Economic minister calls on colleague to set up an Iran oil stock exchange

Iran Materials 8 May 2012 14:39 (UTC +04:00)

Azerbaijan, Baku, May 8/Trend M. Moezzi

Iran's Minister of Economy called on the country's oil minister to create an oil stock exchange this year.

Speaking at the Sixth International Stock Exchange, Banking and Insurance Exhibition, minister of economic and financial affairs, Seyed Shamseddin Hosseini called the past approach to funding for the oil industry 'traditional' and an obstacle to new investment opportunities, Fars news agency reported.

Neglecting business opportunities kept the oil stock exchange from being set up last year, a mistake that will hopefully be addressed by Rostam Qasemi, Iran's oil minister, said Mr. Hosseini. The oil sector's capacities and innovations have to be promoted to secure funding and expansion for it, he added.

Iran's Fifth Five Year Plan instructs that government assets should be used for investments, a goal that will be seriously pursued in the oil sector.

The value of Iran's stock exchange has grown to $110 billion (USD) since 2009, showing the country's strong economic capacity.