The Iranian Oil Bourse ( fa, بورس نفت ایران), International Oil Bourse,
Iran Petroleum Exchange Kish Exchange or Oil Bourse in Kish
(IOB; the official English language name is unclear) also known as Iran Crude Oil Exchange,
is a
commodity exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City.
...
, which opened its first phase on 17 February 2008.
It was created by cooperation between
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
ian ministries, the
Iran Mercantile Exchange
The Iran Mercantile Exchange ( fa, بورس کالای ایران, IME) is a commodities exchange located in Tehran, Iran.
Established on 20 September 2007 from the merger of the Tehran Metal Exchange and the Iran Agricultural Exchange, IME trade ...
and other state and private institutions in 2005. The history of Iran Mercantile Exchange and its links with the "international trading floor of crude oil and petrochemical products in the Kish Island" (IOB) have been published.
The IOB is intended as an
oil bourse An oil bourse is a commodities exchange where energy commodities such as crude oil and natural gas are traded. Examples include the New York Mercantile Exchange and the Intercontinental Exchange.
In 2005, an Iranian oil bourse was announced and ...
for
petroleum
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...
,
petrochemical
Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sou ...
s and
gas
Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma).
A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...
in various currencies other than the
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
, primarily the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
and
Iranian rial
The rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
and a basket of other major (non-US) currencies. The geographical location is at the
Persian Gulf
The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...
island of
Kish
Kish may refer to:
Geography
* Gishi, Nagorno-Karabakh, Azerbaijan, a village also called Kish
* Kiş, Shaki, Azerbaijan, a village and municipality also spelled Kish
* Kish Island, an Iranian island and a city in the Persian Gulf
* Kish, Iran, ...
which is designated by Iran as a
free trade zone
A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re- exported under specific customs regulation and generally not subject to cus ...
.
[http://www.iran-daily.com/1383/2199/html/economy.htm ]
During 2007, Iran asked its petroleum customers to pay in non US dollar currencies. By December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies.
The Kish Bourse was officially opened in a videoconference ceremony on 17 February 2008, despite last minute disruptions to the internet services to the Persian 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 Iranian oil minister
Gholam-Hossein 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
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercon ...
or
WTI will only be started after the Bourse has demonstrated a reasonable period of trouble-free running.
Due to technical problems, the oil bourse never proceeded, and the plans were finally abandoned after a vote by the Iranian Parliament on 7 January 2020.
Background
The three current
oil markers are all US dollar denominated:
North America
North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
's
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract tr ...
crude (WTI),
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian S ...
Brent Crude
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercon ...
, and the
UAE
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
Dubai Crude
Dubai Crude is a medium sour crude oil extracted from Dubai. Dubai Crude is used as a price benchmark or oil marker because it is one of only a few Persian Gulf crude oils available immediately. There are two other main oil markers: Brent Crude a ...
. The two major
oil bourse An oil bourse is a commodities exchange where energy commodities such as crude oil and natural gas are traded. Examples include the New York Mercantile Exchange and the Intercontinental Exchange.
In 2005, an Iranian oil bourse was announced and ...
s are the
New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City.
...
(NYMEX) in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, and the
IntercontinentalExchange
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...
(ICE) in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
and
Atlanta
Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...
. As the Oil Bourse in Kish is developed through successive stages, the plan is to establish a Petrobourse as a fourth oil market, denominated by the
Iranian rial
The rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
, the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
and other major currencies.
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
sits on some of the largest oil and gas reserves in the world. The bourse will offer 40 kinds of oil products. Iran produces over 25 percent of the total output of
petrochemical products in the Middle East. At least 30 domestic companies and 20 foreign firms are active in the oil and petrochemical industries on
Kish Island
Kish ( fa, کیش ) is a resort island in Bandar Lengeh County, Hormozgān Province, off the southern coast of Iran in the Persian Gulf. Owing to its free trade zone status, the island is touted as a consumer's paradise, with numerous malls, ...
.
Operations
At the time of the Oil Bourse's opening on Kish, the Director of the Kish Stock Exchange, Hossein Allahdadi, said that there "are no limitations imposed on transactions by foreign shareholders at the Oil Bourse in Kish".
As of 2009, the Oil Bourse was a
spot market
The spot market or cash market is a public financial market in which financial instruments or commodities are traded for immediate delivery. It contrasts with a futures market, in which delivery is due at a later date. In a spot market, settle ...
for
petrochemical products mainly, with plans to introduce
sharia
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...
-compliant
futures contracts
In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...
for crude oil and petrochemicals in the future, during the second phase. Trading takes place through licensed private brokers registered with the ''
Securities and Exchange Organization of Iran
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
''. Any company, domestic or foreign, can list their products on the exchange for as long as they meet the listing criteria.
