Iran to Sell 3 Million Barrels of Oil to Private Exporters

Local Editor

Iran plans to sell 3 million barrels of crude oil to private companies in the third round of sales aimed at bypassing US sanctions, according to Minister of Petroleum Bijan Zangeneh.

“The license required has been procured from the three branches of power for three million barrels of oil to be sold on Iran’s energy bourse, 100 percent in rials,” Zangeneh said on Wednesday.

However, payment in foreign currencies is also possible for those who want to buy oil in non-rial currencies, he added.

“If a person wants to buy oil on the bourse in foreign currencies, oil will be provided in foreign exchange and if a person wants rial-based purchase, the supply will be carried out in rials.”

Iran began selling oil to private buyers on its energy exchange first in October when one million barrels were offered at $74.85 a barrel as the US prepared to re-impose sanctions on the country’s oil sector.

The second offer came after the sanctions were reinstated in November and 700,000 barrels of crude oil were sold to private companies for export.

According to the Ministry of Petroleum’s Shana news agency, three private companies paid $64.97 per barrel for two crude shipments of 245,000 barrels each and one shipment of 210,000 barrels.

“Oil buyers on the bourse have been able to export their 'black gold' and there has been no problem in this regard,” Zangeneh said on Wednesday.

Source: News Agencies, Edited by website team