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Encyclopedia > Iranian Oil Bourse

Iran is planning to open a commodity exchange, variously referred to as the Iran Petroleum Exchange, International Oil Bourse or Iranian Oil Bourse. The acronym IOB has been used as it can be interpreted as either "International Oil Bourse" or "Iranian Oil Bourse", but it has no official status. It would be a Petrobourse for petroleum, petrochemicals and gas in various non-dollar currencies, primarily the euro. If successful, it would establish a euro-based pricing mechanism for oil trading, or oil marker as it is called by traders. A commodities exchange is an exchange where various commodities and derivatives products are traded. ... Petrobourse refers to the possibility of the Iranian bourse establishing a fourth oil marker, and the possibility of a new commodity exchange that would revolve around it. ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Petrochemicals are chemical products made from raw materials of petroleum (hydrocarbon) origin. ... This article does not cite any references or sources. ... United States one-dollar bill Canadian one-dollar coin (Loonie) One New Taiwan dollar Australian one-dollar coin 500 old Zimbabwean dollars The dollar (often represented by the dollar sign: $) is the name of the official currency in several countries, dependencies and other regions. ... “EUR” redirects here. ... A standard in the oil industry, to which various crudes can be compared, and by which they can be priced. ...


The geographical location is expected to be the Persian Gulf island of Kish (which is designated by Iran as a free trade zone.)[1]. Map of the Persian Gulf. ... The current version of the article or section reads like an advertisement. ... It has been suggested that this article or section be merged into Free trade area. ...


The bourse has not yet opened, having missed at least three announced opening dates.

Contents

Background

The three current oil markers are all US dollar denominated: North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYMEX) in New York City and the International Petroleum Exchange (IPE) in London. The proposed Iranian bourse would establish a fourth oil marker, denominated by the euro. North America North America is a continent [1] in the Earths northern hemisphere and (chiefly) western hemisphere. ... West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchanges oil futures contracts. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ... Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. ... UAE redirects here; for other uses of that term, see UAE (disambiguation) The United Arab Emirates is an oil-rich country situated in the south-east of the Arabian Peninsula in Southwest Asia, comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. ... Dubai Crude is an oil price benchmark. ... The New York Mercantile Exchange**** NOTE the AMENX is FAKE, created by york-commodities to scam your money, if you send money you will never see it again**** You have been warned. ... New York, New York and NYC redirect here. ... The International Petroleum Exchange, based in London (England), is one of the worlds largest energy futures and options exchanges. ... This article is about the capital of England and the United Kingdom. ...


Timeline

The Iranian oil bourse, first reported in 2005, was to have a planned opening date of March 20, 2006 [2], which is the Iranian New Year, Nauroz. According to an April 2005 report, the Tehran Stock Exchange (TSE), the Wimpole Consortium and a private staff fund for retired petroleum workers will together form the consortium developing the exchange [3]. Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 79th day of the year (80th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Haft Seen Norouz (also spelled Norooz, Noruz, Nauroz, Nav-roze, Navroz, Naw-Rúz or Nowrouz and in Persian نوروز) is the traditional Iranian festival of the New Year in the Persian calendar which starts at the exact moment of the vernal equinox, commencing the start... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... TSE Logo The Tehran Stock Exchange (TSE) (Persian: بورس اوراق بهادار تهران) is Irans largest stock exchange, which first opened in April 1968. ...


January 2006 Chris Cook of the Wimpole Consortium referred to delays in the process due to the election to the presidency of Mahmoud Ahmadinejad and subsequent difficulty in appointing a new oil minister acceptable both to the president and parliament [4]. Chris Cook is an expert driver/instructor at Infineon who made his NEXTEL Cup debut at that track in 2005. ... The Iranian presidential election of 2005, the ninth presidential election in Iranian history, took place in two rounds, first on June 17, 2005, and then as a run-off on June 24. ...   (Persian: ‎ ​, IPA: ), transcribed into English as Mahmud or Mahmood, Ahmadinezhad, Ahmadi-Nejad, Ahmadi Nejad, Ahmady Nejad) (born October 28, 1956) is the current president of the Islamic Republic of Iran. ...


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. [5]. 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 [6].


May 2006 Minister of Economic Affairs and Finance Davud Danesh-Jafari said the Oil Ministry has a two-month deadline for presenting the Articles of Association of the Iranian Oil Bourse. Danesh-Jafari said that the euro 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 [7] Articles of Association are a requirement for the establishment of a company under United Kingdom and in most other countries company law. ... “EUR” redirects here. ...


During the first phase of its implementation, the Iranian Oil Bourse plans to offer financial derivatives relating to crude oil. A derivative is a generic term for specific types of investments from which payoffs over time are derived from the performance of assets (such as commodities, shares or bonds), interest rates, exchange rates, or indices (such as a stock market index, consumer price index (CPI) or an index of weather...


