Icana.ir
PrintLogoPrintPrintLogo/Print With Image SendToFriendSend To Friends Whatsapp google_plus Line twitter

Iran Starts Crude Transaction in Kish Oil Bourse

Service : Economy
TEHRAN, July 13 (ICANA) – Iran on Wednesday started transaction of crude in the international trade hall of the Iranian Mercantile Exchange in the Persian Gulf island of Kish, ending months of western media speculations that the bourse is just a political game with no trade and economic implications.
Wednesday, July 13, 2011 8:04:56 PM
Iran Starts Crude Transaction in Kish Oil Bourse

"In the current Iranian year (started on March 21) first gasoline and then fuel oil went on board (for transaction) in the month of Khordad (May 22 to June 21) and now we witness the final stage in completing oil bourse transactions, which is the start of transaction of heavy crude for export," Iranian Economy Minister Seyed Shamseddin Hosseini said at the inauguration ceremony of the oil bourse.

He further dismissed the western media speculations which cast doubt on the operation and practice of crude transaction in Kish oil bourse arguing that the mercantile exchange hall in Kish is a political game.

"Presentation and transaction of crude today proved to the foreign press that our measure was not a political game, rather it was a work of trade, and this is just the beginning," the Iranian minister said.

Iran started fuel oil transactions in the Kish Oil Bourse early June. 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 oil and gas 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 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.

Member Comments
Full Name :
Email :
Body :

fa Icana

Copyright © Icana All Rights Reserved

Powerd By : Tasvirnet