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Iran to sell first heavy crude oil through bourse


The National Iranian Oil Company (NIOC) will offer 600,000 barrels of heavy crude oil for sale on the Iran Mercantile Exchange making it the first such sale through the offshore oil and commodities market.

"The base price for this heavy crude oil from the Bahregan oil fields is $115.18/barrel plus a US$1 premium," Ali Akbar Hashemian, managing director of the Iran Mercantile Exchange, was quoted as saying by Shana reported.

Hashemian said the crude oil would be offered for sale into the Asian, Mediterranean and Northwest European markets for delivery in August.

Hashemian added that NIOC plans to offer 50,000 bpd of crude oil on a regular basis on the bourse after it agrees all the necessary requirements.

The Iranian oil and economy ministries in late May approved a proposal by NIOC to offer the first crude oil consignment for sale through the exchange.

Also in May, Iran succeeded in selling the first gasoline consignment, a 20,000 mt cargo, on the bourse.