Background
See also: Iran Mercantile Exchange, National Iranian Oil Company, and National Iranian Petrochemical CompanyThe three current oil markers are all US dollar denominated: North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYMEX) in New York City and the IntercontinentalExchange (ICE) in London & Atlanta. As the Oil Bourse in Kish is developed through successive stages, the plan is to establish a Petrobourse as a fourth oil market, denominated by the Iranian rial, the euro and other major currencies.
Iran sits on some of the largest oil and gas reserves in the world. The bourse will offer 40 kinds of oil products. 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.
Read more about this topic: Iranian Oil Bourse
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