TEHRAN (FNA)- The Iranian National Oil Company sold 70,000 barrels of heavy crude in a new round of oil offer on the Iran Energy Exchange. The company had offered 1 million barrels of heavy crude in cargos of 35,000 barrels each and sold two cargos at $63.51/barrel.
Buyers are required to pay 6% of the order value in rials two hours before the beginning of trading time. They settle the payment 90 days after trade.
Payments can be settled both in rials and foreign currency and the exchange rate is based on open market rates.
Offering crude oil on the stock market is part of efforts to involve the private sector and international companies in the oil industry as a way to bypass the sanctions.