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Iran To Launch Oil and Gas Exchange

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posted on Feb, 13 2008 @ 06:04 PM
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Iran will launch a commodities exchange for oil, petrochemicals and natural gas on February 27, the Islamic Republic's oil minister said on Wednesday. Gholam-Hossein Nozari told Iran's Press TV satellite channel the opening ceremony of the Oil Bourse would be attended by Minister of Economy and Financial Affairs Davoud Danesh Jaafari, who will head the bourse.

He said earlier the Oil Bourse will be located on the Persian Gulf island of Kish and that all financial settlements will be made in Iran's national currency, the rial.

The minister said his country's oil revenue will reach $63 billion by the end of this Iranian year, which ends on March 20.


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.

Will they get the support?

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