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90% of Iran Crude Sales under Contracts

Source: www.gulfoilandgas.com 4/20/2012, Location: Asia

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National Iranian Oil Company (NIOC) conducts 90 percent of its crude sales under long-term deals with a variety of countries, a senior NIOC official said.

Mohsen Qamsari, NIOC executive director for international affairs, told a news conference at Tehran Oil Show that the remaining 10 percent is sold in other ways like spot delivery and single-consignment.

“NIOC is responsible for the country’s budget financial burden. We offer guarantees that we can succeed,” he said.

“NIOC is also ready to sell oil on the stock market as we did option deals last year,” he said.

He referred to crude pricing restrictions in the country’s annual budget bill and said: “Annual budgets set a fixed price for crude sales and therefore NIOC could not sell crude on the stock market.”

He said NIOC favors futures deals in crude dealing on condition that the necessary banking and operational structures are provided by the Securities And Exchange Organization.

Qamsari said NIOC has submitted a proposal to Supreme National Security Council for “preventive oil supply halt” to European countries that have adopted tough sanctions against the Islamic Republic. The official also said NIOC was ready to issue oil bonds.

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