The National Iranian Oil Company will offer two million barrels of light crude oil at the international ring of the energy exchange (IRENEX) on Tuesday (July 01) at the base price of $59.28 per barrel.
The minimum purchase order is 35,000 barrels for sea and 1,000 barrels for land delivery.
Those interested are required to pay 6% of the order value in rials or foreign currency two hours before the beginning of trading time at 02:30 pm local time. Moreover, the payment should be cleared within 90 days.
Buyers can receive the cargo either at Kharg Island terminal off the Persian Gulf for sea delivery or at Tabriz Refinery if they want a land delivery.
As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.
Offering crude oil and petroleum products on the energy market is part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.
During the previous round of IRENEX (June 11), NIOC offered two million barrels of natural gas condensate at the base price of $58.43 per barrel.
NIOC has so far sold 1.1 million barrels light and heavy of crude via IRENEX.