The Iranian Euro Bourse

Bozzio · Post by **Bozzio** » 28 Feb 2006, 15:05

An article in todays Government controlled Tehran Times

http://www.tehrantimes.com/Detailview.a ... at=9&Num=1

Nothing new. Just interesting to see it there.

Post by **clv101** » 06 Mar 2006, 11:35

Seems that some people are talking about 20th March.

On March 20 Iran opens a new ?bourse? (exchange) on which countries all over the world can buy and sell oil and gas not only for dollars but also for euros. It also establishes a new oil ?marker? (oil pricing standard) based on Iranian crude and denominated in euros, in open
http://www.mmorning.com/ArticleC.asp?Ar ... tegoryID=5

While the rhetoric between the US and Iran over Iran?s nuclear ambitions (that has become even stranger given the new agreement with India that allows India to expand its nuclear arsenal) has been consistently on the front pages we believe as do others that the real reason behind the noise is the new Iranian oil bourse that will open on March 20, 2006. The Iranian oil bourse will trade in Euros based on Iranian crude and is a direct rivalry to West Texas Intermediate, Norway Brent and the UAE Dubai market makers. The latter three are all calculated in US Dollars.
http://news.goldseek.com/UnionSecurities/1141418820.php

The Norwegian article was not translated and re-published in English until Feb 22, 2006, and this development comes on the back of the already much publicized Iranian Energy Bourse scheduled to commence trading oil, gas, and petro-chemical (in EUROs) on March 20, 2006. The largest mandated use of the US dollar (up until now) has been for the purchase of oil. Accepting the EURO for oil sales was begun by Saddam Hussein of Iraq in December 2002. Chavez of Venezuela has since followed suit. Now, it is Iran, Norway, and?Ka-Ching, Ka-Ching, Ka-Ching: OUCH!
http://baltimorechronicle.com/2006/0302 ... holm.shtml

skeptik · Post by **skeptik** » 06 Mar 2006, 12:48

clv101 wrote:Seems that some people are talking about 20th March.

What I tell you three times is true, eh, Chris?

Forgive my skepticism, but I'll believe it when I see it. At the moment with less than month to liftoff the Iranian Oil Bourse looks as solid as a Cheshire Cat from where Im sitting.

Heres a picture of Oil being traded (prior to 2003) at the London International Petroleum Exchange, courtesy of the BBC

If anybody can show me ONE SINGLE PICTURE of absolutely anything to do with a proposed Iranian oil exchange, or a solid artlicle which details how it is being constituted, then I might consider changing my current opinion - that talk of an oil exchange is just an Iranian attempt to wave a red rag at the American bull and endlessly re-cycled internet froth.

Supposedly this bourse is being built on Kish, a tourist island off the coast of Iran
http://www.satsa.ir/english/news.aspx?NewsID=188

... so wheres the beef? If they were actually doing anything youd think the Iranians would be keen to let the world know the details for the propaganda value. DO I even hear a pin drop?

Post by **clv101** » 06 Mar 2006, 12:57

I know what you mean skeptik I also remain sceptical - thing is 20 March isn't far away so I guess we'll know one way or another very soon (unless the bombs start dropping before then!).

skeptik · Post by **skeptik** » 07 Mar 2006, 16:49

Nice demolition Job from Jerome a Paris. End of Story.
http://www.eurotrib.com/story/2006/2/24/7575/84230

Post by **mikepepler** » 07 Mar 2006, 17:03

skeptik wrote:Nice demolition Job from Jerome a Paris. End of Story.
http://www.eurotrib.com/story/2006/2/24/7575/84230

Well.... he gives a lot of good reasons why it might not be a good idea, but people often do things that aren't good ideas, and sometimes they catch on anyway. To me, it seems that the bit this guy ignores is that Iran might have emotional and nationalistic reasons to do it. Also, what if Iran (and then other Gulf states) earmarked an increasing portion of their output as only available through the new Bourse - then people would be forced to use it, or else cut back on oil consumption.

Anyway, it's not really worth worrying about, as Chris said - 20th March is not far away, and then we'll see what happens. To be honest, the nuclear issue appears to be enough to cause trouble without a non-dollar Bourse anyway.

skeptik · Post by **skeptik** » 07 Mar 2006, 17:19

Ok, Ive found it...

Leila is going to be running the Bourse every other Tuesday afternoon, except during any month with an 'R' in it....and during Ramadan and the Hajj, of course.

