TEHERAN, Iran - July 13, 2011 - Iran's international oil bourse has officially been inaugurated on the Persian Gulf island of Kish for the convenience of international customers.

The Iranian oil bourse opened on Wednesday during a ceremony attended by Iran's First Vice President Mohammad Reza Rahimi, Economy Minister Shamseddin Husseini, and Caretaker of the Oil Ministry Mohammad Aliabadi, IRIB reported.

National Iranian Oil Company (NIOC) is expected to offer 600,000 barrels of heavy crude oil for sale on the first day launch of the bourse.

Ali Akbar Hashemian, the managing director of Iran Mercantile Exchange, says the base price of the heavy crude would be $112.60 per barrel.

Hashemian said the NIOC plans to offer 50,000 barrels of Iran's crude on the bourse on a regular daily basis, once all the necessary requirements are satisfied.

Iran, OPEC's second-largest oil producer, has the world's second largest natural gas reserves after Russia.