Iran to offer crude regularly on oil exchange next year

Iran Materials 11 January 2012 14:27 (UTC +04:00)

Azerbaijan, Baku, Jan. 11 / Trend F.Milad/

Crude oil will be regularly offered on the oil exchange in the next Iranian calendar year, which begins on March 20, 2012, the National Iranian Oil Company (NIOC) managing director said.

Ahmad Qalebani told the Shan news agency that crude oil is planned to be offered on the exchange once before the end of the current year.

Mr Qalebani said on November 29 that offering oil on the bourse was not successful in the first phase as no buyer was found for the product, adding: "The next phase of offering oil on the bourse will be conducted in the near future," the ISNA news agency reported.

The Iranian oil bourse was officially inaugurated on July 14, 2011 on the Kish International Commodity Exchange, as a tool to strengthen Iran's position in the international markets. Iran possesses the world's second largest gas reserves and third largest oil reserves.

The Iranian oil bourse is intended as an oil exchange platform for petroleum, petrochemicals and gas in various currencies other than the U.S. dollar, primarily the Euro and Iranian rial and a basket of other major (non-U.S.) currencies.