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   From: oO@oO.com   
      
   Iran to begin initial phase of Euro-based oil bourse in Sept.   
   Iran will start the initial phase of its planned Iranian oil bourse at the   
   end of September, the news agency ISNA reported last Wednesday. An unnamed   
   oil ministry official told ISNA that his ministry had already presented the   
   relevant documents to the economic and finance ministry and the bourse   
   organisation.   
      
   The building that will house the oil bourse has reportedly already been   
   purchased in the southern Iranian island of Kish. Petrochemical and   
   oil-related products will be made available to customers in the first phase   
   but the volume of the shares to be traded is not yet clear, the official   
   told ISNA. Economics and Finance Minister Davoud Danesh-Jafari said last   
   April that the issue had already been agreed upon and that the oil ministry   
   had given the go-ahead for the opening of the bourse. The exchange will have   
   a positive impact on oil sales, not only in Iran but in the wider Gulf   
   region and is slated to replace the current dollar-based oil exchange with   
   one based on the Euro, he said.   
      
   The International Petroleum Exchange in London and the New York Mercantile   
   Exchange, on which oil is currently traded, both use the dollar. Iran argues   
   that as long as 60 percent of global oil and 25 percent of natural gas needs   
   are met by Gulf states, oil dealing in either New York or London made no   
   sense.   
      
   Iran also wants to circumvent dollar-based oil exchanges to avoid being   
   impacted by the United States economy. The plan to open the exchange in Kish   
   was raised by the administration of President Mahmoud Ahmadinejad last year.   
   It was due to be opened before the beginning of the Persian New Year on   
   March 21 but has been postponed several times.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)