BAKU (Azer News) – Iran is to establish a national oil stock market, an official dealing with oil and gas affairs at Iran's Petroleum Ministry has told an Azeri television channel.

Mahmud Khagani said the measure is supported the most by Iran's private companies. He didn't rule out that the Caspian littoral states (Azerbaijan, Russia, Iran, Kazakhstan and Turkmenistan) may be invited to invest in the market.

"Iran's private companies have decided to set up the Iranian International Oil Market. Azerbaijan, which produces oil from the Caspian Sea, may join it as well," Khagani said.

The Iranian official said work is underway to set up the exchange and that the needed documents on its operation will be signed by relevant Iranian authorities in the near future.