February 2008 On February 4, the Iranian Cabinet approved the creation of the oil bourse in two stages - first a raw oil exchange and secondly an oil byproducts exchange. The Ministry of Finance and Economics, the Oil Ministry, the Ministry of Foreign Affairs, and the Central Bank of Iran are required to create a workgroup to coordinate the project, and the Iran Commodities Bourse Company is given the task of carrying out the project. The communique from the Cabinet states that the "Ministry of Finance and Economics Affairs is required to take measures in making the petrochemical byproducts bourse operational by the end of February 2008."