TEHRAN, Iran: Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country’s oil ministry said. A statement posted on the ministry’s Web site said 100 tons of polyethylene consignment was traded at the market’s opening on the island, which houses the offices of about 100 Iranian and foreign oil companies.
Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said. “The bourse provides an economic opportunity for Iranians, other countries and foreign customers,” Nozari was quoted as saying.
Iran produces more than 20 million tons of petrochemical products per year. Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars, to reduce any American influence over the Islamic Republic’s economy.
Well I haven’t got any Rials, so I might wait until the Euro bourse starts to become fabulously well to do in petro-euros. And I’m sure the destabilising effect on the petro-dollar at a time of recession won’t create any negative impressions on US oil executives, not that any hold any positions of power…or anything.
18 February, 2008 at 1:30 am
curious, i didn’t notice this in Persian headlines today!
18 February, 2008 at 1:46 am
Hey Naj, seems to have come out around lunchtime, maybe they want to see if it takes off before making a big thing and conversely US press won’t talk about it for the opposite reason.
18 February, 2008 at 10:02 pm
[...] contributing factor. Still, I hope you’ll all be interested to learn that after many delays it finally came into operation yesterday. You can find plenty of interesting links on the subject at [...]