Iran News - "Petroleum bourse to become reality"
Iran News - "Petroleum bourse to become reality"
Wednesday, July 27, 2005 - ©2005 IranMania.com
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LONDON, July 27 (IranMania) - A senior stock market official has said that the Stock Exchange Council has agreed in principle to the establishment of the much-publicized oil bourse.
Heydar Mostakhdemin-Hosseini, who heads the board of directors of the council, told Fars news agency that the council, also tasked the Oil Ministry to formulate necessary mechanisms for the establishment of the oil bourse in line with the country's general stock market policies, Iran Daily reported.
"The issue of setting up the oil bourse will be finalized once the Oil Ministry presents the outcome of its studies on the organization and articles of association of brokerage firms," he said, adding that stock market software would be created in partnership with foreign parties.
Once established, petrochemicals, crude oil and oil and gas products will be traded at the petroleum exchange, known as oil bourse.
The oil exchange would strive to make Iran the main hub for oil deals in the region as most deals will be conducted via the Internet.
Iran announced in September its petroleum exchange will be operational by March 2006.
Experts from International Petroleum Exchange (IPE) and the New York Mercantile Exchange (NYMEX) have reportedly confirmed the feasibility of the project.
Experts say the petroleum exchange can help create further transparency in the Oil Ministry's performance and help attract more foreign investments in national energy industries.
The proposal was first put forward in the beginning of the Third Development Plan (2000-2005) and became a national project in 2003. Relevant technical studies are still underway.
Wednesday, July 27, 2005 - ©2005 IranMania.com
Related Pictures
LONDON, July 27 (IranMania) - A senior stock market official has said that the Stock Exchange Council has agreed in principle to the establishment of the much-publicized oil bourse.
Heydar Mostakhdemin-Hosseini, who heads the board of directors of the council, told Fars news agency that the council, also tasked the Oil Ministry to formulate necessary mechanisms for the establishment of the oil bourse in line with the country's general stock market policies, Iran Daily reported.
"The issue of setting up the oil bourse will be finalized once the Oil Ministry presents the outcome of its studies on the organization and articles of association of brokerage firms," he said, adding that stock market software would be created in partnership with foreign parties.
Once established, petrochemicals, crude oil and oil and gas products will be traded at the petroleum exchange, known as oil bourse.
The oil exchange would strive to make Iran the main hub for oil deals in the region as most deals will be conducted via the Internet.
Iran announced in September its petroleum exchange will be operational by March 2006.
Experts from International Petroleum Exchange (IPE) and the New York Mercantile Exchange (NYMEX) have reportedly confirmed the feasibility of the project.
Experts say the petroleum exchange can help create further transparency in the Oil Ministry's performance and help attract more foreign investments in national energy industries.
The proposal was first put forward in the beginning of the Third Development Plan (2000-2005) and became a national project in 2003. Relevant technical studies are still underway.
posted by Marcel at 4:56 PM
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