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Wednesday, April 2, 2008

Iranian oil bourse

Although opening the oil bourse was delayed from the original date of March 2006, during 2007, Iran had been asking its petroleum customers to pay in non-dollar currencies. On December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies. [8] The Kish Bourse was officially opened in a video conference ceremony on February the 17th 2008, despite last minute disruptions to the internet services to the gulf regions. Currently the Kish Bourse is only trading in oil derived products, generally those used as feedstock for the plastics and pharmaceutical industries. However officially published statements by Oil Minister Gholamhossein Nozari indicate that the second phase, to establish trading in crude oil directly, which has been suggested might one day perhaps create a "Caspian Crude" benchmark price analogous to Brent Crude or WTI will only be started after the Bourse has demonstrated a reasonable period of trouble free running. [9]

Iranian oil bourse - Wikipedia, the free encyclopedia

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