The Iranian Oil Bourse came into existence in February 2008, though it was planned to be launched in March 2006. This commodity exchange of Iran, which mainly carries out commodity trading of petroleum, petroleum products and currencies, is also known by the names like Iran Petroleum Exchange and Oil Bourse in Kish.
Iranian Oil Bourse was developed as a result of cooperation between the ministries of Iran and state-owned and private institutions of Iran. The Iranian Oil Bourse started to operate from 17th February; 2008.This Oil Bourse is situated at the island of Kish. For this reason, the Iranian Oil Bourse is also known as Oil Bourse in Kish.
In this commodity exchange of Iran, commodity futures trading takes place mainly for the commodities like petroleum, gas and petrochemicals. So, this Iranian Oil Bourse is also called Iran Petroleum Exchange. The Iranian Oil Bourse also carries out commodity trading of various currencies.
The currencies that are mainly traded in Iranian Oil Bourse are the non-dollar currencies like Iranian Rial and Euro. In this commodity exchange, there are no limitations on the transactions, made by the foreign shareholders.
In fact, Hossein Allahabadi, Director, Kish Stock Exchange declared this benefit, at the time of establishment of Iranian Oil Bourse.
Firstly, it was announced that, the Iranian Oil Bourse would be opened in March 2006. But, then the establishment program was delayed. But, before the establishment of the Iranian Oil Bourse, Iran succeeded to convert all the oil export earnings into non-dollar currencies. The Process through which Iranian Oil Bourse was established
In April 2005, a report by Tehran Stock Exchange informed that, Iranian Oil Bourse was going to open on 20th March 2006.
In January 2006, it was declared that the establishment of Iranian Oil Bourse would be delayed due to election.
In April 2006,the Iranian Petroleum Minister informed that the launch of Iranian Oil Bourse would take place in May 2006.
In May 2006, it was declared that Euro had not yet received the legal tender for carrying out transactions in the Iranian Oil Bourse.
In March 2007, it was informed that Iranian Embassy of Baghdad had adopted a currency shift from Dollars to Euros.
In December 2007, Iran stopped accepting US dollars for their oil exports.
On 4th February 2008, Iranian Cabinet finally approved the establishment of Iranian Oil Bourse.
Last Updated on : 1st August 2013