Mehr News Agency reported that the Iranian Oil Bourse was inaugurated in the Persian Gulf island of Kish as a venue to export oil and petrochemical products.

Mr Adel Nejad Salim MD of National Petrochemical Company said in the opening ceremony that all petrochemical products will be gradually offered on the market.

The oil bourse is intended as an exchange market for petroleum, gas, and petrochemicals in various currencies, primarily the euro and Iranian rial and a basket of other major currencies.

On February 4th 2008 the Iranian Cabinet approved the creation of the oil bourse in 2 stages first for crude and second for oil byproducts transactions.

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.

(Sourced from Mehr News Agency)