Iran's Kish Oil Bourse Begins Oil Transactions In Euro and Dirham http://hamsayeh.net/world/1077-irans-kish-oil-bourse-begins-oil-transactions-in-euro-and-dirham.html

Iran oil bourse completed its first oil transaction after its official opening earlier this month. The Persian Gulf region's first indigenous oil bourse sold a 500,000 barrels package at $109 and received payments in euro and dirham unlike most other oil transactions which are in US dollar despite all the risks involved. The move would hopefully boost oil transactions amongst world's leading oil producers in other currencies than US dollar thus reducing unnecessary and dangerous exposures to the US currency from now on. Many leading oil and gas producers plan using other currencies in their mutual trades.

Iran opened its Kish Oil Bourse in order to facilitate energy contracts and also provide ample opportunities for foreign companies active in the energy sector. A base price of $621.35 per ton under Euro and Dirham accounts in overseas banks was set under direct supervision of the Iranian National Oil Company NIOC. Washington and its allies view establishment of the Kish Oil Bourse to pose a danger to Western energy monopoly in coordination with Western financial establishment , but at the same time unacceptable for nearly all major global energy producers.