Iran's Oil Minister Gholam-Hossein Nozari has said the long-awaited Iranian Oil Bourse will be inaugurated next Sunday.

The inauguration ceremony of the bourse will be attended by Minister of Economic Affairs and Finance Davoud Danesh Ja'fari, who will appoint the head of the Iranian Oil Bourse

Ja'fari earlier stated that the Oil Bourse will be located on the Persian Gulf island of Kish and the official trade currency will be the Iranian rial.

The bourse will act as a trading platform for oil, petrochemical and gas products.

Experts say the success of an oil bourse would largely depend on cooperation with other OPEC members as well as a much-needed consensus from Persian Gulf states.

MMM/JC/BGH