Iran launches oil bourse

Iran has launched an oil bourse on Kish Island in the Persian Gulf for trade in crude and petrochemical products.

The new international exchange hall will offer 40 kinds of oil products.

"The inauguration of the hall will enhance Iran's strategic position in the region," Bourse Organization Chairman Ali Salehabadi said on Monday.

Salehabadi, who is also the chairman of the Tehran Stock Exchange, stated that Iran produces over 25 percent of the total output of petrochemical products in the Middle East.

At least 30 domestic companies and 20 foreign firms are active in the oil and petrochemical industries on Kish Island.

The first phase of the bourse kicked off in 2008.

Iran, which possesses the world's second-largest gas reserves and third-largest oil reserves, is making efforts to play a more active role in oil and petrochemical transactions in international markets.

The Islamic Republic also wants to encourage local investors to participate in the oil market as it tries to reduce the state's role in the country's energy industry.