Iran oil exchange to have short-term trial
Sunday, January 07, 2007 - ©2005 IranMania.com
- Initiation of oil bourse is in line with the Kish Charter approved by the Economic Council earlier, the head of Tehran Stock Exchange Organization noted, MNA reported.
According to the Clause 58 of Securities Laws, an oil exchange may at first be established on one-year basis, Ali Salehabadi continued, setting the terms on three and five-year bases.
“In the short-term, trading will be held in petrochemical products such as various types of engine oils or gas condensate,” he said, adding that final approval lies with the Oil Ministry which is yet to give the go-ahead.
The organization is merely an overseeing body and is not in charge of running or regulating this sort of business, he stipulated further.
http://www.iranmania.com/News/ArticleView/Default.asp?NewsCode=48648&NewsKind=Current%20Affairsnote: The day the Iranian Oil Ministry gives the go ahead on this ..... along with the fact that China/Russia/EU Country's/etc ... have been cutting their reserves from dollars to euros ... well .... ? Peace.
K&R. :kick:
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