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NIOC to launch 7th gas condensate offer at IRENEX on Tue.

The National Iranian Oil Company (NIOC) will offer two million barrels of natural gas condensate at Iran Energy Exchange (IRENEX) on Tuesday (June 25).

NIOC to launch 7th gas condensate offer at IRENEX on Tue.
(Thursday, October 10, 2019) 17:26

According to NIOC’s statement on Sunday, two million barrels of gas condensate at the base price of $58.43 per barrel, will be offered at IRENEX’s international ring in the Tuesday session.

This is the seventh round of gas condensate offer since NIOC launched its crude offer at the energy exchange last year.

The offering will be conducted within the same framework that light and heavy crude have been offered at IRENEX.

Accordingly, the minimum purchase order for land delivery is 1,000 barrels (110 tons). However, the minimum purchase for sea delivery is unchanged.  

Those interested are required to pay 6% of the order value in rials or foreign currency two hours before the beginning of trading time at 02:30 pm local time. Moreover, the payments should be settled within 90 days.

The cargo can be loaded up until three months after the purchase is done, and receiving the cargos at other terminals will need NIOC's approval.

Buyers can receive the cargo either at Kharg Island terminal in the Persian Gulf for sea delivery or at petroleum storage tanks in Bandar Abbas if they want land delivery.

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

Offering crude oil and petroleum products on the energy market is part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.

NIOC has so far sold 1.1 million barrels light and heavy of crude via IRENEX.

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