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To: CommanderCricket who wrote (125341)	10/31/2009 3:34:44 AM
From: elmatador	of 206118

Iran Opens Int'l Hall for Oil Exchanges in Kish oil and petrochemistry bourse would be an international market place for trading 40 kinds of oil products Iran Opens Int'l Hall for Oil Exchanges in Kish TEHRAN (FNA)- Iran inaugurated a new international exchange hall in the Persian Gulf Island of Kish on Monday for trading oil and petrochemical products. Iran's oil and petrochemistry bourse would be an international market place for trading 40 kinds of oil products. Iranian Oil Minister Seyed Shamseddin Hosseni told reporters on the sidelines of the inauguration ceremony in Kish Island that all exchanges in the oil bourse will be tax exempt. Meantime, Chairman of Iran's Bourse Organization Ali Salehabadi said on Monday that the inauguration of the hall "will enhance Iran's strategic position in the region". Salehabadi further stated that Iran produces over 25 percent of the total output of petrochemical products in the Middle East. The country's first oil products bourse had launched its operation earlier in 2008 in the free trade zone on the Persian Gulf Island of Kish. At least 30 domestic companies and 20 foreign firms are active in the oil and petrochemical industries on Kish Island. Iran produces more than 20 mln tons of petrochemical products per year. As the fourth-largest oil producer in the world, Iran has a measure of influence over international oil markets. The country ranks second for output among OPEC countries, and controls about 5% of the global oil supply. Tehran also partially controls the Persian Gulf's Strait of Hormuz, through which 40% of the world's oil supply must pass.

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