Iranian oil bourse
The Iranian Oil Bourse ( Persian: بورس نفت ایران; Kish Stock Exchange; IOB ) is an Oil Bourse, which opened on 17 February 2008, based on the island of Kish. Originally, the stock market should be opened on 20 March 2006. Due to " technical difficulties " the opening was postponed.
Background
Although it was not clear until February 2008 whether and under what name Iran implemented the project, the IOB especially in Internet forums and blogs found under headings such as "death knell for the U.S. Dollar ' attention. Supposedly pursuing Iran with the establishment of the new exchange plans to introduce a Euro -based pricing mechanism for oil trade; this was one of the " real reasons " for the aggressive anti-Iran policy of the United States (see Petro dollars).
In the print media, the planned new commercial center for oil was, however, received little attention. The reasons are, among other things called that the project had a relatively small scale and had not yet got beyond vague prior notice. "Not even Singapore has succeeded in establishing a significant petroleum market - despite better site conditions ," Matthias Streitz points out in March 2006 in Mirror online. For the future of the U.S. dollar as a reserve currency, the development of the U.S. trade balance and the future budgetary policy of the American government of much greater importance than the scheduled IOB was.
Development
On 20 May 2006 IRNA brought a message that the stock market will open soon. The website of Iran News reported in July that already purchased a building for the project and the opening of the new oil exchange for end of September 2006 was imminent. Passed this date, too, without that time being a new one was called.
In September 2007, Japan's largest oil refiner Nippon Oil declared the crude oil imports no longer in dollars, but, as required by Iran to pay in yen. On December 8, Iran declared that he had converted all its oil sales to non-US dollar currencies.
On 5 January 2008, the Iranian Minister of Economy and Finance Davud Danesh - Ja'fari announced that the Iranian Oil Bourse am dedicated during the Revolution celebrations ( February 1 to 11 ) and definitely their activities as a trading platform for oil and gas would resume.
On 17 February 2008 the stock market was finally opened. Shop in Euros, the prices are calculated, however, mainly in the local currency Rial.
On 27 October 2009 the Iranian Oil Bourse was inaugurated again with a ceremony on the island of Kish.