March 10, 2006

Interview: An Iranian Commodity Market With Global Impact

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An Iranian Commodity Market With Global Impact

TEHRAN – A decision for Iran to launch a petroleum commodity exchange has drawn mixed reactions in the past couple of years. A globally recognized petroleum commodity market will definitely create opportunities for the country to develop its oil capacities.

Mohammad Javad Assemipour, charged with launching the commodity market, reveals his opinions about the project.

Q: Some lawmakers have reacted to the planned petroleum commodity market saying they would oppose it if it sets the stage for rente-seeking. What is your answer?

A: They have not said anything illogical. The stock market will start work once it goes through its legal channels. We established a consortium of the Tehran Stock Exchange, Informatics Company, IPE and Nymex to study the project. We have localized it and we will establish in the Kish Financial Building.

Q: What will this market exchange?

A: Oil, gas and petrochemical products will be offered on this market but we will not market crude oil because of its specific nature. Of course, the swap-based 200,000 barrels of Caspian crude can be subject to marketing. We are purchasing necessary software to integrate our data. We will provide online information to dealers and we will not allow any misuse of funds.
Iran’s planned petroleum commodity market will be recognized at the international level. We can attract foreign investment if we can design the structure of this market appropriately. The oil stock market will be a decision-making element.

Q: Don’t you think that the tense Middle East conditions will keep the market from growing?

A: We should take advantage of the vast Middle East region and transform the threats into opportunities. Iran could not be eliminated from the Middle East. We are also joining the World Trade Organization and we have to modify our currency system. We should welcome globalization.

Q: Which organizations are tasked with providing the necessary capital?

A: The Pension Fund of the Ministry of Petroleum holds 70 percent of the stakes. The fund represents the National Iranian Oil Company, National Petrochemical Company and National Iranian Oil Products Distribution and Refining Company. The remaining 30 percent goes equally to Kish Stock Market, the Mostazafan and Janbazan Foundation and the Tehran Stock

+ نوشته شده در شنبه پانزدهم مرداد 1384ساعت 13:19 توسط ح ض 2 نظر
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