The minimum purchase order is 35,000 barrels for sea and 1,000 barrels for land delivery.
Buyers 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.
The cargo can be received up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.
This is the 14th round of light crude offering at IRENEX.
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.