The transactions were given the go-ahead in a ceremony held in the presence of Oil Minister Javad Owji, Finance and Economic Affairs Minister Ehsan Khandouzi, National Iranian Oil Company (NIOC) Managing Director Mohsen Khojastehmehr, and IRENEX Managing Director Ali Naqavi.

The NIOC CEO had earlier said the plan is in line with the country’s resistance economy.

A certificate of deposit is a standard means for transaction of the energy carrier. It is a type of securities, certifying its holder’s possession of a certain amount of crude oil in reserves belonging to NIOC.

The certificate is a new type of asset for natural persons and legal entities deciding to trade energy carriers in IRENEX.