Thursday, April 27, 2006

Oil Stock Exchange To Be Launched in Iran

Oil Minister Kazem Vaziri Hamaneh said on Wednesday that the Oil Stock Exchange will be launched in Iran in the next week.

He told reporters upon arrival from Qatar, where he attended the 10th General Assembly of International Energy Agency and consultations with OPEC member states, that registration of the Oil Stock Exchange was underway and the entity would operate after being approved by by the Council of the Stock Exchange. READ MORE

Asked about a conference on energy in Doha, he said that more than 60 countries and 30 oil companies and consultants had taken part in the conference.

Vaziri Hamaneh said that serious discussions were held, including security of supply and demand, security of investment in energy and environment issues.

"The best method for security of demand in the oil sector is that consumers should be given opportunity to enter into partnership with the suppliers in investment in oil industry."

He said the conference called for diversifying energy resources and cooperation in developed states, with the countries possessing oil and gas resources.

Asked about the oil price rise, Vaziri-Hamaneh said the oil price is being influenced by the political situation, whereas it should be freed from political impacts and economic and technical fundamentals should determine the oil prices.

"As long as political impacts dominate the oil market, price hikes will continue," he concluded.