July 2006 a building has been purchased and the projected opening date was originally slated for September 2006. [8] 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.[9] However, the launch has 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.[10]


March 2007 Tehran based PRESS TV reported that the Iranian Embassy in Baghdad announced a shift of its major currency from dollars to euros. Iraqis traveling to Iran will pay for a visa in euros in line with other Iran Embassy locations. [11] PRESS TV is an Iranian international television news channel, run by the Iranian government. ...


March 2007 The Scotsman reported that China's state-run Zhuhai Zhenrong Corp, 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 have also announced that they would be willing to switch to Yen from US Dollars.[12] 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.[13] Bank Markazi, Tehran, Iran Bank Markazi Iran or Bank Markazi Jomhouri Islami Iran (Persian: بانک مرکزی جمهوری اسلامی ايران) is the Central bank of Iran. ...


July 2007 Iran asked Japan to pay for its oil purchases in Japanese Yen.[14]


See also

The Iranian constitution prohibits the granting of petroleum rights on a concessionary basis or direct equity stake. ... Petrobourse refers to the possibility of the Iranian bourse establishing a fourth oil marker, and the possibility of a new commodity exchange that would revolve around it. ... The Euro A petroeuro is a petroleum trade valued in the euro as opposed to the US dollar (a petrodollar). ... A petrodollar is a dollar earned by a country through the sale of oil. ... A petroruble is a petroleum trade valued in the ruble as opposed to the US dollar (a petrodollar), or euro (petroeuro). ... Petrodollar warfare is a hypothesis that many international manœuvres in recent decades are taken to support the current dollar hegemony over other currencies. ... The economy of Iran has been improving steadily over the past two decades but a continuing strong labour force growth unmatched by commensurate real economic growth is driving up unemployment to a level considerably higher than the official estimate of 11%. According to experts, annual economic growth above five per... A bell-shaped production curve, as originally suggested by M. King Hubbert in 1956. ... This article is in need of improvement. ...

Citations

  1. ^ Kish Oil Exchange Planned, Iran Daily, January 24, 2006
  2. ^ The Iranian line in the sand, Dan Crawford, The Republic (Vancouver), August 18 to 31, 2005
  3. ^ A star rises in the east, Stella Farrington, April 2005
  4. ^ Speaking freely: What the Iran 'nuclear issue' is really about, Chris Cook, January 21, 2006, Asia Times/energybulletin.net
  5. ^ A frenzied Persian new year, March 22, 2006, Asia Times
  6. ^ Iran oil bourse next week, April 26, 2006, Iranian.ws
  7. ^ Ministry to offer IOB Articles of Association in two months, May 19, 2006, Mehr News Agency
  8. ^ Iranian Journel, building has been purchased and new date is September, accessed July 6 2006
  9. ^ Iran's oil bourse to be launched, September 15, 2006, Mehr News Agency
  10. ^ Iran May Reduce Use of Dollar, Tehran Papers Say, December 6, 2006, Bloomberg
  11. ^ http://www.presstv.ir/detail.aspx?id=4131&sectionid=3510206
  12. ^ China shifts to euros for Iran oil, The Scotsman, 27 March 2007
  13. ^ IRI to stop pricing oil in dollars, IRIB News, 31 March 2007
  14. ^ Iran asks Japan to pay in yen, not dollars for oil purchases, Tokyo, 14 July 2007, IRNA

January 24 is the 24th day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Motto: By Sea, Land, and Air We Prosper Location of Vancouver within the Greater Vancouver Regional District in British Columbia, Canada Coordinates: , Country  Canada Province  British Columbia Region Lower Mainland Regional District Greater Vancouver Incorporated 1886 Government  - Mayor Sam Sullivan (NPA)  - City Council List of Councilors Suzanne Anton (NPA) Peter... is the 230th day of the year (231st in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Chris Cook is an expert driver/instructor at Infineon who made his NEXTEL Cup debut at that track in 2005. ... January 21 is the 21st day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Asia Times Online is an Internet-only publication that reports and examines geopolitical, political, economic and business issues, looking at these from an Asian perspective. ... March 22 is the 81st day of the year (82nd in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Asia Times Online is an Internet-only publication that reports and examines geopolitical, political, economic and business issues, looking at these from an Asian perspective. ... is the 116th day of the year (117th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... is the 139th day of the year (140th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Mehr News Agency is a news outlet based in Tehran, Iran. ... is the 258th day of the year (259th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Mehr News Agency is a news outlet based in Tehran, Iran. ... December 6 is the 340th day of the year (341st in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Bloomberg L.P. is a financial software service company founded by current New York City mayor Michael Bloomberg with the help of Thomas Secunda in 1981. ... The Scotsmans offices in Edinburgh The Scotsman is a Scottish newspaper published in Edinburgh. ...

Literature

  • Clark, William R.: Petrodollar Warfare : Oil, Iraq and the Future of the Dollar, New Society Publishers, 2005, ISBN 0-86571-514-9

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