Mohammad-Javad Assemipour said transparency of petrodollars, risk management and notably world oil trade constitute the objectives behind PCE. “Any government is preoccupied with an oil bourse due to the significant market for this product,” he said. Assemipour noted that NYMEX was dealing 250 million barrels of oil while it has no crude. “That is the case the oil supply and demand stands at 80 million barrels.” “Now, oil owners are not the main players in the market and fresh events are taking place,” the official said. Assemipour said even the Organization of the Petroleum Exporting Countries had no upper hand on the oil market. He said OPEC is not empowered to market oil. “We asked recommendations from former directors of NYMEX and studied different markets before moving to launch our PCE,” he said. The building for PCE is under construction in the Kish Island. “Iran will be the first OPEC and regional country to manage the oil market,” he said. Assemipour also said petrochemical products represented the main items to be exchanged in this bourse. “We are determined to exchange downstream petrochemical products in PCE in the future.” He said NYMEX opened its Dubai office in order to compete with PCE. “However, Dubai has concluded that this office does not make it the manager of oil market.” “NYMEX had also opened a branch office in north of London in order to compete with IPE.” A reliable source has said twenty five oil and petrochemical companies will list on Tehran Stock Exchange. Abadan, Arak, Isfahan, Khark, Khorasan, Razi, Shiraz and Farabi Petrochemical Companies, the Petrochemical Industries Investment Company and the National Petrochemical Company are some of them. Behran Oil Company, Pars Oil Company, Sepahan Oil Company, Tehran Chimi Company, Fars Chemical Industries and Sina Chemical Industries are also to join TSE. The National Iranian Tanker Company, the Iranian Chemical Industries Company, the Oil Explorations Operation Company, the Iranian Offshore Engineering and Construction Company and the Oil Industries Engineering and Construction are others to join TSE. Donya-e Eqtesad, Saturday, August 13, 2005