Oil Bourse Inaugurated in Tehran
Banking resources would be applied in line with production, growth of
industries and oil industry in order to supply a better and much cheaper
feed for the oil industry.
The first Iranian heavy crude oil consignment for export appeared on Iran
Mercantile Exchange and Iran Oil Bourse officially started it operation
after years of efforts to offer this commodity.
Oil Bourse eliminates restrictions for foreign investors
Addressing the inaugural session First Vice President Mohammad Reza Rahimi
stressed that the launch of Iran oil bourse has prepared the ground for
long-term investment. He said it has also provided the opportunity for
eliminating restrictions in the way of foreign investment.
Pointing to the bill that is to be approved at the High Council of Bourse
and be included in the agenda of the Economic Commission of the government
and later in the agenda of the cabinet ministers, Rahimi said according to
the bill commodities that are transacted in the Mercantile Exchange would be
subject to tax exemption to some extent.
He said efforts are being made to create new capacities for new transactions
in petrochemical and oil bourses, adding that regional bourses would
complement each other and Iran oil bourse would further strengthen the
The first vice president further remarked that oil bourse would further
increase volume of transactions and noted that banks would assist such
bourses and at the same time general atmosphere of the country would become
more suitable for craftsmen, contractors, advisors and producers in the oil
He said banking resources would be applied in line with production, growth
of industries and oil industry in order to supply a better and much cheaper
feed for the oil industry.
Oil is nationalized again
Also speaking at the session, Caretaker of Iranian Oil Ministry Mohammad
Aliabadi said the oil bourse would be turned into a center for monitoring
oil prices in the world. Pointing to the fact that implementation of the
project for targeted subsidies, delegating activities to the people within
policies of Article 44 (of the Constitution) and gaining access to nuclear
energy were among major concerns that were realized in the 9th and 10th
governments, Aliabadi said at the moment the country's main economic policy
is to create stability in financial and capital markets as playing with the
market is a highly dangerous game.
Stressing that for the launch of economic development projects the
government has taken numerous expert steps, the official said that today
with the inauguration of the oil bourse once again in the history of Iranian
oil industry, oil was nationalized.
He pointed out that launching of the oil bourse has once again opened a new
market in financial resources of the country. He further remarked that with
the inauguration of the bourse and through domestic and foreign transactions
the country has been provided with the opportunity to closely monitor world
information on oil prices.
Oil monopoly coming out of government's hands
Economy and Finance Minister Shamseddin Hosseini, also speaking at the
event, said that with the inauguration of oil bourse a new era has been
launched in the Iranian oil industry. "I as the head of the High Council of
Bourse consider this area as a leap in the domain of the development of oil
He said since the formation of the 9th government, full operation of the oil
bourse had been stressed and in 2007 with the arrival of petrochemical
products into the bourse it was practically launched and in 2009 with the
opening of petrochemical export ring it was further flourished.
He said that this year by offering gasoline and furnace fuel in the bourse
great strides were taken for the inauguration of Iran oil bourse.
Fortunately, he added, today with the entry of crude oil into the
International Kish Bourse, Iran liberated its oil transactions which were
exclusively in the hands of government.
Hosseini further remarked that certain foreign media and publications have
tried to misrepresent inclusion of Iran crude oil into bourse as a threat
but today such an inclusion paved the way for the operation of the oil
He said in the coming years with the inclusion of future transactions and by
benefitting from full support and participation, a new capacity would b
created for the Iranian economy.
Saying that all the ceding to the non-governmental sectors cost 800 thousand
billion rials, the minister said oil transactions in the bourse could
compensate the figure within a year. Therefore, he further remarked, it is
clear that the government monopoly in the field of oil has been broken and
true privatization has taken its place. He expressed hope that transactions
and other financial tools would become operational in this sector in future
in order to facilitate supply of financial resources.