The Iranian Oil Bourse (Persian: بورس نفت ایران), International Oil Bourse,[1]Iran Petroleum ExchangeKish Exchange[2] or Oil Bourse in Kish[3] (IOB; the official English language name is unclear) also known as Iran Crude Oil Exchange,[4] is a commodity exchange, which opened its first phase on 17 February 2008.[3][5]
It was created in 2005.[citation needed] The history of Iran Mercantile Exchange and its links with the "international trading floor of crude oil and petrochemical products in the Kish Island" (IOB) have been published.[6]
The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies other than the United States dollar, primarily the euro and Iranian rial and a basket of other major (non-US) currencies. The geographical location is at the Persian Gulf island of Kish which is designated by Iran as a free trade zone.[7]
During 2007, Iran asked its petroleum customers to pay in non US dollar currencies. By December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies.[8]
The Kish Bourse was officially opened in a videoconference ceremony on 17 February 2008, despite last minute disruptions to the internet services to the Persian Gulf regions. Currently the Kish Bourse is only trading in oil-derived products, generally those used as feedstock for the plastics and pharmaceutical industries. However, officially published statements by Iranian oil minister Gholam-Hossein Nozari indicate that the second phase, to establish trading in crude oil directly, which has been suggested might one day perhaps create a "Caspian Crude" benchmark price analogous to Brent Crude or WTI will only be started after the Bourse has demonstrated a reasonable period of trouble-free running.[9]
Due to technical problems, the oil bourse never proceeded, and the plans were finally abandoned after a vote by the Iranian Parliament on 7 January 2020.[10]
^"KFZO MD: Investment in oil and gas in Kish is competitive and justified". Kish Free Zone Organization. 9 February 2008. Archived from the original on 3 October 2011. Retrieved 10 February 2008.
^"Iran Opens Oil Bourse – Harbinger of Trouble for New York and London?". Benzinga. 27 July 2011.
^ ab"Kish Stock Exchange Director: There are no limitations on transactions by foreigners at the Oil Bourse". Kish Free Zone Organization. 18 February 2008. Archived from the original on 7 June 2008. Retrieved 19 February 2008.
^"En.seo.ir > Home". Archived from the original on 12 September 2011. Retrieved 23 March 2012.
^"1st phase of Iran oil stock inaugurated on Kish Island, IRNA Reports, Feb. 17, 2008". Archived from the original on 14 March 2008.
^"شرکت بورس کالای ایران" (PDF). ime.co.ir.
^Economy iran-daily.com Archived 2006-12-08 at the Wayback Machine
^"Iran stops selling oil in U.S. dollars -report". Reuters UK. 8 December 2007.
^"Iran launches oil products bourse » Kuwait Times Website". Archived from the original on 7 June 2008. Retrieved 2 April 2008.
^"Budget Review Commission of the Parliament Opposes Establishment of the Oil Bourse". Iran Mercantile Exchange. Retrieved 12 January 2020.
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