Iran Delays Oil Securities Offering Via Salaf Issuance: Iran Energy Exchange

Iran Energy Exchange (IRENEX) has announced the postponement of crude oil securities that were to be offered via Salaf bonds on the 16th of August 2020. A standard parallel Salaf is a Shariah-compliant contract similar to futures, the difference being that Salaf contracts’ total price must be paid in advance, according to media reports.

Elaborating on the details of the offer, IRENEX Managing Director, Seyed Ali Hosseini, stated that state-owned National Iranian Oil Company (NIOC) had planned the offer of around 220 million barrels of crude oil with the aim of raising IRR 20 trillion (USD 476.1 million) through standard parallel Salaf contracts. Hosseini added that each Salaf contract was to have an expected equiva...