Iran launched in Tehran on Wednesday an international crude bourse, with its transactions being carried out in the Kish oil stock market on the Persian Gulf island of Kish.
The ceremony was attended by Iran's First Vice President Mohammad-Reza Rahimi, caretaker Oil Minister Mohammad Aliabadi, Minister of Economic Affairs and Finance Shamseddin Hosseini and Managing Director of Iran Mercantile Exchange Ali-Akbar Hashemian.
Hosseini announced in June Iran's plan to launch crude transactions in the international oil bourse on the island of Kish, saying that sale of crude oil in stock markets would generate much better revenues for petroleum exporting countries.
Ali Salehabadi, director of Iran's Securities and Exchange Organization, said in April that Kish oil stock market would be a venue for transactions of crude oil and petroleum products and would also create ample opportunities for foreign investments.
"One of the advantages offered by Kish free trade zone is that representatives and individuals from international companies can easily travel to the island and conduct large currency transactions," Salehabadi was quoted as saying by local Press TV.
On Wednesday, Hosseini said Iran's crude supply through Kish oil stock market would be the start of a new chapter in the country's oil industry.
Marketing the Iranian crude through the bourse will loosen the government's monopoly and grip over oil, Hosseini said.
The crude bourse is also an opportunity for Iran's oil industry as the country has already commissioned its petrochemical products via the bourse mechanism, he said.
Iran's First Vice President Rahimi said at the opening ceremony on Wednesday that the crude bourse will encourage the investors who are willing for long-term investments to get engaged in the new opportunities.
Rahimi urged the Iranian private sector to participate in the oil deals in Iran's Mercantile Exchange center, and called on the government to prepare the grounds for the participation of private sector in oil deals in the bourse.
Caretaker Oil Minister Aliabadi said at the ceremony that the Iranian crude bourse will be a venue for designating crude price internationally.
With the launch of crude bourse, a new market will be formed in the country with potentials for the high financial transactions, said Aliabadi.
Many countries will attend the crude bourse to designate the crude price in the future, he added.
Via the crude bourse, the country will be able to attract the private sector's investments into its oil projects, to develop the country's oil and gas fields and to develop energy fields shared with the neighboring country of Iraq, he said.
On Wednesday, Iran offered 600,000 barrels of crude oil as its first consignment for sale on the opening day of the bourse.
The base price of the crude offered by National Iranian Oil Company (NIOC) was 112.60 U.S. dollars per barrel, but the consignment was not sold since the maximum offer of the customers did not go beyond 109.65 U.S. dollars per barrel.
Hashemian said the NIOC planned to offer 50,000 barrels of Iranian crude at the bourse on a regular daily basis once all the necessary requirements are met.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), is the world's fourth largest oil producer.
