Iran's Oil Stock Market

From Fars News Agency:

Iran has invested $41bln in its oil industry and is taking the final steps for selling crude at its oil stock market, Oil Minister Gholam Hossein Nozari said.
Speaking in an interview with Borna news network, Nozari named "Yadavaran and Darkhoveyn oil fields as among those state projects which have absorbed foreign investment".

"The amount of the attracted capital and the number of contracts will increase in accordance with the increase in the expenses and prices," he added.

The minister also said that a number of foreign companies have come close to signing a contract for the development of the Phase 12 of South Pars but nothing has been finalized yet.

Pointing out that his ministry's projects do not face any problems regarding investment and required credits, he said, "Considering the insight and forethought of the parliament and government and allocation of three per cent of the oil revenue for the development of the phases of South Pars, we do not have any problems in this regard."

Nozari described the ministry's working plan as a powerful point in negotiations of the Oil Ministry with foreign countries, and continued, "That is why we always say that the financial issues do not play a key role in Iran having foreign partners."

Elsewhere, he noted the delay in expediting an offshore project, and said that the Iran-Alborz semi-submersible drilling platform has not yet come into operation because of unfinished tows.

Asked about the delay in the meeting of regional Oil and Economic Affairs ministers to discuss Iran's oil bourse, he said, "The proposed meeting was not held. However, the expert work on the oil stock market is being carried out and the operational stages for selling crude oil through (Iran's) oil stock market are being finalized."

For information on the Iran Oil Bourse, click here.