First phase of Iran oil bourse inaugurated on Kish island

The first phase of Iran's oil stock market started its work on Kish island in the Persian Gulf, southern Iran, on Sunday presenting oil and petrochemical products.

Based on the approval, products of Iran's Oil Ministry should be traded through stock market in two forms which are the crude oil stock market and the oil and petrochemical products stock market.

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Oil is a major resource in Iran and this expansion could help the economy. This new project will help the stock market and the oil industry.

Iran discovers new gas field

TEHRAN, Feb 2: Iran has discovered a gas field in the Gulf with estimated reserves of some 11 trillion cubic feet, Oil Minister Gholam Hossein Nozari said on Saturday.There is a low possibility that it is a joint field (with a neighbouring country), Nozari told a news conference.Despite sitting on the world’s second-largest gas reserves after, analysts say Iran has been slow to develop the sector due to sanctions, politics and construction delays.

Iran’s daily gasoline imports have fallen about 57 per cent since the country introduced fuel rationing last June, a senior oil official was quoted on Saturday as saying.The world’s fourth-largest oil producer lacks refining capacity and must therefore import large amounts of fuel, which it then sells at heavily subsidised prices. It introduced rationing to curb soaring consumption.

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This article is significant because Iran's gasoline import has dropped because of various reasons and now the country will be picking up more oil and producing more gas which will help the country become more productive and prosperous.

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