Regulated Exchange for Trading of Energy-Related Products and Securities
In order to develop alternative channels for monetising its oil, Iranian authorities have activated an old plan to market some of Iran’s export potential through the Iran Energy Exchange (IRENEX) which was established in 2012 as a regulated exchange for the trading of energy-related products and securities. Up until the end of October, IRENEX had mainly been an exchange for the trading of petroleum and petrochemical products (not crude oil), gas liquids and electricity. The initial plan to market crude oil through IRENEX had emerged during the last phase of harsh external sanctions on Iran from 2011 to 2013, but it did not materialise due to different reasons. However, the National Iranian Oil Company offered its first consignment of crude oil on IRENEX on 28 October, hoping that selling oil on local energy exchange could boost the economy.