The National Iranian Oil Company published a notice Wednesday announcing the fifth round of crude oil sale on Iran Energy Exchange to launch on February 18.
As per the notice published on the NIOC website, the selling conditions for this stage will be the same as in the fourth offer.
One million barrels of light crude oil will be on sale at a base price of $56.81 in cargoes of 35,000 barrels each. Buyers are required to buy at least one cargo.
The new offer will be launched unchanged next week among expectations that the oil officials will ease the purchasing conditions for potential buyers after the fourth and third offers at IRENEX ended with no deal.
At a press conference last week, Shapour Mohammadi, head of the Security and Exchange Organization said the terms of the offer in different aspects is bound to change for the future.
The IRENEX boss Hosseini told the Financial Tribune last week that in the next offers of oil on the stock market, the NIOC will “adjust trading terms” to meet the demand of traders.
Similar to the third and fourth stages, buyers are allowed to settle the payments entirely in rials or foreign currency in the fifth stage. Exchange rates are calculated based on those reported by SANA (a system operating under the supervision of central bank that records average exchange rates from across the exchange bureaux).
This is while payments in the first and second rounds had to be settled 20% in rials and the rest in foreign currencies, namely USD, euro and the UAE dirham.
Also, the settlement period in the fifth round is up to 90 days, extending from 60 days in the first and second rounds. Additionally, the pre-payment required for customers to enter the market was reduced from 10% in the previous rounds to 6% from the third stage onward.
