ZCZC
BCN-22
IRAN-CRUDE-OIL-MARKET
Iran to offer 3 mln barrels of crude oil in stock market
TEHRAN, Dec. 27, 2018 (BSS/Xinhua) – Iran will offer three million barrels
of crude oil to the private sector in the stock market for exports, Iranian
Petroleum Minister, Bijan Namdar Zanganeh, said here on Wednesday.
“Required license for the sales of three million barrels of crude oil in
the stock market has been received from the Iranian authorities,” Zanganeh
was quoted as saying by official IRNA news agency.
An announcement will be released in this regard soon, he said, adding that
the customers for the crude in the stock market can file their requests
either in the Iranian currency rial or in the foreign currencies.
The National Iranian Oil Company (NIOC) has sold 980,000 barrels of crude
oil in two intervals in the Iranian stock market since Nov. 5, 2018 when the
U.S. administration reimposed sanctions on the oil exports of the Islamic
republic.
The previous buyers of the oil in the stock market have been able to export
their purchases and they have had no problem in this regard, Zanganeh said.
Iran said that the move to offer oil to private sector for exports is, on
one hand, aimed to counter U.S. sanctions on Iran’s energy sector, and, on
the other, to empower domestic manufacturers and allow bigger role for
private enterprises.
The U.S. President Donald Trump withdrew Washington from the Iranian
international nuclear deal in May and reimposed sanctions on Iran’s
financial, automotive, aviation and metal sectors.
He also set deadline for international oil buyers to stop all their oil
purchases from Iran, otherwise they will face U.S. punishment.
BSS/XINHUA/HR/1435