Tehran, April 01: Iran is set to inaugurate the third phase of oil bourse on Kish Island in the Persian Gulf for trade in crude and petrochemical products with vast opportunities for foreign companies.
The third phase of the oil stock exchange will be within the next few days on the island and one of the perks of the new phase is that it will be a venue for transactions of crude oil and petroleum products, IRNA quoted the Head of Iran’s Securities and Exchange Organization Ali Sale Abadi as saying on Thursday.
He also stated that all types of contracts in the oil bourse will be based upon global standards of purchase and sale and in accordance with Islamic rules, adding that it will further boost Iran’s strategic significance in the region.
The Islamic Republic launched the first phase of the oil stock exchange on Kish Island for trade in crude and petrochemical products on February 17, 2008, and successfully managed to make the second phase operational in late 2009, Saleh Abadi noted.
“One of the advantages offered by the free economic zone of Kish island is that representatives and individuals from international companies can easily travel to the island and conduct large currency transactions,” the chairman of the Tehran Stock Exchange added.
After Saudi Arabia, Iran is the second-largest oil producer in OPEC — the Organization of the Petroleum Exporting Countries — and assumed the oil producing body’s rotating presidency on 2011.
Iran, which possesses the world’s second-largest gas reserves and third-largest oil reserves, is working diligently to play a more active role in oil and petrochemical transactions in international markets.