Baku, Azerbaijan, Dec. 5
By Khalid Kazimov - Trend:
Ali Hosseini, the managing director of the Iran Energy Exchange (IRENEX), has expressed optimism about trading petroleum products in IRENEX as the country's oil and gas production is expected to surge after the removal of international sanctions.
Ali Hosseini has said that the production of oil and gas will jump after lifting sanctions, therefore a proper chance will be created for admission, offering and trading crude oil, natural gas and various petroleum products in Energy Exchange, Shana news agency reported Dec. 5.
Iran says it is planning to attract $70 billion investment to develop its petrochemical industry by 2020. Currently Iran has capacity of producing 60 million tons per annum of petrochemicals (below 80 percent of them are active), but plans to double this volume by 2020 and triples by 2025.
Hosseini further expressed IRENEX's prepardness to admitt natural gas to offer it as a new product on its trading floor and international ring.
Calling for more cooperation between Petroleum Ministry and Energy Exchange, he said that offering and trading oil products in Energy Exchange can accelerate the process of climbing out of recession in the country.
According to a landmark deal clinched in July between the Islamic Republic and the world powers, International sanctions imposed by the West against Iran, its banking system, industry and energy sectors over Tehran's nuclear program, are expected to be lifted in return for scaling down the Islamic Republic's nuclear program.