Global standards for Islamic
derivatives
The derivative of a function is the rate of change of the function's output relative to its input value.
Derivative may also refer to:
In mathematics and economics
* Brzozowski derivative in the theory of formal languages
* Formal derivative, an ...
were set in 2010. The “Hedging Master Agreement” provides a structure under which institutions can trade derivatives such as profit-rate and
currency swap
In finance, a currency swap (more typically termed a cross-currency swap, XCS) is an interest rate derivative (IRD). In particular it is a linear IRD, and one of the most liquid benchmark products spanning multiple currencies simultaneously. I ...
s.
Timeline
2000/2001 Chris Cook, the former Director of Compliance & Market Supervision at the International Petroleum Exchange became aware in the course of an IPE disciplinary case that IPE Brant Crude Oil contract market settlement prices were being routinely manipulated by major traders and investment banks. While his complaint to UK regulators of settlement price manipulation was dismissed by the appointed Commissioner on a technicality the routine nature of settlement price manipulation subsequently became common knowledge.
February 2001 Chris Cook and an Iranian colleague ''Mehdi Moslehi'' - an exchange trading technology consultant – agreed that Iran was well placed to provide the necessary liquidity to create a Middle Eastern Benchmark contract.
May 2001 ''Mehdi Moslehi'' subsequently met the Governor of ''Central Bank of Iran'' (CBI) – the late ''Mohsen'' ''Nurbakhsh'' - in London and suggested that Iran should initiate establishment of a new Middle Eastern Oil Benchmark price. Governor Nurbakhsh requested a formal outline proposal in the form of a letter which he undertook to convey to Iran's petroleum ministry.
25 June 2001 ''Mehdi Moslehi'' wrote to Dr Nurbakhsh above suggesting that Iran consider establishing a Middle East benchmark oil price.
2003 Iran’s oil ministry decided to establish a domestic oil bourse and Minister Zanganeh appointed, Dr Mohammad Javad Asemipour as the Executive Director of Oil, Gas, Petrochemical Products Exchange Project.
Dr Asemipour established a tender to select a contractor to undertake the project and as a result Wimpole Limited (Mehdi Moslehi and Chris Cook as directors) entered into a joint venture with Tehran Stock Exchange Services Company to lead what became known as the “Wimpole Consortium” which included leading technology providers and exchange expertise.
May 17, 2004 Mehdi Moslehi and Chris Cook presented the Wimpole Consortium oil exchange proposal in Tehran at the Central Bank of Iran and in June 2014 Dr Mohammad Javad Asemipour appointed Wimpole Consortium as the contractor to implement the oil bourse of Iran.
August 2004 Mehdi Moslehi presented the pre-feasibility study for development of Iran Oil Bourse to Wimpole's joint venture partner Tehran Stock Exchange Services Company and the pre-feasibility study report was passed to Dr Mohammad Javad Asemipour.
2005 The newly appointed project management used the above report to request a licence for trading of bourse from Iran’s Exchange Board and the new Exchange received a licence to trade in the free zone of Kish Island in the Persian Gulf. The building and trading platform were implemented in Kish Island of Iran.
The Iranian oil bourse, first reported in 2005, initially had a widely publicised opening date of March 20, 2006.
which is the Iranian New Year,
Nauroz. According to an April 2005 report, the
Tehran Stock Exchange
The Tehran Stock Exchange (TSE) ( fa, بورس اوراق بهادار تهران, romanized: ''Burs-e Owraq-e Bahadar-e Tehran'') is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. , 339 companies with a com ...
(TSE), the
Wimpole Consortium and a private staff fund for retired petroleum workers were to form a consortium developing the exchange.
January 2006
Chris Cook of the Wimpole Consortium referred to delays in the process due to the
election to the presidency of
Mahmoud Ahmadinejad
Mahmoud Ahmadinejad ( fa, محمود احمدینژاد, Mahmūd Ahmadīnežād ), born Mahmoud Sabbaghian ( fa, محمود صباغیان, Mahmoud Sabbāghyān, 28 October 1956), and subsequent difficulty in appointing a new oil minister acceptable both to the president and parliament.
February 2006 Wimpole consortium complained that their invoices which used to receive the trading license has not paid.
March 2006 the Petroleum Minister of Iran, Kazem Vaziri Hamaneh, announced that due to "technical glitches", the Bourse launch was postponed, with no new date set.
However, as of April 26 Iran had restarted its move to open the oil market, and Kazem announced the bourse was set to open the first week of May.
May 2006 Minister of Economic Affairs and Finance
Davoud Danesh-Jafari
Davoud Danesh-Jafari is an Iranian politician and economist who was minister of economy and finance affairs of Iran. He is currently member of the Expediency Discernment Council.
