Iranian Oil Bourse nearly ready to open

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TEHRAN, June 5 (UPI) -- The Iranian Oil Bourse is in its final stages, Iran's Fars news agency reported Monday.

According to the Fars report, the board of directors of the International Bourse Co., which is charged with establishing the bourse, will review the final draft of the articles of association of the Iranian bourse this week.

The International Bourse Co. was registered last month, with an initial capital of $2,000, and is charged with setting up the Iranian Oil Bourse on Kish Island. The IBC is owned by the National Iranian Oil Co., which has an 80 percent stake, and by with Kish Free Zone Organization and the Mostaz'afan and Janbazan Foundation, each of which hold 10 percent stakes.

Once the IBC finalize the draft, the articles of association will be sent to the body in charge of securities for review.

The bourse will be established in phases; following discussions of the first phase, rules and bylaws involving the establishment, running, equipping and opening of the bourse will be negotiated.