Iran To Present 5m Barrels Of Oil At Stock Exchange Monthly: MP
Umer Jamshaid Published January 14, 2019 | 09:01 PM
Iranian Ministry of Petroleum is charged with presenting monthly five million barrels of light and heavy crude oil and South Pars's gas condensate to the energy stock exchange, vice-chairman of Iran's Majlis (Parliament) Integration Commission said on Monday
"The amount includes two millions of light crude oil, two millions of heavy crude oil and one million of gas condensate," Ali-Asghar Yousefnejad told the Islamic Republic news Agency (IRNA).
"Iranian oil should regularly be presented at the export sector of energy stock exchange and the total money for the oil should be paid in Riyal," the parliamentarian said.
Iran's Ministry of Petroleum is also urged to issue reports on selling oil to Majlis Energy Commission every three months, the lawmaker said.
On July 1, Iranian First Vice-President Eshaq Jahangiri announced that the government is to offer the country's oil through national stock exchange as the US has targeted Iranian oil sector in order to restrict the country's exports.
Despite the world's criticism over Washington's anti-Iran measures, US President Donald Trump reinstated unilateral sanctions on Tehran on November 5 and imposed as he claimed the "highest level" of economic bans on Iran.
According to Iranian officials, oil is a strategic product and the world needs the commodity. Those countries which have already stopped their oil imports from Iran are now after finding ways to indirectly buy Iran's oil.
Elsewhere in his remarks, Yousefnejad said the Majlis approved the outlines of the budget bill for the next Iranian Calendar year which will start on March 21, 2019.
Related Topics
Recent Stories
Sindh home minister chairs law and order meeting
Bakht Kakar orders to ensure maximum facilities in livestock sector
NEPRA concludes hearing into FCA of DISCOs for March
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
Chairman COPHC lauds MoMA’s efforts at Gwadar Port, Free Zone
CM’s aide directs steps to prevent domestic violence against women
LESCO detects 74,621 power pilferers in 220 days
Regional Police officer (RPO) Shariq Kamal Siddiqui holds open court
LESCO collects over Rs 4.36m from 189 defaulters in 24 hours
Secretary health urges public to follow precautionary measures to avoid spreadin ..
PM directs formation of committee for consultation with provinces on carbon cred ..
UAF to ink MoU with Ethiopian universities
More Stories From Business
-
IP rights crucial in achieving SDG : Jam Kamal
30 minutes ago -
FBR’s data protection efforts commended by OECD assessment team
27 minutes ago -
US stocks rebound on tech earnings, London hits new record
1 hour ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
1 hour ago -
SBP to announce monetary policy on April 29
1 hour ago -
50pc cut in subsidy of BRT service likely: CM’s aide
2 hours ago
-
PSX gains 771 points
3 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
4 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
3 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
4 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
4 hours ago -
SBP to announce monetary policy on April 29
3 hours ago