Biography
Born in 1954 in Tehran, Danesh-Jafari graduated with a ...
said the Oil Ministry has a two-month deadline for presenting the
Articles of Association
In corporate governance, a company's articles of association (AoA, called articles of incorporation in some jurisdictions) is a document which, along with the memorandum of association (in cases where it exists) form the company's constituti ...
of the Iranian Oil Bourse. Danesh-Jafari said that the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
had not yet been finalized as the legal tender of transactions in the oil bourse, and the final decision about that depends upon the Oil Ministry’s proposed IOB Articles of Association.
July 2006 a building has been purchased and the projected opening date was originally slated for September 2006. On September 15, Oil Minister Kazem Vaziri-Hamaneh stated that all preparatory requirements had been arranged for launching the oil stock market in the country. However, the launch had still not occurred.
December 2006 Bloomberg cited two Iranian newspapers reporting Iran's Minister of Economy Davoud Danesh-Ja'fari Iran as wanting to cut US dollar based transactions to a minimum.
March 2007 The
New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...
reported that China's state-run
Zhuhai Zhenrong Trading, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year. Iranian officials have said for months that more than half the OPEC member's customers switched their payment currency away from the dollar as Tehran seeks to diversify its reserves, but news of the Zhenrong change is the first outside confirmation. Japan has also announced that it would be willing to switch to Yen from US Dollars.
Iran's central banker announced in March 2007 that Iran had cut its holding of U.S.-dollar assets to around 20% of its foreign reserves in response to U.S. hostility.
September 2007 Japan's Nippon Oil has agreed to buy Iranian oil using yen.
December 2007 Iran stops accepting U.S. dollars for oil.
January 2008 Iran's Finance Minister Davoud Danesh-Jafari told reporters that the bourse will be opened during the anniversary of the
Islamic Revolution
The Iranian Revolution ( fa, انقلاب ایران, Enqelâb-e Irân, ), also known as the Islamic Revolution ( fa, انقلاب اسلامی, Enqelâb-e Eslâmī), was a series of events that culminated in the overthrow of the Pahlavi dyna ...
(February 1–11).
February 2008 On February 4, the
Iranian
Iranian may refer to:
* Iran, a sovereign state
* Iranian peoples, the speakers of the Iranian languages. The term Iranic peoples is also used for this term to distinguish the pan ethnic term from Iranian, used for the people of Iran
* Iranian lan ...
Cabinet
Cabinet or The Cabinet may refer to:
Furniture
* Cabinetry, a box-shaped piece of furniture with doors and/or drawers
* Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets
* Filing ...
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 In many countries, the Ministry of Foreign Affairs is the government department responsible for the state's diplomacy, bilateral, and multilateral relations affairs as well as for providing support for a country's citizens who are abroad. The entit ...
, and the
Central Bank of Iran
The Central Bank of Iran (CBI), also known as ''Bank Markazi'', officially the Central Bank of the Islamic Republic of Iran ( fa, بانک مرکزی جمهوری اسلامی ايران, Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān; SWIFT Code: B ...
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."
31 December 2009 Orr Litchfield LLP the law firm who developed the contract agreement for the report sued two directors of Wimpole Ltd and recovered the unpaid their invoices from the directors of Wimpole Ltd personal assets.
Opening
February 17, 2008: The Iranian Oil Bourse was inaugurated in a video conference ceremony from the capital
Tehran
Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most popul ...
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 rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
,
yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the e ...
,
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
and other major currencies. The Iranian Oil Bourse will probably accept
Russian ruble
''hum''; cv, тенкĕ ''tenke''; kv, шайт ''shayt''; Lak: къуруш ''k'urush''; Mari: теҥге ''tenge''; os, сом ''som''; tt-Cyrl, сум ''sum''; udm, манет ''manet''; sah, солкуобай ''solkuobay''
, name_ab ...
as well.
The first transaction of the IOB took place at 9:30 the following morning, when 2200
tonne
The tonne ( or ; symbol: t) is a unit of mass equal to 1000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton to distinguish it from the non-metric units of the short ton ( United State ...
s of
low-density polyethylene
Low-density polyethylene (LDPE) is a thermoplastic made from the monomer ethylene. It was the first grade of polyethylene, produced in 1933 by Imperial Chemical Industries (ICI) using a high pressure process via free radical polymerization. Its ...
(LD-PE), held in 100 tonne cases, were traded.
November 2008: According to Chairman of Board of Directors for Iranian Oil Bourse Mehdi Karbasian ever since the launch of the first phase of the bourse, transactions worth over $1.5 billion have been made on different oil and petrochemical products.
