TEHRAN — Iran’s Oil Minister Kazem Vaziri-Hamaneh on Monday night said that the Articles of Association of the National Iranian Oil Company (NIOC) has been prepared, “And it is just awaiting to be signed by the President Mahmud Ahmadinejad.”

The oil ministry has approved the NIOC’s Articles of Association and it should be signed by President Ahmadinejad so that it can be handed over to the Majlis (Iranian Parliament), the Iranian Students News Agency (ISNA) reported Vaziri-Hamaneh as saying.

The official, who was speaking on the sideline of a visit to oil and gas facilities at the Persian Gulf island of Lavan, added that the Articles of Association of the state-owned company was slated to be submitted to the Majlis on February 6.

“However it is yet to be handed over to the legislative body,” he noted without going to details on the reasons for the delay.

The minister went on to say that foreign companies active in Iran’s energy sector are working in a secure environment.

Also, the official news agency IRNA reported Hamaneh as saying that a stock market for trade in shares of oil companies will be established in Iran' southern Kish Island in the near future.

The official added that the stock market will be set up in cooperation with the oil and finance ministries.

The stock market will be open to the public soon after the appointment of a managing director and members of a board of directors, he noted.