February 1, 2011 / 3:32 PM / 8 years ago

Italy to propose European oil bourse - ministry

MILAN, Feb 1 (Reuters) - Italy has drafted a European oil bourse project aimed to rein in speculative trade and price volatility and will soon present it to the European Energy Council, Italy’s Industry Ministry said on Tuesday.

The project foresees the creation of a regulated EU market for trade in standardised long and very long term contracts with physical delivery in Europe, the ministry said in a statement. (Reporting by Svetlana Kovalyova)

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