Since its start in 2013, it is the first trading on the IRENEX to sell oil products to Turkey which is expected to be replicated by future international transactions.
It follows IRENEX’s earlier selling of crude oil to domestic buyers carried out in the Iranian currency, during which the pricing is based on 30-day averages.
Petroleum Minister Bijan Zanganeh has said that the crude oil bourse trading encourages competitiveness, transaction diversity, and private sector’s involvement.
Owning world’s fourth largest oil reserves and largest natural gas reserves, Iran is the biggest holder of oil and gas reservoirs combined.
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