TEHRAN – National Iranian Oil Company (NIOC)’s representative in Iran energy Exchange (IRENEX) said foreign buyers have expressed willingness for purchasing Iranian oil offered at this exchange market, IRNA reported on Sunday.

“Foreign buyers have expressed willingness to engage in oil trades at IRENEX, and we are taking necessary measures to make it possible for them to do so,” Amir Hossein Tebyanian said.

According to the official, in this regard some foreign companies and businessmen have been assigned the Iranian Commercial Code and, some have also referred to the National Iranian Oil Company (NIOC) for participation in these transactions. 

“IRENEX has a mechanism for crude oil deals with foreign entities and we have no limitations in this regard.” Tebyanian said.

“Of course, in the past only companies were able to register for oil purchases at IRENEX, but now it is possible for real persons to also engage in oil trades at Iran’s energy stock exchange,” he added.

Since the U.S.’s withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran's oil exports down to zero, the Islamic Republic has been taking various measures to counter the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

NIOC offered light crude oil at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4).

In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

NIOC has so far offered light oil through 12 offerings at the IRENEX.

EF/MA