Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini announced his country's plan to launch crude transactions in the international oil bourse on the Persian Gulf island of Kish, the local satellite Press TV reported on Tuesday.
Hosseini said Monday that sale of crude oil on stock markets generates much better revenues for petroleum exporting countries, the report said.
In April, Ali Salehabadi, director of Iran's Securities and Exchange Organization, said 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 Press TV.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), is the world's fourth largest oil producer.
