Iran will soon offer 1 million barrels of oil destined for export on the stock exchange, head of the state-run National Iranian Oil Company (NIOC) was quoted as saying by the Islamic Republic News Agency (IRNA).

Ali Kardor, managing director at the NIOC, said that 5,000-barrel share packages will be offered to the country’s energy stock exchange, possibly as soon as the second week of October.

“We’re now providing a formula for offering oil to the energy stock exchange,” Kardor said.

Iran’s First Vice-President Eshaq Jahangiri said in July that the country would be looking to offer oil via the stock exchange as a way to avoid restrictions placed on the county’s exports by US sanctions.

On October 1, Kardor stated that Iran has no plans to cut oil production, adding that the country has implemented a new model for oil contracts and will probably sign its next contract with a consortium of Russian oil companies.