Oct 22, 2020 08:25 UTC
  •  Iran sells 3 major gasoline cargoes, earning $1bn: Report

Three major cargoes of Iranian gasoline sold at free-on-board (FOB) prices have generated nearly $1 billion for the country, shows a report.

Iran's Fars news agency said on Wednesday that the three cargoes had been sold to unknown foreign customers earlier in the day at Iran Energy Exchange (IRENEX).

The report said the shipments amounted to 28 million barrels of gasoline, all of them set to be loaded from terminals in Iran’s southern port of Bandar Abbas on the Persian Gulf for delivery to customers at unknown “marine destinations”.

It said two 11-million-bbl gasoline cargoes had been sold at an FOB price of $32.14 per barrel. The report made no mention of the price of the 6-million-bbl shipment although it put the total value of the three cargoes at 294.34 trillion rials or $1 billion based on the price of the US dollar in a secondary exchange market run by the government.

Iran has used the export ring of IRENEX as a means of offering its hydrocarbon products to foreign customers at the time of increased US pressure on its energy sector. The mechanism has proved successful on several occasions, especially in export deals involving customers who can settle payments without being affected by American sanctions.

Gasoline has become a major energy export item as Iran continues to pump record amounts of the fuel through its large refineries in the Persian Gulf.

Iran has shipped eight large shipments of gasoline to Venezuela in recent months amid an acute shortage of the fuel in the South American country where the oil industry is the target of similar American sanctions.