MNA � The National Iranian Oil Company (NIOC) will offer two million barrels of heavy crude oil at Iran Energy Exchange (IRENEX) on Tuesday (June 18) at the base price of $59.59 per barrel.

The offering will be conducted within the same framework that light crude and gas condensate have been offered at IRENEX.

Accordingly, the heavy crude will be offered in cargos of 35,000 barrels each, and buyers are required to purchase a minimum of one cargo.

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 payments should be settled within 90 days.

The cargo can be loaded up until three months after the purchase is done, and receiving the cargos at other terminals will need NIOC's approval.

NIOC offered one million barrels of heavy crude on April 30 at a base price of $60.68, during which 70,000 barrels of heavy oil were sold.

Offering crude oil on the stock market is part of government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.

Role of the private sector in oil exports has gained traction, particularly after the new US sanctions, which among other things, has hit the oil industry hard, aiming to paralyze the economy.

NIOC has so far sold 1.1 million barrels light and heavy of crude via IRENEX.