So the sanctions that everyone knew were going to get passed have finally gone through. It is still very interesting how fixated America is on trying to get the two Iranian banks on the exclusion list also. I can only assume this is to completely freeze all foreign funds from entering the country.
An interesting by product of this is that the Iranian Oil Bourse that was supposed to have opened in early February has completely disappeared again. I have not seen any news on it, or found any information on why the delays have occurred or when the launch will be rescheduled. Is it possible that Iran has decided in private that the sanctions are too much and that if they drop the Bourse that America might be more inclined to leave them alone.
Whatever the case, it can be true to say that Iran is now going to start feeling the bite as all technology is restricted from Iran. Lets hope that Iran gets it Bourse up and running as quickly as possible so that they can start moving forward at least in some areas of their autonomy.
The bourse finally opened two Sundays ago. Do a google news search on Iranian oil bourse.
By: Andrea on March 4, 2008
at 11:50 am
Andrea,
thank you very much for your help, i will add google news as another resource for finding information.
It is all very interesting so it has launched a Products and Oil bourse through which it is selling Petrochemicals and crude.
What i don’t understand is why the second bourse is being launched to trade crude in euros, i thought the first bourse already did that?
Thanks
Graham
By: londonukm on March 4, 2008
at 12:02 pm
Iranian official reports record oil revenues
By Najmeh Bozorgmehr in Tehran
Financial Times February 28 2008 16:15 |
http://www.ft.com/cms/s/0/88af02e2-e579-11dc-9334-0 000779fd2ac.html
SNIP
Mr Ghanimifard told the FT a quarter of export transactions had been conducted in the Japanese yen and the rest in euros during the past three months, while dollar transactions had been “almost totally deleted”.
“We issue invoices in dollars and agree with clients that the l/cs [letters of credit] and other means of payment will have a non-dollar basis,” he said.
Ali Shams-Ardakani, head of the energy committee of Iran’s Chamber of Commerce, said the move away from the dollar was “absolutely right” and was economically justifiable on the grounds that it helped prevent losses due to the fall in the value of the US currency. “It should have happened much earlier,” he said.
Mr Ghanimifard did not deny some problems with letters of credit but declined to say which banks were refusing to issue them, or whether they included Chinese banks which, along with UAE banks, have provided the greatest assistance to Iran in getting around sanctions.
“Iran uses many other normal means”, he said, adding that this did not include front companies as guarantors instead of banks, but instruments like promissory notes, drafts, bank credits, electronic and telegraphic transfers.
By: Ivo Cerckel on March 5, 2008
at 1:05 am
The IOB could trade in ruble.
OPEC Unlikely to Raise Output
By WILLIAM J. KOLE – 7 hours ago
http://ap.google.com/article/ALeqM5iTKFqY44EEha_Fb9CRDMjU692BWgD8V6NPL82
“Global markets are well supplied,” Iranian Oil
Minister Gholam Hussein Nozari said Tuesday, saying the weak U.S. currency is a greater concern.
St. Pete Bourse’s First Sales
http://www.themoscowtimes.com/stories/2008/03/05/061.html
ST. PETERSBURG — The St. Petersburg Exchange said Tuesday that it conducted the first two auctions of refined oil products for private brokers, selling 120 tons of gasoline for a total of 2.3 million rubles ($96,000).
Perm-based oil trader Uralmontazhstroi offered the two lots Monday, the exchange said in a statement.
Twenty-six Russian companies and agencies have
registered to participate on the bourse, the statement said. (Bloomberg)
By: Ivo Cerckel on March 5, 2008
at 1:09 am