Iran Opens Exchange to Trade Crude Oil and Other Petrochemical Products
October 27th, 2009Via: Reuters:
Iran, OPEC’s second-biggest oil producer, launched its international oil exchange on Monday to buy and sell crude, oil products and petrochemical products, Iran’s student news agency ISNA reported.
“The international exchange hall of crude, oil products and petrochemical goods of Iran was inaugurated. Our aim is to shift oil market trade focus in the region to the Kish Island,” said Economy Minister Shamseddin Hosseini at the inauguration ceremony, ISNA reported.
The bourse, based on the Gulf economic free zone island of Kish, has been planned for years but had faced repeated delays. The first phase of the exchange for trading oil products was inaugurated in February.
When plans were first mooted, some analysts speculated Iran might use it to undermine the importance of the U.S. dollar by pricing crude in euros or other currencies.
The report did not specify the currency in which trading would take place.
Well, here’s to the long awaited Iranian oil bourse, eh? I remember all the doom panic this was supposed to cause way back when the idea first hit the intertubes – it’s nice to see the world’s economy chugging right along. Too bad the typical american isn’t getting as big a slice of the pie anymore. ‘Course the fat cats have moved the big money into new locations – just another day at the office.
Butchered a pig yesterday and today a chicken is going into the roasting pan. Hahaha – ain’t it great to be less than 100% dependent on business as usual?