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Code: 52639 Visited: 67 Publish Date: Oct 28 2018 - 3:08
https://goo.gl/2bTnRg
Capital Market
Oil Trade in IRENEX Kicked off
Tehran, Oct. 28 (SENA) - Once deemed far-fetched, crude oil of National Iranian Oil Company was supplied today, October 28, on Iran Energy Exchange, as a result of the collaboration between the capital market and Ministry of Oil.

Tehran, Oct. 28 (SENA) - Once deemed far-fetched, crude oil of National Iranian Oil Company was supplied today, October 28, on Iran Energy Exchange, as a result of the collaboration between the capital market and Ministry of Oil.

In an interview with SENA, Chief Executive of Iran Energy Exchange Ali Hosseini mentioned that this move is in line with article four of the Six National Development Law. Maximum daily supply is capped at one million barrels, and bids can be placed at batches of 35,000 barrels.

Buyers must settle 20% in cash and the rest in credit, provided they have put up adequate collateral. Following the trades, the shipment will be delivered in two months, and buyers have 50 days to pay the rest of their commitment and redeem their collaterals. The issue notice has initially determined the three currencies of Yuan, Dirham, and Euro for settlement, but Hosseini mentioned that Oil Ministry is willing to accept other currencies as well.

Regarding the buyers, the CEO noted that 100 foreign trading accounts have so far been created. He emphasized that all investors, whether domestic or foreign, can participate in the trades. Institutional Investors just need to provide 10 percent down payment to be allowed to trade.

Today’s base price was set by Oil Ministry at $79.15, which is based on the Brent oil prices.

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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