TEHRAN - National Iranian Oil Products Distribution Company (NIOPDC) is going to offer 20,000 tons of kerosene at the international ring of Iran Energy Exchange (IRENEX) on Monday, ISNA reported.

As reported, the offering will be in the form of two separate 10,000-ton cargoes at the base prices of $505 and $510 per ton, respectively.

The first cargo is going to be offered at 12 a.m. local time, while the second cargo will be offered at 1 p.m.

As decided at IRENEX, the applicants have to initially pay 10 percent of the value of the contract in rials or other foreign currencies and in case their bidding is accepted they must pay the rest to receive the purchased cargo.

The buyer company will also be required to pay for loading and unloading costs at the source of delivery.

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 it's economy’s reliance on oil.

In this regard, Iranian think-tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to make up for the reductions in crude oil sales by exporting oil products.

Therefore, in the past few months, the National Iranian Oil Company (NIOC) and its subsidiaries have been constantly offering various oil products at IRENEX.

NIOC sold 450,000 tons of oil products worth $160.656 million at IRENEX international ring during the week ended on September 20.

EF/MA