Iran oil bourse officially starts

Business Materials 31 May 2011 11:34 (UTC +04:00)

Azerbaijan , Baku, May 31 /Trend/

Iran will commence oil bourse by offering 35,000 tons of fuel oil on Wednesday, Fars News Agency reported quoting Iran Commodity Exchange executive Mehrzad Namdari as saying.

"The National Iranian Oil Company said it will offer fuel oil in international oil bourse at Kish Island," he said.

Iran will trade 35,000 tons of 180-fuel oil at $621 per ton. Payments can be made in Euro and Dirham (AED) depending on customers' choice.

Iran oil bourse is officially launching by selling fuel oil on Wednesday.

The National Iranian Oil Refining and Distribution Company (NIORDC) previously announced readiness to offer at least 30,000 tons of export gasoline on mercantile market

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

The increase in Iran's trade comes despite tightened U.S. and the European Union sanctions imposed since the summer of 2010 against Iran, especially targeting its oil sector, due to its disputed nuclear program