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Iran Takes Final Step in Launching Petroleum Bourse

Service : Economy
TEHRAN, May 20 (ICANA) – Iran sold its first gasoline consignment through the Kish Island oil bourse in a final step in launching the country's petroleum bourse.
Friday, May 20, 2011 10:53:12 PM
Iran Takes Final Step in Launching Petroleum Bourse

"The Bandar Abbas Refining Company sold 20,000 tons of its export gasoline at Iran's international mercantile bourse on the Kish Island," Ali Akbar Hashemian, the director general of Iran's Mercantile Exchange Company, said on Thursday.

Hashemian said the sale of gasoline on the stock market was the third and final phase in launching the country's petroleum bourse.

He added that the National Iranian Oil Products Company (NIOPDC) has agreed to put up at least 30,000 tons of gasoline for sale every month on the Kish bourse.

The Islamic Republic launched the first phase of the oil stock exchange on Kish Island for trade in crude and petrochemical products on February 17, 2008, and successfully managed to make the second phase operational in late 2009.

After Saudi Arabia, Iran is the second-largest oil producer in OPEC -- the Organization of the Petroleum Exporting Countries -- and assumed the oil producing body's rotating presidency on 2011.

Iran, which possesses the world's second-largest gas reserves and third-largest oil reserves, is working diligently to play a more active role in oil and petrochemical transactions in international markets.

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