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Oil minister: Iran's Oil Bourse to start operation next week

Tehran, Feb 13, IRNA - Oil Minister Gholam Hossein Nozari said on Wednesday that Iran's Oil Bourse is to start operation from next Sunday.

Speaking to reporters after a cabinet session, he said Minister of Economy and Financial Affairs Davoud Danesh Jaafari is to attend the opening ceremony.

Iran's national currency, rial will be the base of hard currencies for all transactions in Tehran Oil Bourse, he said.

The country's oil revenue is to hit dlrs 63 billion this year, said the minister.

On construction of Peace Pipeline between Iran, Pakistan and India, he said China can join the project if it desires so.

"Iran and India are now working on the plan and involvement of China does not mean that India has to be excluded from the project," he said.

On invitation extended by Turkey to India for cooperation in 'Valve Oil' in Central Asia and impacts on such cooperation on Iran-India joint cooperation in Peace Pipeline, he said these are some assumptions which are not true.

The Oil Ministry is to drill ten oil wells which is expected to raise the volume of gas production by another 20 to 25 million cubic metric next year, he said.

On formation of a gas cartel like OPEC, he said the plan is very time consuming and requires collective cooperation among gas producing countries.

... Payvand News - 02/13/08 ... --

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