Saturday, September 16, 2006

Iran's oil bourse to be launched

Oil Minister Kazem Vaziri-Hamaneh said here on Friday that all preparatory requirements were arranged for launching the oil stock market in the country.

Speaking to the reporters at the Mehrabad International Airport upon arriving in Tehran from an OPEC conference in Vienna, Vaziri-Hamaneh said that all un-subsidized oil products can be offered in this stock market. READ MORE

He also rejected rumors about the preparation of a plan to gradually increase the gasoline price, but added that the cabinet had submitted a bill to the Majlis for importing gasoline.

"If the bill is ratified, the present condition will continue and rationing will be put into practice later."

Hamaneh further noted that the plan to issue fuel debit cards will be finalized within three months.

As for the decisions made during that OPEC conference, the minister said that the member countries were quite concerned for the downward trend of oil price, and so decided to maintain the present oil production ceiling.

Elsewhere in his remarks, Vaziri-Hamaneh referred to the development of the Azadegan oilfield and said that an agreement has been inked with the Japanese, granting to them a 15-day opening to meet their commitments.

He explained "the Total Company anyway stresses cooperating with the Japanese and is interested in starting the conduction of project after the cooperation contract is finalized with the Japanese contractor."

Answering a question about the development of the Arash oilfield, Iranian oil minister said that an Iranian delegation will head for Kuwait within 7 to10 days, adding that however, Iran and Kuwait are determined to jointly develop their joint oilfield.

Hamaneh said that a two-month opening has been also granted to the Chinese contractor to develop Yadavaran oilfield.

Elaborating on the development process of the Peace Pipeline, he said the consultant party is supposed to estimate and submit the gas price as soon as possible so that Iran can negotiate it with the Indian and Pakistani ministers.