New record in Iran’s oil exports; revenue collection faster than before

According to Energy Press, Behzad Shamsi, the financial director of the National Iranian Oil Company, in an interview with an economic reporter from Tasnim News Agency, stated: “The process of selling oil and returning the foreign exchange from this sale in the current situation is that oil is delivered to oil sellers through contracts and they must pay the money from the sale of oil to the country’s banking system.” He added: “The seller must pay the money to the Central Bank-approved broker in that agent bank. When the Central Bank-approved broker reports the receipt of funds to the agent bank, the agent bank reports to the National Iranian Oil Company that the money has been deposited; we check this deposit with the Central Bank and finally it is confirmed to us that the money from oil exports has been received and the money from oil sales is available in the relevant account in the agent bank.” What is the division of labor between the Ministry of Oil and the Central Bank in oil sales? Shamsi emphasized: Therefore, we at the National Iranian Oil Company export oil and follow up until the money from the export is deposited to the agent affiliated with the agent bank specified by the Central Bank, and after the deposit, we receive the relevant receipt from the agent bank; but what happens to the oil money after this stage and in which sectors it should be injected or spent is not within the authority and responsibility of the National Oil Company and the Ministry of Oil.
He added: In the division of labor that has been made at the level of the country’s economic structure, we export the oil, we carry out the transaction and we receive confirmation of the deposit from the agent banks that are introduced to us monthly by the Central Bank, and finally, based on the confirmation of these banks, we settle with the Central Bank.
Reducing the discount on the sale of Iranian oil
The Director of Finance of the National Iranian Oil Company noted: Over the past year, compared to the previous five years, we had the best record in various issues related to oil exports.
Shamsi continued: “In terms of oil exports, we recorded the highest volume of daily oil exports this year, and regarding the amount of discounts, we have had the lowest amount of discounts on Iranian oil exports in the last 5 years, and the amount of discounts on Iranian oil sales has decreased significantly.”