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First gas condensate offering fails at Iran's energy exchange

15 February 2019 11:24 (UTC+04:00)
First gas condensate offering fails at Iran's energy exchange

By Trend

The first gas condensate offering at Iran Energy Exchange (IRENEX) on Wednesday has failed to attract customers.

"The gas condensate cargo had one customer but due to lack of information, the trading did not go as expected," said National Iranian Oil Company (NIOC) representative Amir Hossein Tebyanian, Trend reports citing Fars News Agency.

The NIOC offered 1 million barrels of gas condensate from South Pars to the Energy Exchange.

"Previously, during oil offerings, the name and code of buyers remained hidden from the exchange trading panel. That was a good advantage for energy exchange customers, but on Wednesday offering lacked that capacity, and despite the efforts, the trading was not successful.” said Tebyanian.

The official indicated the NIOC's long-term plans to offer gas condensate cargos at the energy exchange, like oil.

"Considering the plans, there will be a fixed trend of oil and gas condensate offerings every Monday, where each being traded in one week at a time," he said.

"Some of the buyers, specially foreign customers, submitted requests for letter of credit to join the offering sessions and there have been efforts to facilitate the transactions," he added.

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