Iranian Oil Exchange
The Iranian Oil Exchange ( Persian : بورس نفت ایران; Kish Stock Exchange ; IOB) is an oil exchange that was opened on February 17, 2008 and is based on the island of Kisch . The stock exchange was originally supposed to open on March 20, 2006. However, the opening was postponed due to “technical difficulties”.
background
Although it had not been clarified by February 2008 whether and under what name Iran was implementing the project, the IOB received a lot of attention, especially in Internet forums and blogs, under headings such as “Death blow for the US dollar”. With the establishment of the new exchange, Iran is said to have the intention of introducing a euro-based price mechanism in oil trading; that is "the real reason" for the US policy on Iran (cf. Petrodollar ).
In general, the planned new trading center for oil received little attention. The reasons given include the fact that the project is comparatively small in scope and has so far not got beyond vague announcements. "Not even Singapore has succeeded in establishing a significant oil exchange - despite better local conditions," says Matthias Streitz on Spiegel online . For the future of the US dollar as the reserve currency , the development of the US trade balance and the future budget policy of the American government are of much greater importance than the planned IOB.
development
On May 20, 2006, IRNA announced that the stock exchange would soon open. The Iran News website reported in July that a building had already been purchased for the project and that the new oil exchange was due to open in late September 2006. This date also passed without a new one being named for the time being.
In September 2007, Japan's largest crude oil refiner, Nippon Oil , declared that crude oil imports would no longer be paid in dollars, but, as Iran demanded, in yen . On December 8, Iran announced that it had switched all oil sales to non-US dollar currencies.
On January 5th, 2008, the Iranian Minister of Economics and Finance Davud Danesh-Ja'fari announced that the Iranian oil exchange would be inaugurated during the Revolutionary Celebrations (February 1st - 11th) and that it would definitely function as a trading platform for oil and natural gas will record.
The Iranian Oil Exchange started operations on February 17, 2008. Instead of euros , prices are mainly calculated in the local currency, the rial . It was officially inaugurated on October 27, 2009 with a ceremony on Kish Island.
Web links
- Jens Korte: Petro-euros instead of petro-dollars? . In: Deutsche Welle , April 4, 2006.
- Toni Straka: Killing the dollar in Iran . In: Asia Times , August 26, 2005.
Individual evidence
- ^ "1st phase of Iran oil stock inaugurated on Kish island", Islamic Republic News Agency, February 17, 2008 ( Memento of February 22, 2008 in the Internet Archive )
- ↑ Pepe Escobar : A frenzied Persian new year ( Asian Times , March 22, 2006)
- ↑ Krassimir Petrov: The Iranian Oil Exchange - Death Blow for US Dollars? d-perspektiven.de, February 17, 2006.
- ↑ a b Matthias Streitz: Bush vs. Iran. The legend of the petro-euro war . In: Spiegel Online , March 10, 2006.
- ↑ "... that despite the short gap in the process, the oil stock market is expected to open soon." ( Memento of the original from September 30, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Iran oil course at the end of September ( Memento of February 5, 2009 in the Internet Archive ). Iran News , July 6, 2006.
- ↑ "Japan pays Iranian crude oil in yen" ( Rohstoffwelt , September 6, 2007)
- ^ "Iran stops selling oil in US dollars" ( Reuters , December 7, 2007)
- ↑ "Iran to open oil bourse" ( Tehran Times , January 5, 2008)
- ↑ http://www.tehrantimes.com/index_View.asp?code=206503
- ↑ http://www.reuters.com/article/marketsNews/idUSN2620293120091026
