Bloomberg: The Iran Mercantile Exchange has started trading fuel oil in the Persian Gulf’s island of Kish, according to the Fars news agency.
By Ladane Nasseri
The Iran Mercantile Exchange has started trading fuel oil in the Persian Gulf’s island of Kish, according to the Fars news agency.
Fuel oil totaling about 35,000 metric tons was offered on June 1 on the free trade zone at a base price of $621.35 a ton, the report published today on the state-run news agency showed. Payments will be made in euros and dirham through accounts held overseas under the supervision of the National Iranian Oil Co., it said, without specifying details of the transactions.
Iran, the second-largest crude producer in the Organization of Petroleum Exporting Countries, aims to revive its mostly government-controlled economy and expand its influence in energy markets in the Middle East. The country is constrained by international economic and financial sanctions over its nuclear program, which complicates trading for foreign companies.