Iran 'euro-based' oil bourse underway (Persian Journal)

  An official said that the managing director of Iran's first petroleum exchange "Iran Oil Bourse" is expected to be appointed soon, bringing the oil-rich nation a step closer to opening its first 'oil bourse.'

  Persian Journal

   March 11, 2007 -- An official said that the managing director of Iran's first petroleum exchange "Iran Oil Bourse" is expected to be appointed soon, bringing the oil-rich nation a step closer to opening its first 'oil bourse.'

  Majid Shayesteh, managing director of Kish Free Trade Zone Organization, said that President Mahmud Ahmadinejad has directed Iran's ministers of oil, economic affairs and finance to appoint the board of directors of the oil exchange and its managing director. He did not specify when exactly the exchange would open.

   He also said the building which will house Iran's first oil exchange has been constructed on the Persian Gulf island of Kish and that the required technical equipment has been installed.

  Shayesteh added that three major organizations are involved in the groundbreaking project, saying that coordinating efforts between the various groups initially delayed the project.

  According to the official, the articles of association for the oil exchange have since been approved. Last month, a separate official announced that the petroleum exchange would begin operation "in the near future."

LINK: Persian Journal