Iran should allow private sector to take risks with oil at stock exchange - analyst
Tehran, Iran, Oct.20.
Iran's government, in the first offering, officially announced that everyone who has the money can purchase oil from the stock exchange, but those who can take the risk didn't have the money, and those who did, didn't want to take that risk, said Ex-chairman of the union of Iranian exporters of oil derivatives Hassan Khosrojerdi.
He made the remarks at a conference at the University of Tehran on Thursday, talking about Iran's supply of oil to the stock exchange.
“Accordingly, I know the organs that have a very good financial situation, but they formally announced that they don't want to mend what isn't broken,” Khosrojerdi said.
Referring to the need to open the LC for oil sales, he said that to open the Letter of Credit (LC), there are four documents that must be adjusted in the period of sanctions.
“The important thing to keep in mind is that the stock exchange is transparent, and clear who is the supplier and who is the buyer," Khosrojerdi said, referring to the supply of oil in the stock exchange during the previous period of international sanctions between 2012 and 2016 on Iran and its failure.
“So, in my opinion, the stock exchange is not a good way to circumvent the sanctions, and I believe that the Ministry of Oil must work with some private-sector activists who are trustworthy and allow them to take risks,” he said.