Iran, holder of the world's second-largest oil and gas reserves, is trying to play a more active role in oil and petrochemical transactions in international markets.

The Islamic Republic plans to launch an oil bourse at Kish Island in the Persian Gulf to offer crude and petrochemical products.

Ali Akbar Hashemian, director general of Iran's Mercantile Exchange Company said: "Next week the international exchange hall of crude, oil products and petrochemical goods of Iran's Mercantile Exchange will be inaugurated" to help develop "national economy".

The Islamic Republic also wants to encourage local investors to participate in the oil market as it tries to reduce the state's role in the country's energy industry.