TEHERAN - Iran’s oil ministry took a step toward establishing an oil trading market denominated in euros, rather than the US dollar, by granting a license for the bourse, state-run television reported on Friday.
Just who would trade on the market wasn’t immediately apparent. Iranian television did not mention trading firms or governments willing to market or purchase products on the bourse, nor did it say when it would open for business.
“Iran has registered an oil bourse on the Persian Gulf island of Kish in which oil would be sold in euros. The market will be the fifth oil market after New York, London, Singapore and Tokyo,” the broadcast said.
Oil trading on those markets is conducted in dollars.
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