A view of Iran's Majlis[/caption]TEHRAN Sept 24 (Shana)--The economic subcommittee of the Majlis Planning and Budgeting Committee has voted in favor of a proposal for cutting by five percent the price of crude oil delivered to refining units in order to attract investment, an MP said.
Hossein-Ali Haji Deligani said the price of crude oil delivered to refineries is now five percent lower than the Persian Gulf FOB price.
FOB (free on board) is a trade term requiring the seller to deliver goods on board a vessel designated by the buyer.
The seller fulfills its obligations to deliver when the goods have passed over the ship's rail.
When used in trade terms, the word "free" means the seller has an obligation to deliver goods to a named place for transfer to a carrier.
By SHANA
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