Iran to Establish Joint Oil Brokerage With Leading Stock Markets Worldwide

Source: Tehran Times 11/26/2005, Location: Asia

Iran is to form joint oil brokerages at reputable international stock exchanges like London, New York and Singapore. The plan is to allow the country to have a role in oil price determination which is more or less a monopoly of the West, commissioner of the plan Mohammad Javad Asemipur said on Friday.

“As projected, all oil products may enter into the international stock markets within three years by employing a comprehensive plan coordinated and assisted with the help of related governmental organs,” he stated, adding that a law approved by the Majlis could treat oil shares like other stock commodities such as metal and so on in the market as regulated by Tehran Stock Exchange.

“OPEC countries, by producing 28 million bpd out of 83 million bpd offered to the world market, unfortunately have no saying in global price management of oil and implementation of brokerages would expand economic horizons for all oil producing nations,” he elaborated.

It is anticipated that such a move would play a great role in attracting Iranian merchant capital globally, offering the country more share of direct revenues in this business which is in the monopoly of foreign brokerages.


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