Iran is to set up an oil exchange market to serve as the hub of the oil, gas and petrochemicals dealings in the Middle East...
Iran is to set up an oil exchange market to serve as the hub of the oil, gas and petrochemicals dealings in the Middle East, according to the latest edition of biweekly 'Mashal'.
Mashal quoted Director of the International Affairs Department at National Iranian Oil Company (NIOC) Hojjatollah Ghanimifard as saying that inauguration of the market will help present oil and the by-products at market prices, while lowering the risk of the price fluctuations and raising due incomes.
Ghanimifard was further quoted as saying that the market will be set up under the Third Five-Year Economic Development Plan's (2000-05) law, especially its 95th Article.
He said inauguration of the market marks initial phase of a long-term project.
Experts believe that the market will be helpful in balancing and guaranteeing security of oil supply and demand and promoting Iran's standpoint on the market given the country's geopolitical location.
Mohammad-Javad Assemipour, an official in charge of designing, operating and establishing oil, gas and petrochemicals exchange market, said the market will turn Iran into vanguard of the trade of oil and related products in the Middle East.
Biweekly Mashal says the project will indiscriminately get all entrepreneurs and dealers involved in the business and Iranian traders will enter the market for the first ever in history of the oil exchanges in Iran.
