Iran has announced plans to launch transactions of its crude in the international oil bourse on the Persian Gulf island of Kish and also begin offering gasoline sales in the mercantile market.
Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini told Fars News Agency on Monday that sale of crude oil on stock markets generates much better revenues for petroleum exporting countries.
The first phase of Iran's launch of oil stock offering started its work on Kish Island three years ago with oil and petrochemical products. The Islamic Republic of Iran successfully managed to make the second phase operational in late 2009.
Ali Salehabadi, director of Iran's Securities and Exchange Organization, announced in April 2011 that Iran will launch the third phase of Kish oil bourse in the near future.
He pointed out that the third phase of Kish oil stock exchange 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 noted.
Iran is trying to play a more active role in oil and petrochemical transactions in international markets.
Iran holds roughly 10 percent of the world's total proven petroleum reserves. It is the world's fourth largest oil producer and is OPEC's second largest producer.