cabinet approves the opening of the International Oil Bourse

cabinet approves the opening of the International Oil Bourse

The mission of operating the oil byproducts bourse has been given to the Iran Commodities Bourse Company by the Stock Exchange, the Ministry of Finance and Economics, and the Oil Ministry. At the proposal of the Ministry of Finance and Economics, the cabinet agreed to the operation of the Oil Bourse in two stages, sending a communiqué in accordance with this to the Ministry of Finance and Economics, the Oil Ministry, the Ministry of Foreign Affairs, and CBI. The communiqué indicates: "The raw oil and oil byproducts bourse of the IR of Iran will become operational in two stages – a raw oil bourse, and an oil byproducts bourse, such as petrochemical products, or products such as tar, basic oils, and other similar products. The Ministry of Finance and Economics is required to take measures in making the petrochemical byproducts bourse operational by the end of February 2008. The Oil Ministry and affiliated companies are required to place all their products and said oil byproducts on the bourse according to the relevant regulations. Previous engagements in exports and subsidised distribution of products are not included. The legislation provides for the setup of a workgroup with the representatives of the ministries of oil, Finance and Economics, Foreign Affairs, and CBI, to be chaired by the Ministry of Finance and Economics, in order to lay the grounds for the cooperation of the relevant organisations and in accordance with the relevant regulations. Subsequently, the Ministry of Finance and Economics is allowed to make the Raw Oil Bourse operational with the cooperation of other relevant organisations. According to this report, the responsibility for the execution of the project has been given to the Iran Commodities Bourse Company by the Stock Exchange, the Ministry of Finance and Economics, and the Oil Company.