Iran to regularly offer crude oil on bourse next year

TEHRAN,Jan.12(MNA) -- Crude oil will be regularly offered on the Oil Bourse in the next Iranian calendar year, which will start on March 20, 2012, the National Iranian Oil Company (NIOC) managing director said. Ahmad Qalebani told that crude oil is planned to be offered on the bourse once before the end of the current year. Qalebani said on November 29 that offering oil on the bourse was not successful in the first phase as no buyer was found for the product, adding: “The next phase of offering oil on the bourse will be conducted in the near future". The Iranian oil bourse was officially inaugurated on July 14, 2011 on the Kish International Commodity Exchange, as a tool to strengthen Iran’s position in the international markets. Iran possesses the world’s second largest gas reserves and third largest oil reserves. The Iranian oil bourse is intended as an oil exchange for petroleum, petrochemicals and gas in various currencies other than the U.S. dollar, primarily the euro and Iranian rial and a basket of other major (non-U.S.) currencies.