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Iran to Start Crude Transaction in Kish Oil Bourse in Days

Service : Economy
TEHRAN, June 6 (ICANA) – Iranian Economy Minister Seyed Shamseddin Hossein announced on Monday that the country will soon start transaction of crude in the international trade hall of the Iranian Mercantile Exchange in the Persian Gulf island of Kish.
Monday, June 06, 2011 9:22:40 PM
Iran to Start Crude Transaction in Kish Oil Bourse in Days

Hosseini told FNA that selling crude oil through trade halls yields much more benefits for the producing countries, and said Tehran intends to start crude oil transactions in the Kish Oil Bourse in coming days.

Iran also started fuel oil transactions in the Kish Oil Bourse on Wednesday. Some 35,000 tons of fuel oil was offered on the international trade hall of the Iranian Mercantile Exchange in the Persian Gulf island of Kish on the day.

The base price for fuel oil was 621.35 dollar per ton and payment was made through Euro or Dirham accounts overseas under the supervision of the National Iranian Oil Company.

Iran, having the world's second largest gas reserves and third largest oil reserves, is trying to play a more active role in oil and petrochemical transactions in international markets. Recently Iran started offering gasoline in the Kish island oil 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.

In April Iran announced that it would inaugurate the third phase of oil bourse on Kish Island in the Persian Gulf for trade in crude and petrochemical products with vast opportunities for foreign companies.

"The third phase of the oil stock exchange will be within the next few days on the island and one of the perks of the new phase is that it will be a venue for transactions of crude oil and petroleum products," the Head of Iran's Securities and Exchange Organization Ali Sale Abadi said in April.

He also stated that all types of contracts in the oil bourse will be based upon global standards of purchase and sale and in accordance with Islamic rules, adding that it will further boost Iran's strategic significance in the region.

"One of the advantages offered by the free economic zone of Kish island is that representatives and individuals from international companies can easily travel to the island and conduct large currency transactions," the chairman of the Tehran Stock Exchange added.

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