TEHRAN (PIN) – Iran’s Oil Minister Gholamhossein Nozari has said the long-awaited Iranian Oil Bourse will be inaugurated Sunday.

The inauguration ceremony will be attended by Minister of Finance and Economic Affairs Davud Danesh Ja’fari, who will appoint 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.
Meantime, an electricity bourse will be inaugurated in the first six months of next Iranian year (to start March 20).
Referring to the power plants as the main applicants, Mohammad-Hossein Javid added that 25 percent of the energy will be marketed in Tehran Stock Exchange (TSE). He called the measure a strategy to reduce the waste of power. “This will remarkably increase the power plants’ output by 25-50 percent,” he added.