Official: Iran's oil stock exchange to work in real-mode

Business Materials 16 May 2011 15:16 (UTC +04:00)

Azerbaijan, Baku, 16 May/Trend/

Iran seeks to establish a transparent market for oil trading and has launched the Oil Stock Exchange in accordance with international standards, Mehr News Agency reported quoting the Head of Iranian Securities and Exchange Organization (SEO) Ali Saleh Abadi as saying.

"The oil stock exchange will work in real mode," Abadi said.

"Iran seeks to develop the country's oil bourse and attracts more foreign investors to the Oil Stock Exchange," Saleh Abadi said.

At least 30 domestic companies and 20 foreign firms are active in the oil and petrochemical industries on Kish Island, where the Oil Stock Exchange bases.

The first phase of the bourse was launched in 2008.

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

Iran also wants to encourage local investors to participate in the oil market as it tries to reduce the state's role in the country's energy industry.