We sell oil at a recently discovered grey market using all of our capacities,” he said, “This is not smuggling. This is countering sanctions which we do not see as just or legitimate.”

The United States told buyers of Iranian oil to stop purchases by May 1 or face sanctions, ending six months of waivers that had allowed Iran’s biggest customers to import limited volumes.

The ‘grey market’ is where the products and goods are bought and sold outside and not within in the original manufacturers’ authorized distribution channel.

The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo said earlier this month that it was impossible to remove Iran’s oil from the international market, asserting that the organization would keep supporting Tehran against the unilateral US sanctions.

 

   
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