BAKU, Azerbaijan, March 14. In total, 85,821 certificates of deposit for the sale of crude oil and gas condensate worth approximately $6 million were sold at the Iran Energy Exchange (IRENEX), on March 13, 2023, Trend reports citing the IRENEX.
As many as 41,846 certificates of deposit for the sale of heavy crude oil were sold at the IRENEX at a price of $70.8 ($70 and 78 cents) per barrel, and the total value was $2.96 million.
In addition, 43,975 certificates of deposit for the sale of gas condensate were sold at the energy exchange at a price of $68.7 ($68.78 cents) per barrel and the total value was more than $3.02 million.
A certificate of deposit of crude oil or gas condensate is a type of security, and the person who buys the security is the owner of a certain part of the crude oil and gas condensate in the storage of the National Iranian Oil Company. The certificate is a new form of buy and sale for individuals and legal entities to transparently participate in the purchase and sale of energy carriers at the IRENEX.
Certificates of deposit for crude oil and gas condensate will be put on sale at the Iran Energy Exchange every Monday, Tuesday and Wednesday.
According to the IRENEX, there should be at least 600,000 deposit certificates for receiving heavy crude oil from storages, and at least 300,000 deposit certificates for receiving gas condensate.
Iran has started the sale of certificates of deposit for crude oil and gas condensate at the Iran Energy Exchange (IRENEX), as of March 12, 2023. Iran intends to sell 72 million barrels (36 million barrel of crude oil, 36 million barrels of gas condensate) of crude oil and gas condensate with deposit certificates at the Energy Exchange.
Those who want to buy deposit certificates at the Iran Energy Exchange should buy at least 1,000-barrels of crude oil and 500-barrels of gas condensate. The certificates of deposit can be purchased directly by legal entities and by individuals only through portfolio companies.