- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, October 29 - Iran has started direct sales of oil to domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge the impacts of returning sanctions.
TEHRAN, Young Journalists Club (YJC) - Buyers were able to purchase as much as 280,000 barrels of Iran’s light oil at an average price of $74.85 in the first day of trading, according to a report by Iran’s state news agency IRNA.
They would have to pay 20 percent of the total value of their purchases in Iran’s national currency – the Rial. The remaining payments would need to be made in foreign currencies after loading.
The base price set by the Ministry of Petroleum stood at $79.15 per barrel, other reports added.
Seyyed Ali Hosseini, the managing director of Iran’s Energy Bourse, said sales of oil would be carried out at least once a week.
The administration of US President Donald Trump is preparing to launch the second wave of sanctions against Iran from November 4 in which a universal ban on the country’s oil exports appears to be a primary objective.
US officials have already said the sanctions would be meant to bring down Iran’s oil exports to zero. However, Iranian officials have repeatedly rejected the feasibility of this, stressing that international consumers cannot afford to lose Iranian supplies.
Iran’s First Vice President Es’haq Jahangiri was quoted by media as saying that the government of President Hassan Rouhani had already devised mechanisms to counter the impacts of returning US sanctions against the country’s oil exports.
Jahangiri emphasized that Iran had serious plans to maintain oil exports above one million barrels per day.
Although Iran is hopeful that selling oil through the Energy Bourse would help it counter the sanctions, experts believe the plan would not be free from challenges.
Manouchehr Takin, a senior analyst at the Center for Global Energy Studies in London, told Press TV that Iran would have to deal with technicalities that emerge from the shipments of oil as well as payments in foreign currencies other than the greenback.
A total of one million barrels were put up for the grabs at the start of trading on Sunday, IRNA added. The purchases were made in eight cargoes by three companies, it added without providing further details.
Buyers would have to pay 10 percent of the value of their purchases in Rials two hours before the start of trading. They can either buy 35,000 barrels of oil or a multiplication of this up to a ceiling of one million barrels.
Hosseini was quoted by media as saying that there is no restriction for the participation of buyers in Iran’s oil sales.
He further emphasized that the names and details of buyers would be confidential according to the rules of Iran’s Energy Bourse.
Nevertheless, there have been speculations in Iran’s media that certain trading companies affiliated to Iran’s leading banks as well as some law firms have bid for purchases of Iran’s oil.
Source: Presstv
Your Comment