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Sunday, February 17, 2008

No Wonder Cheney and McCain want to attack Iran

Iran on Sunday inaugurated its first stock exchange for oil products and petrochemicals, in a bid to become a major player in the global downstream industry.

OPEC's number two crude oil producer hopes that its oil exchange can lead the way for a domestic downstream industry to match its upstream crude oil production, the country's main foreign currency revenue winner.

"We have been a good seller (of crude oil) and now we have a higher objective to have a share in the oil trade," Oil Minister Gholam Hossein Nozari told reporters.

Iran claims to rank second in the region after Saudi Arabia in terms of production of petrochemicals at 22 million tons a year.
But it has failed to gain a significant share in the world export market because of state control of its petrochemical industry and state subsidies.

"The objective is to make transactions (of oil products) transparent, create competition and motives for investment," the oil minister added.

"And so that we can reach out to international markets as a big oil producer as well as an oil trader," he added.

Labels: Iran. Oil.

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