"With the launch of the first phase of the oil bourse, the private sector role will be enhanced in the oil industry," said Iranian Oil Minister Gholamhossein Nozari at the inauguration of Iran's Oil and Petrochemical Products Bourse on Feb. 17.
Nozari hopes that investments in Iran's oil sector will be facilitated with the opening of the bourse. Iran, the second-biggest OPEC oil producer, produces more than four million bbl/d.
Nozari and the Iranian Minister of Economy opened the bourse in Kish via teleconference from Tehran. The first transaction of the bourse was granted permission by Nozari and was authorized by the Economic Minister.
The Islamic Republic News Agency reported that the oil stock exchange is a two-phase project that will accommodate transactions made in Iranian rial.
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