Iran to pre-sell crude oil to people on four-year contracts

TEHRAN,Nov. 20 (MNA) — The government planned to pre-sell crude oil to Iranian people based on forward contract with maturity four years, as a tool to attract domestic investment in the oil industry, Iranian Oil Minister Rostam Qasemi announced here on Saturday. Qasemi expressed the hope that the plan would go into effect in the next Iranian month of Azar which begins on November 21. According to the plan, the four-year long forward contract bills would be sold by operating banks to the people, Qasemi said, adding that each bill has the minimum equivalent worth of 10 barrels of crude oil on the price of the trade date. The holders of the bills can sell it to the banks after four years, Qasemi explained.