October 2009:
IRNA
The Islamic Republic News Agency ( fa, خبرگزاری جمهوری اسلامی, ''Xebergâzari-ye Jimhuri-ye Eslâmi-ye''), or IRNA, is the official news agency of the Islamic Republic of Iran. Founded on 13 November 1934 as Pars News Agency ...
reported that "
National Petrochemical Company
The National Petrochemical Company (NPC) ( fa, شرکت ملی صنایع پتروشیمی, ''Shirkat-e Mili-ye Sânai'-ye Petrushimiy''), a subsidiary to the Iranian Petroleum Ministry, is owned by the government of the Islamic Republic of Iran. ...
's Managing Director Adel Nejad-Salim said in the opening ceremony that all petrochemical products will be gradually offered on the market." In the first phase, only petrochemical products such as
polyethylene
Polyethylene or polythene (abbreviated PE; IUPAC name polyethene or poly(methylene)) is the most commonly produced plastic. It is a polymer, primarily used for packaging ( plastic bags, plastic films, geomembranes and containers including bo ...
and
methanol
Methanol (also called methyl alcohol and wood spirit, amongst other names) is an organic chemical and the simplest aliphatic alcohol, with the formula C H3 O H (a methyl group linked to a hydroxyl group, often abbreviated as MeOH). It is a ...
were traded on a spot basasis and in
Iranian Rial
The rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
. However, with the completion of the second phase, crude and by-products of oil can also be traded on the exchange in both
Iranian Rial
The rial ( fa, ریال ایران, riyâl-è Irân; sign: ﷼; abbreviation: Rl (singular) and Rls (plural) or IR in Latin; ISO code: IRR) is the official currency of Iran.
There is no official symbol for the currency but the Iranian standar ...
and
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
.
November 2009: IME reported that "the international trading floor of crude oil and petrochemical products in the Kish Island was put into operation."
June 2011: Iran summarized the 3 phases of Kish Stock Exchange's opening roadmap
early June 2011: Iran started fuel oil transaction in Kish Oil Bourse : 35,000 tons at 621.35 dollar per ton and payment was made through Euro or Dirham accounts overseas.
July 2011: Third phase of Iran Crude Oil Exchange has been launched. A shipment of 600,000 barrels of heavy crude oil were offered at the Kish International Trading Floor on July 23, 2011 and were traded at USD 112.65 per barrel.
August 2011: A shipment of 500,000 barrels of heavy crude oil were offered at the Kish Commodity Exchange on 18 August 2011 and were traded at USD 105.49 per barrel and received payments in euro and dirham. The crude consignment was traded without any discount or additional premium.
March 20, 2012: The Iranian oil bourse will no longer trade oil in the
US dollar
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
but start trading oil in other currencies such as the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
,
yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the e ...
,
yuan,
rupee
Rupee is the common name for the currencies of
India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
or a basket of currencies.
January 7, 2020 The planned Iranian oil bourse was cancelled.
Petrochemical Exporting Countries Forum (PECF)
Iran has proposed the creation of a Petrochemical Exporting Countries Forum (PECF) which aims at financial and technological cooperation among members, as well as product pricing and policy making in production issues.
2008 submarine cable disruption
It has been suggested that the
2008 submarine cable disruption
The 2008 submarine cable disruption refers to three separate incidents of major damage to submarine optical communication cables around the world. The first incident caused damage involving up to five high-speed Internet submarine communications ca ...
was connected with the launch of Iranian oil bourse and that the
internet connection of Iran was being targeted to stop the launch of Iranian oil bourse.
See also
*
Iran Mercantile Exchange
The Iran Mercantile Exchange ( fa, بورس کالای ایران, IME) is a commodities exchange located in Tehran, Iran.
Established on 20 September 2007 from the merger of the Tehran Metal Exchange and the Iran Agricultural Exchange, IME trade ...
*
Petrodollar
Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major petroleum-exporting states, mainly the OPEC members plus Russia ...
*
Petrodollar warfare
Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major petroleum-exporting states, mainly the OPEC members plus Russia ...
Notes
References
*
External links
PetroTalkPortal for petro related Articles, Discussion, Links and more
Iran oil bourse next week Persian Journal, April 26, 2006
''
The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
''
The Real Reasons Why Iran is the Next Target: The Emerging Euro-denominated International Oil Marker*
ttps://web.archive.org/web/20070906135513/http://www.energybulletin.net/12125.html The Proposed Iranian Oil BourseTrading oil in euros – does it matter?
Will the Iranian Oil Bourse Threaten the Dollar?Iranian Oil Bourse openingIOB will open amid hurdles
{{Energy in Iran
Commodity exchanges in Iran
Petroleum in Iran
Monetary hegemony
Financial services companies established in 2008
Non-renewable resource companies established in 2008
2008 establishments in Iran