Fuel oil offered at Kish Island

Thu 9 Jun 2011, 07:27 GMT

Fuel oil offered at Kish Island

Approximately 35,000 tonnes of fuel oil is reported to have been offered at the Persian Gulf island.

The Iran Mercantile Exchange has begun trading fuel oil at the Persian Gulf island of Kish, Fars news agency reports.

Approximately 35,000 tonnes of fuel oil is reported to have been offered at the island, which has free trade zone status, at a price of $621.35 per tonne.

The state-run news agency said payments will be made in euros and dirham through accounts held overseas under the supervision of the National Iranian Oil Co.. Further details regarding the transactions were not disclosed.

NIOC is a government-owned corporation under the direction of the Ministry of Petroleum of Iran. The company is exclusively responsible for the exploration, extraction, transportation and exportation of crude oil, as well as sales of natural gas and liquefied natural gas (LNG).

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