"IRNA" -- -- The first phase of Iran"s oil stock market started its work on Kish island in the Persian Gulf, southern Iran, on Sunday presenting oil and petrochemical products.

The stock market was inaugurated in a video conference ceremony from the capital Tehran attended by ministers of oil, finance and economic affairs as well as chairman of Iran"s Stock Exchange and a number of other officials and financial experts.

The transactions will be made in Iranian rial.

The newly-inaugurated oil stock exchange is part of a two-phase project approved by Iranian cabinet.

Based on the approval, products of Iran"s Oil Ministry should be traded through stock market in two forms which are the crude oil stock market and the oil and petrochemical products stock market.