Iran Makes Move to Devalue U.S. Dollar, Opens Bourse Feb. 17

Kish Island, Iran
(Click to Enlarge)

The Iranian Oil Bourse, a non-U.S. dollar forum established for the trade of oil, gas and petrochemicals, is set to open for business on Kish Island on Feb. 17, according to EIN News and Iranian television.

The Bourse had been set to open during the week commemorating the anniversary of the Islamic Revolution, said Iran's Foreign Minister Davoud Danesh-Jafari, but the Internet communication breakdown delayed the launch.

The primary trade currency used by the Bourse will be the euro. The Iranian Bourse would establish a euro-based oil marker if successful.

The Iranian Bourse will be located on the Persian Gulf Island of Kish, a location Iran claims to be a free-trade zone.

The idea of the Iranian Oil Bourse first surfaced in 2005. At that time, the Bourse was due to open in March 2006, but the election of Iranian President Mahmoud Ahmadinejad delayed the opening of the trading forum because the president and parliament could not agree on the appointment of an oil minister.

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