The transactions were given the go-ahead in a ceremony held in the presence of Oil Minister Javad Owji, Finance and Economic Affairs Minister Ehsan Khandouzi, National Iranian Oil Company (NIOC) Managing Director Mohsen Khojastehmehr, and IRENEX Managing Director Ali Naqavi.
The NIOC CEO had earlier said the plan is in line with the country’s resistance economy.
A certificate of deposit is a standard means for transaction of the energy carrier. It is a type of securities, certifying its holder’s possession of a certain amount of crude oil in reserves belonging to NIOC.
The certificate is a new type of asset for natural persons and legal entities deciding to trade energy carriers in IRENEX.
Minister: Oil, condensate prices offered in IRENEX same for domestic, foreign purchasers
Talking to reporters on the sidelines of a ceremony to unveil the crude oil and gas condensate certificates of deposit (CDs) in IRENEX, he expressed hope that neighboring countries will become eager to buy CDs.
The minister added the plan has been studied for over a year with the aim of encouraging domestic investors and people to help sell oil.
According to Owji, 72 million barrels of crude oil and gas condensates will be offered in IRENEX through issuing CDs per year.
CDs help diversify exports
The minister said certificates of deposit help make exports diversified and transparent.
He said the National Iranian Oil Company (NIOC) conducted 16 months of studies on the newly-unveiled transactions to achieve the plan’s goals in collaboration with the country’s economic sector.
Owji stated people’s maximum participation will play a key role in transactions.
The minister lauded NIOC Managing Director Mohsen Khojastehmehr for introducing the initiative of transacting crude oil and gas condensates through issuing certificates of deposit.