TEHRAN – National Iranian Oil Company sold 450,000 tons of oil products worth $160.656 million at the international ring of Iran Energy Exchange (IRENEX) during the week ended on September 20, IRIB reported.

In the mentioned week, 168,000 tons of gasoline worth $64.297 million as well as 162,500 tons of gasoil worth $73.964 million along with 20,000 tons of kerosene and 50,000 tons of liquefied petroleum gas were sold to foreign buyers at IRENEX.

Since the U.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 U.S. actions and to lessen its economy’s reliance on oil.

The country also sought new strategies to help its oil exports afloat, one of which is diversifying the mechanism of oil sales, like offering oil and oil products at the country’s stock market.

National Iranian Oil Company 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’s representative in Iran Energy Exchange (IRENEX) has said that the company will continue offering oil at IRENEX.

Furthermore, in the past few years, Iranian think-tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to lessen the economy’s reliance on crude sales. In this regard, one of the main strategies of the National Iranian Oil Company in recent years has been focusing on the country’s refineries.

In early August, National Iranian Oil Products Distribution Company (NIOPDC) offered 18,000 tons of 95 octane gasoline produced in Iran’s Persian Gulf Star Refinery (PGSR) at IRENEX, of which 5,000 tons were sold to be exported to Afghanistan, Armenia, and Iraqi Kurdistan.

Later that month, NIOPDC also offered 10,000 tons of gasoline produced in Iran’s Persian Gulf Star Refinery at the international ring of IRENEX.

As reported, 500 tons of the offered cargo worth nearly 32 billion rials (about $762,000) was sold to domestic buyers.

EF/MA