Over $1.4 billion worth of oil products have been transacted at Iran’s Kish Oil Bourse since the beginning of the current calendar year (March 21, 2011), ILNA news agency reported.

 

The transacted products amounted to 3.1 million tons in weight, the report added.

 

The Iranian oil bourse was officially inaugurated on July 14, 2011 on the Kish International Commodity Exchange, as a tool to strengthen Iran’s position in the international markets. Iran possesses the world’s second largest gas reserves and third largest oil reserves.

 

The Iranian oil bourse is intended as an oil exchange for petroleum, petrochemicals and gas in various currencies other than the U.S. dollar, primarily the euro and Iranian rial and a basket of other major (non-U.S.) currencies.