for crude oil to individual citizens in qualities of as little as 10 barrels or 420 gallons.
Shana, the Oil Ministry’s news service, said the sales would begin in days.
It quoted Oil Minister Rostam Qasemi as saying the contracts would be on sale at banks and would be redeemable after four years.
The ministry earlier announced plans to sell bonds to Iranians denominated in foreign currencies rather than rials, apparently reflecting recognition that citizens no longer see the rial as a safe currency in which to place their savings. The new bonds are to go sale on November 26.
He did not say what currencies the bonds would be denominated in. In the past, they have normally been priced in euros.
The bonds and forward con- tract sales appear to many to represent a desperate effort to raise capital now that Iran is largely cut off from international markets.
Chinese firms have signed agreements that would involve substantial investments, but it isn’t clear that any of those agreements have yet produced any hard investments. Iran has, in fact, complained about Chinese delays.