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tabatha

(18,795 posts)
6. During the Bush years, it was said that he would go to war with Iran because of the yet-to-be Bourse
Tue Jan 17, 2012, 04:01 PM
Jan 2012

Well, the Iranian Oil Bourse opened in 2008. So the petrodollar reason no longer applies to Iran, because it has already happned.


The Iranian Oil Bourse[1] (Persian: بورس نفت ایران ) International Oil Bourse,[2] Iran Petroleum Exchange Kish Exchange[3] or Oil Bourse in Kish[4] (IOB; the official English language name is unclear) is a commodity exchange which opened on February 17, 2008.[5][6][7][4] It was created by cooperation between Iranian ministries, the Iran Mercantile Exchange and other state and private institutions. The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies other than the United States dollar, primarily the euro and Iranian rial and a basket of other major (non-US) currencies. The geographical location is at the Persian Gulf island of Kish which is designated by Iran as a free trade zone.[8]

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.[9] The Kish Bourse was officially opened in a videoconference ceremony on February 17, 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 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.[10]

http://en.wikipedia.org/wiki/Iranian_oil_bourse

(Wiki to shut down in 10 hours)

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