Mehr News Agency reported that Iran international oil bourse will come on stream on October 26th 2009 at Kish Island.

Mr Ali Akbar Hashemian MD of Iran Mercantile Exchange said that “Iran Mercantile Exchange’s international exchange hall of crude, oil products and petrochemical goods will be officially inaugurated next week.”

The domestic Iranian Oil Bourse was inaugurated on February 17th 2008 in Kish Island. Iran, having the world’s second largest gas reserves and third largest oil reserves, is trying to play a more active role in oil and petrochemical transactions in international markets.

The Islamic Republic also wants to encourage local investors to participate in the oil market as it tries to reduce the state’s role in the country’s energy industry.

(Sourced from Mehr News Agency)