The company has offered 50,000 to 100,000 tonnes of fuel oil to be loaded on four tankers from Baghdad, Shatt Al-Arab, Al-forat and Dijla in April.
The estimated price for the cargoes, which traders said were of the straight-run fuel oil grade, will be around $450 a tonne.
The buyer is required to pay for the first shipment before it is loaded, using the estimated price, the sources said, citing a tender document.
A Singapore-based trader said that the estimated price was expensive as it would be a premium of more than $100 above current prices for the 180-centistoke fuel oil.
Straight-run fuel oil is the first cut of the heavy distillate after crude has been processed in the refining unit.
Buyers also have the option of receiving the cargoes on a delivered basis.
The tender closes on March 22.