Tehran, Dec 2, IRNA -- Head of Securities and Exchange Organization (SEO) Ali Salehabadi says capital market will contribute to investment in the petrochemical projects once a special fund financing petrochemical projects is set up.Speaking at a press conference on Monday morning, Salehabadi said SEO had struck a deal with Oil Ministry and National Petrochemical Company (NPC) on formation of an special fund with an aim of funding ongoing petrochemical projects.
He further said SEO and NPC are also working on a plan to finalize necessary mechanisms for membership of the petrochemical companies in the fund.
He added NPC and SEO have reached consensus on offering petrochemical products on mercantile exchange in a way that helps to transparency in transactions.
Elsewhere in his remarks, head of SEO said that Oil Minister had stressed the need for offering crude oil and gas condensate in Energy Bourse.
?Since more than a week ago offering of gas condensate has started in Energy Bourse and under a bylaw issued by Oil Ministry the product will be sold just through the bourse procedures,? Salehabadi said.
He continued that crude oil will be offered in Energy Bourse just for domestic transactions so that private sector and oil refineries can meet their needs for the product.
According to Salehabadi, since launching early this year, Energy Bourse transactions have reached 90 thousand tons worth 1.180 billion rials while in its electricity market; it has traded 161 thousand megawatts of electricity worth 570 billion rials.
?During the first year of its establishment energy transactions have reached 1175 billion rials which is satisfying for the first year of activity,? SECs head said.
On the status of Persian Gulf Holding comprising 15 petrochemical companies, he said Mobin and Fajr petrochemical complexes will remain part of Persian Gulf Holding under an agreement inked with NPC.
By IRNA
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