Energy Exchange Offers New Futures Contracts

Tehran, Aug. 23 (SENA) – Iran’s Energy Exchange offered new futures contracts to boost gasoline production, a top executive said.

The contracts are aimed at financing a new project in the Persian Gulf Star Refinary, the largest one ever produced gasoline in the country, Energy Exchange CEO Ali Hosseini told SENA.

“We have agreed with the National Iranian Oil Refining and Distribution Company (NIORDC) to offer futures contracts in a bid to help finance the project, which would produce 90-octane gasoline in the Persian Gulf Star Refinary,” he said.

The number of securities offered in the market on Aug. 23 reached 4,592 at a base price of 2,141,950 rials each. The total value of the securities is 3 trilion rials. The return rate of the contracts is set to be 20%, which is calculated on a daily basis. Those interested to purchase the securities can use services available through Energy Exchange brokerage firms.

Iran has been planning to boost gasoline production within its refinaries, as the country follows a macro policy to reduce its reliance on strategic products such as gasolin in the long run.

Hosseini said Energy Exchange is ready to help any other project being interested in raising funds through the financial market.

Source: Sena