MNA � National Iranian Oil Company will offer light crude oil at today�s session of Iran Energy Exchange (IRENEX).

According to NIOC, two million barrels of oil will be on offer at a base price of $57.98/barrel.

The minimum purchase order is 35,000 barrels for sea and 1,000 barrels for land delivery.

Buyers can settle the payments 90 days after the transaction. They 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.

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.

Today�s session marks NIOC�s seventh round of light crude offer in the current fiscal (started on March 21).

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

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