MNA – The Iranian National Oil Company announced in a notice on Saturday that the new round of heavy crude oil sale will be launched at Iran Energy Exchange (IRENEX) on Wednesday (August 21).

According to NIOC, two million barrels of heavy oil be on offer on Wednesday at a base price of $52.81 per barrel.

Similar to the previous rounds, buyers are required to buy at least 1,000 barrels of oil for land delivery and 35,000 barrels for sea delivery. Buyers can settle the payments 90 days after the transaction.

Buyers can receive their cargoes up to three months after the transaction, and the delivery of the cargoes in other areas is subject to approval by the National Iranian Oil Company.

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

As part of the current fiscal budget, lawmakers passed a proposal to oblige the Oil Ministry to offer on a monthly basis 2 million barrels of light crude on IRENEX.