Tehran, Feb 17, IRNA - The first phase of Iran's oil stock market started its work on Kish island in the Persian Gulf, southern Iran, on Sunday presenting oil and petrochemical products.
The stock market was inaugurated in a video conference ceremony from the capital Tehran attended by ministers of oil, finance and economic affairs as well as chairman of Iran's Stock Exchange and a number of other officials and financial experts.
The transactions will be made in Iranian rial.
The newly-inaugurated oil stock exchange is part of a two-phase project approved by Iranian cabinet.
Based on the approval, products of Iran's Oil Ministry should be traded through stock market in two forms which are the crude oil stock market and the oil and petrochemical products stock market.
Oil minister: Iran's oil bourse a gate to Int'l oil business
Oil Minister Gholam Hossein Nozari said that Iran's Oil Bourse is to open gate of international oil business to Iran in the near future.
The specialized bourse for oil derivatives and petrochemical products is regarded as a turning point in oil transactions, he said.
Iran's share in international oil trade is very low and such a bourse will help Iran take a leap in this sector in the near future, underlined the minister.
It is predicted the event would prepare grounds for active presence of foreign investors in Iranian oil industry and thus raise the country's share in global oil trade, he said.
Oil bourse is among most complicated and lucrative markets in the world, said the minister, adding that Iran is to get a bigger foothold on international markets.
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