Post by **mikepepler** » 07 Mar 2006, 19:07

skeptik wrote:Ok, Ive found it...

Leila is going to be running the Bourse every other Tuesday afternoon, except during any month with an 'R' in it....and during Ramadan and the Hajj, of course.

Yes, but what about the story which uses that image:
http://www.iranpetroleummag.com/search_ ... sch=bourse

Iran?s Petroleum Bourse is on the verge of becoming operational.
Although, in its first phase, it is to trade petrochemical products, the bourse is ultimately to become the trading ground, also for crude oil and turn into a regional center where the Middle east?s benchmark oil price will be set.

It's not clear what the date of the story is though.

I kind of think we should stop wasting time trying to figure out if it's true or not, and revisit this topic in two weeks time.

skeptik · Post by **skeptik** » 07 Mar 2006, 19:50

mikepepler wrote: Yes, but what about the story which uses that image:

Yes...funny isnt it? I was wondering if anybody would find it. Illustrated with a picture of Leila the model pretending to use a PC down at the local bank... I wonder what those two women in the background are arguing about with the guy from the bureau de change?

...bourse my arse...

ok.. hint taken... think Ive had enough fun with this bit of nonsense.

Post by **clv101** » 09 Mar 2006, 13:05

Here's a new article, interesting quote at the end:

http://www.atimes.com/atimes/Middle_East/HC10Ak01.html

RevdTess · Post by **RevdTess** » 13 Mar 2006, 13:54

What. Ever.

13 March 2006
Iranian Economy Minister Davoud Danesh Jafari said Monday that a proposed
Iranian oil exchange will use currencies other than the US dollar for trading
operations.
"The possibility of selling oil in currencies other than dollars has been
considered in the bourse," he told reporters at a news conference in Tehran.
"Thus, traders will have a variety of options to carry out transactions."
The proposed oil exchange, to be known as the Iranian Petroleum
Commodities Exchange, was originally due to have been launched by March 20
this year. But the project has been delayed and few details have emerged about
the type of tools that will be available since the plan was first mooted
nearly two years ago.
Danesh Jafari said the planned exchange was likely to be based in Kish
Island, an offshore haven in the Persian Gulf some 10 miles off the Iranian
coast.
"The oil bourse, to be most probably based in Kish Island, will be
established in due course," he said, adding that the plan would soon be put in
the hands of what he called the High Council of the Bourse.
Iranian oil minister Kazem Vaziri Hamaneh was quoted as saying Friday on
his return from an OPEC meeting in Vienna that the exchange was going through
its natural processes.
"Establishment of the oil bourse is going through its natural process and
its preliminary conditions have been met in Kish Island," Vaziri Hamaneh
said. He added that a meeting would be held before the new Iranian year
starting March 21 to discuss the launch details.

RevdTess · Post by **RevdTess** » 13 Mar 2006, 13:59

TEHRAN, March 13 (Reuters) - Iran said on Monday its dollar transactions had been restricted by seven or eight international financial institutions, and warned Tehran could switch its holdings into other currencies.
Iran caused a flap on international markets earlier this year after the central bank governor was quoted saying Tehran was repatriating dollars held in foreign accounts as pressure mounts on Iran's nuclear programme. The remarks were swiftly retracted.
"There have been symbolic acts of late and America has restricted Iran's dollar-based transactions with the outside world through seven or eight financial institutions," Finance Minister Davoud Danesh-Jafari told a news conference.
He added that the institutions were either U.S.-owned or "influenced by the Zionists".
"But this will not cause any trouble in the end because when dollar-based transactions get restricted, we can use other currencies and that would be against U.S. interests," he added.
It was not immediately clear what institutions Danesh-Jafari was referring to.

Ballard · Post by **Ballard** » 13 Mar 2006, 15:10

was originally due to have been launched by March 20
this year. But the project has been delayed

Woo Hoo, the world is not gonna end this month....

Unless Dubya knows otherwise,

skeptik · Post by **skeptik** » 13 Mar 2006, 18:19

Ballard wrote:
was originally due to have been launched by March 20
this year. But the project has been delayed
Woo Hoo, the world is not gonna end this month....

Unless Dubya knows otherwise,

Totally_Baffled · Post by **Totally_Baffled** » 21 Mar 2006, 09:31

OK its March 21st , has the dollar crashed yet ?!

PowerSwitch

The Iranian Euro Bourse

Ok Ive found it

Re: Ok Ive found it

Re: Ok Ive found it