Friday, 30 October 2009

Iranian Oil Bourse Opens

The Iranian Oil Bourse was inaugurated on Monday in the Persian Gulf island of Kish as a venue to export oil and petrochemical products.

National Petrochemical Company's Managing Director Adel Nejad-Salim said in the opening ceremony that all petrochemical products will be gradually offered on the market, IRNA news agency reported.

The oil bourse is intended as an exchange market for petroleum, gas, and petrochemicals in various currencies, primarily the euro and Iranian rial, and a basket of other major currencies.

On February 4, 2008 the Iranian Cabinet approved the creation of the oil bourse in two stages - first for crude and second for oil byproducts transactions.
http://www.tehrantimes.com/index_View.asp?code=206503

This is extremely serious news. The Iranians have created an alternative market in which to buy and sell oil that does not rely upon the "PetroDollar". Saddam started selling his oil in Euros right before his country was attacked, and now we see Iran doing the same thing.

You can bet that the US will do almost anything to ensure this bourse is shut down.

[Posted at the SpookyWeather blog, October 30th, 2009.]

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