MNA – The National Iranian Oil Company (NIOC) is planning to offer 2 million barrels of heavy crude oil on the international floor of the Iran Energy Exchange (IRENEX) on August 27 for the second consecutive week.

The company will offer the crude at the price of $50.37 per barrel in this round of offering on Tuesday.

This is the 7th heavy crude oil offering by NIOC at IRENEX. The company also offered two million barrels of heavy oil on Wednesday (August 21) 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 cargo(es) up to three months after the transaction, and the delivery of the cargo(es) in other areas is subject to approval by the National Iranian Oil Company.