Mazut Worth $26m Offered as Forward Contract

Over 68,000 standard parallel Salaf (forward) securities for fuel oil (mazut) worth 4 trillion rials ($26.8 million) was offered Monday by the National Iranian Oil Company on the Derivative Market of Iran Energy Exchange. 
According to the Securities Exchange News Agency, each security is worth the equivalent to 1 ton of fuel oil calculated in rials and based on prices mentioned in the maturity date.
Standard parallel salaf is an Islamic contract similar to futures, with the difference being that the contract’s total price must be paid in advance.