22 November 2008
Chairman of Board of Directors for Iranian Oil Bourse Mehdi Karbasian on Wednesday said that ever since the launch of the first phase of the bourse, transactions worth over $1.5 billion have been made on different oil and petrochemical products.
He recalled that the launch of the first phase of the bourse was due to the support rendered by Oil Minister Gholamhossein Nozari and former economy minister Davoud Danesh-Jafari.
"Concurrent with the launch of the first phase of the bourse, the activities of the ring for oil and petrochemical products started on Kish Island," he told Shana.ir.
He recalled that since February, products such as tar, polyethylene and base oil have been traded at the bourse.
"Based on agreements reached with the Petrochemical Commercial Company and Iran's Commodities Bourse Company, in the final quarter of this year all presentable petrochemical products will enter the domestic and export rings of oil bourse," noted the official.
Karbasian also said, "From the beginning, this decision was made that the hall for commodities bourse be separated from the hall for stock market on Kish Island. Therefore, Iran's Commodities Bourse Company designated a hall on Kish Island's Sadaf Tower for commodities trade so that different transactions could be carried out independently. This hall will be inaugurated within a couple of weeks."
Regarding the privileges of inauguration of the hall for transactions on Kish Island, he noted, "Since non-oil exports are of high importance, considering Kish Island for such transactions is a correct decision.
Hard currency exchanges and transfer of money can be done more conveniently on the island compared to other parts of the country. Furthermore, it is easier for foreign businessmen to travel to the island than other parts of the country."
He emphasized that the Iranian Oil Bourse should transform to a regional bourse.
"Regional countries should be enabled to trade their products in this bourse. This will help launch the main phase of the oil bourse for trading crude oil," he noted.
Commenting on the impact of the global financial crisis on the Iranian Oil Bourse, Karbasian said, "We must accept that fluctuations in global oil prices affect prices of oil and petrochemical products in the Iranian Oil Bourse. Prices of some products have declined by over 50 percent, which affects different transactions."
Chairman of Board of Directors for Iranian Oil Bourse Mehdi Karbasian on Wednesday said that ever since the launch of the first phase of the bourse, transactions worth over $1.5 billion have been made on different oil and petrochemical products.
He recalled that the launch of the first phase of the bourse was due to the support rendered by Oil Minister Gholamhossein Nozari and former economy minister Davoud Danesh-Jafari.
"Concurrent with the launch of the first phase of the bourse, the activities of the ring for oil and petrochemical products started on Kish Island," he told Shana.ir.
He recalled that since February, products such as tar, polyethylene and base oil have been traded at the bourse.
"Based on agreements reached with the Petrochemical Commercial Company and Iran's Commodities Bourse Company, in the final quarter of this year all presentable petrochemical products will enter the domestic and export rings of oil bourse," noted the official.
Karbasian also said, "From the beginning, this decision was made that the hall for commodities bourse be separated from the hall for stock market on Kish Island. Therefore, Iran's Commodities Bourse Company designated a hall on Kish Island's Sadaf Tower for commodities trade so that different transactions could be carried out independently. This hall will be inaugurated within a couple of weeks."
Regarding the privileges of inauguration of the hall for transactions on Kish Island, he noted, "Since non-oil exports are of high importance, considering Kish Island for such transactions is a correct decision.
Hard currency exchanges and transfer of money can be done more conveniently on the island compared to other parts of the country. Furthermore, it is easier for foreign businessmen to travel to the island than other parts of the country."
He emphasized that the Iranian Oil Bourse should transform to a regional bourse.
"Regional countries should be enabled to trade their products in this bourse. This will help launch the main phase of the oil bourse for trading crude oil," he noted.
Commenting on the impact of the global financial crisis on the Iranian Oil Bourse, Karbasian said, "We must accept that fluctuations in global oil prices affect prices of oil and petrochemical products in the Iranian Oil Bourse. Prices of some products have declined by over 50 percent, which affects different transactions."
© Iran Daily 2008
