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Iran sells products on IRENEX
SP22-24 was earmarked to produce a combined 18.6 bcm per year by March 20 this year, but a lack of foreign currency after the US withdrawal from the nuclear deal and introduction of sanctions derailed these ambitions.
Iranian state broadcaster IRIB reported that the National Iranian Oil Co. (NIOC) had sold 450,000 tonnes of oil products to foreign buyers over the Iran Energy Exchange (IRENEX) last month.
It said that the goods were valued at a total of $160.6mn.
The report said that the products were: 168,000 tonnes of gasoline ($64.3mn), 162,500 tonnes of gasoil ($73.9mn), 20,000 tonnes of kerosene and 50,000 tonnes of liquefied petroleum gas (LPG). Values were not given for the kerosene and LPG.
Tehran has been experimenting with selling crude over the exchange in response to the US ramping up pressure on Iranian oil customers to reduce shipments, with oil products joining the slate in recent months. It has held offerings of light and heavy crude on IRENEX since October 28 last year as it tries to provide a variety of sales mechanisms to appeal to buyers.
In an effort to entice more buyers, the Ministry of Petroleum (MoP) cut the minimum purchase order for the June 11 offering from 35,000 barrels to 1,000 barrels for land delivery, while the clearance period for payments has been extended from 60 days to 90. Cargoes can either be delivered by sea at the Kharg Island terminal or by land at the Tabriz Refinery.
NIOC offered 2mn barrels of gas condensate on June 3 at $67.14 per barrel, with the minimum purchase noted at 1,000 barrels.
The amendments to the purchase and payment terms are nothing new. An amendment to the Iranian budget was approved on February 17, requiring the Ministry of Petroleum (MoP) to offer 2mn barrels per month of light crude on IRENEX. This came in addition to the 2mn barrels of heavy crude oil and 2mn barrels of natural gas condensates and natural gas the ministry was already obliged to supply to the exchange.
9.2.2 ​Automotive corporate news
Largest Iranian automaker Iran Khodro Company (IKCO) has announced that it has developed its first six-speed gearbox transmission, just days after ceasing production temporarily, IRIB has reported.
Production has all but ceased at IKCO and at its main rival SAIPA’s sites due to the coronavirus emergency.
Videos showed top IKCO engineers explaining the technical specifications of the gearboxes to Ali Aqamohammadi, an economic adviser to Iran’s top cleric Ayatollah Sayyed Ali Khamenei.
Due to US sanctions, Iran has had to reverse engineer many parts for its automotive sector, many of which are not of the same quality as their imported counterparts, according to customers.
IKCO chief executive Farshad Moghimi said the manual six-speed transmission “would almost entirely rely on domestic industries in Iran once it reaches mass production in October”, adding that “output would reach 10,000 units in March 2021.”
The company hopes to develop its own automatic transmission by September 2020, after experiencing an increase in demand for the technology.
Four new vehicles designed by largest Iranian automaker Iran Khodro Company (IKCO) and main rival SAIPA (Société Anonyme Iranienne de Production des Automobiles Citroën) have been officially unveiled in the
45​ IRAN Country Report April 2020 www.intellinews.com