TEHRAN- Offering crude oil at Iran Energy Exchange (IRENEX) will be commenced on October 28 to thwart U.S. sanctions, ISNA quoted Deputy Oil Minister Ali Kardor as saying on Tuesday.

The government is to offer oil in form of at least 35,000-barrel-cargos and the total of one million barrels per day at IRENEX, he announced addressing the 4th Iranian Petroleum and Energy Club Congress & Exhibition in Tehran.

Offering oil will be continued till November 4, the date when the second round of U.S.-sanctions will be imposed, and the new decision about continuing selling export-grade crude oil at stock market and some other details in this regard would rely on the made assessments and the gained experiences in this period, Kardor said.

“Purchasers at IRENEX can pay 80 percent of the oil prices in foreign currencies and the rest in rial,” deputy minister added.

Iranian government decided to offer oil at stock market to permit the Iranian private sector export crude oil to foil U.S. sanctions. Since Washington aims to cut Iran's oil sales, private Iranian companies can transparently buy and sell the crude through this market.

HJ/MA