Talking to reporters on the sidelines of a ceremony to unveil the crude oil and gas condensate certificates of deposit (CDs) in IRENEX, he expressed hope that neighboring countries will become eager to buy CDs.

The minister added the plan has been studied for over a year with the aim of encouraging domestic investors and people to help sell oil.

According to Owji, 72 million barrels of crude oil and gas condensates will be offered in IRENEX through issuing CDs per year.

CDs help diversify exports

The minister said certificates of deposit help make exports diversified and transparent.

He said the National Iranian Oil Company (NIOC) conducted 16 months of studies on the newly-unveiled transactions to achieve the plan’s goals in collaboration with the country’s economic sector.

Owji stated people’s maximum participation will play a key role in transactions.

The minister lauded NIOC Managing Director Mohsen Khojastehmehr for introducing the initiative of transacting crude oil and gas condensates through issuing certificates of deposit.