News ID: 257771
Published: 0241 GMT August 24, 2019

NIOC to offer heavy crude at IRENEX

NIOC to offer heavy crude at IRENEX

The National Iranian Oil Company (NIOC) is planning to offer two million barrels of heavy crude oil in Iran Energy Exchange (IRENEX) on Tuesday for the second consecutive week.

The company will offer the crude at the price of $50.37 per barrel in this round of offering, reported Mehr News Agency.

This is the seventh heavy crude oil offering by NIOC in IRENEX. The company also offered two million barrels of heavy oil on Wednesday 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 up to three months after the transaction, and the delivery of the cargo in other areas is subject to approval by NIOC.


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