EghtesadOnline: Weekly trade on the commodity platform of Iran Energy Exchange surpassed five trillion rials ($34.36 million) during the week ending October 10 to register a new record, irenex.ir reported.
About 18,463 tons of hydrocarbon products worth more than 1.93 billion rials ($13,264) were traded in the commodity platform of IRENEX on October 10. In addition, the physical market also witnessed, for the first time, the trade of heavy naphtha from the Isfahan Oil Refinery.
The products traded in the domestic sphere included: ISO feed, Shiraz Oil Refinery solvent 404 and naphtha blending solution 410, Bandar Abbas Oil Refinery solvent 402 and ISO recycle, Kermanshah Oil Refinery solvent 402, Bisotoon Petrochemical Plant solvent 402, 02, and 503, and Isfahan Oil Refinery heavy naphtha. Shiraz Oil Refinery's LCO was offered on the international platform.
National Iranian Oil Company announced last week that it will launch crude oil futures by the last week of October, with one million barrels of crude oil to be offered on IRENEX's international platform, according to Financial Tribune.
According to NIOC, oil trading on IRENEX will be 20% in rial and 80% in foreign currency. Other details about the sales mechanism including the base price, how the cargo will be delivered, temporary and final reimbursements and conditions of the payment guarantee are to be announced in the offering notice expected this week.