Iran to launch energy exchange in 3 months

Oil&Gas Materials 25 July 2011 14:45 (UTC +04:00)

Azerbaijan, Baku, July 25 /Trend/

Iran will launch energy exchange with power focus in the next three months, Mehr News Agency reported quoting Energy Minister Majid Namjou as saying.

"We attempt to launch the energy exchange in the next three months of current solar year (started on March 20, 2011)," he said.

The Energy Ministry approved launching energy exchange with power focus by last solar year, he added.

The Securities Exchange Council approved launching of energy exchange with power focus earlier and call on shareholders to participate in it.

Twenty percent of electricity exchange will be put on for public shareholders after registration of stock institutions.

The minister noted energy exchange enables to reduce transaction costs, assigns daily energy price, provides financial resources for producers and facilitates the energy exchange for customers.

Iran previously started oil exchange at Kish Island and put for sale oil cargo and furnace fuel oil cargo. The oil cargo failed to sell due to disagreement on price. The country's third attempt to sell furnace fuel oil was a success.