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NIOC Releases Details of Selling Oil in Stock Market

 NIOC Releases Details of Selling Oil in Stock Market

Wednesday، 17 October 2018 | Article Rating

TEHRAN (Shana) -- The National Iranian Oil Company (NIOC) released details of selling crude oil on the domestic stock market.

 

The company is planning to sell a million barrels of crude oil in the export floor of the market in October or early December.

Buyers may pay 20 percent of the price of oil in Rials and the rest in dollars.

Buyers are required to deposit 10% of the order value in Rials, which, if carried out, will be part of the 20% payment in Rials.

The buyers will compete based on the price of crude oil declared by the National Iranian Oil Company, which is based on the company's international trading prices, in a bid to create a competitive environment that will lead to a reasonable price.

Delivery of crude oil to buyers will be made at a minimum of 5,000 tonnes (equivalent to about 35,000 standard barrels).

Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.​

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