The Iranian Oil Bourse (Persian: بورس نفت ایران) International Oil Bourse, Iran Petroleum Exchange or Oil Bourse in Kish (IOB; the official English language name is unclear) is a commodity exchange which opened on February 17, 2008,. It was created by cooperation between Iranian ministries and other state and private institutions. The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies, primarily the euro and Iranian rial and a basket of other major currencies. The geographical location is at the Persian Gulf island of Kish which is designated by Iran as a free trade zone.
During 2007, Iran asked its petroleum customers to pay in non-dollar currencies. By December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies.  The Kish Bourse was officially opened in a videoconference ceremony on February 17, 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 Gholamhossein 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
The Iranian oil bourse, first reported in 2005, initially had a widely publicised opening date of March 20, 2006 , which is the Iranian New Year, Nauroz. According to an April 2005 report, the Tehran Stock Exchange (TSE), the Wimpole Consortium and a private staff fund for retired petroleum workers were to form a consortium developing the exchange .
January 2006 Chris Cook of the Wimpole Consortium referred to delays in the process due to the election to the presidency of Mahmoud Ahmadinejad and subsequent difficulty in appointing a new oil minister acceptable both to the president and parliament .
March 2006 the Petroleum Minister of Iran, Kazem Vaziri Hamaneh, announced that due to “technical glitches”, the Bourse launch was postponed, with no new date set. . However, as of April 26 Iran had restarted its move to open the oil market, and Kazem announced the bourse was set to open the first week of May .
May 2006 Minister of Economic Affairs and Finance Davoud Danesh-Jafari said the Oil Ministry has a two-month deadline for presenting the Articles of Association of the Iranian Oil Bourse. Danesh-Jafari said that the euro had not yet been finalized as the legal tender of transactions in the oil bourse, and the final decision about that depends upon the Oil Ministry’s proposed IOB Articles of Association 
During the first phase of its implementation, the Iranian Oil Bourse plans to offer financial derivatives relating to crude oil.
July 2006 a building has been purchased and the projected opening date was originally slated for September 2006.  On September 15, Oil Minister Kazem Vaziri-Hamaneh stated that all preparatory requirements had been arranged for launching the oil stock market in the country. However, the launch has still not occurred.
December 2006 Bloomberg cited two Iranian newspapers reporting Iran’s Minister of Economy Davoud Danesh-Ja’fari Iran as wanting to cut US dollar based transactions to a minimum.
March 2007 Tehran based Press TV reported that the Iranian Embassy in Baghdad announced a shift of its major currency from dollars to euros. Iraqis traveling to Iran will pay for a visa in euros in line with other Iran Embassy locations. 
March 2007 The Scotsman reported that China’s state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year. Iranian officials have said for months that more than half the OPEC member’s customers switched their payment currency away from the dollar as Tehran seeks to diversify its reserves, but news of the Zhenrong change is the first outside confirmation. Japan has also announced that it would be willing to switch to Yen from US Dollars. Iran’s central banker announced in March 2007 that Iran had cut its holding of U.S.-dollar assets to around 20% of its foreign reserves in response to U.S. hostility.
July 2007 Iran asked Japan to pay for its oil purchases in Japanese Yen.
September 2007 Japan’s Nippon Oil has agreed to buy Iranian oil using yen. 
December 2007 Iran stops accepting U.S. dollars for oil. 
January 2008 Iran’s Finance Minister Davoud Danesh-Jafari told reporters that the bourse will be opened during the anniversary of the Islamic Revolution (February 1-11). .
February 2008 On February 4, the Iranian Cabinet approved the creation of the oil bourse in two stages – first a raw oil exchange and secondly an oil byproducts exchange. The Ministry of Finance and Economics, the Oil Ministry, the Ministry of Foreign Affairs, and the Central Bank of Iran are required to create a workgroup to coordinate the project, and the Iran Commodities Bourse Company is given the task of carrying out the project. The communique from the Cabinet states that the “Ministry of Finance and Economics is required to take measures in making the petrochemical byproducts bourse operational by the end of February 2008.” 
What did the West do? Nothing not even mention the fact. They filled the MSM with LIES about WMD’s and Nuclear reactors. Iran has signed the NPT and is perfectly within its rights to build nuclear reactors for civilian use. There is NO EVIDENCE that anything else is taking place. Tony Blair wants Britian to build more nuclear reactors and the UK is an oil producing state, is this not a case of total hipocracy from Tony Blair , but what would you expect from this war criminal and traitor to the British people,as he has lied to us before and used the British army for the benefit of foreign nationals.That’s TREASON TONY!!!!!
But maybe someone from the West was doing something?!?!?!
Third Cable Cut – Iran has no Internet access!!
therawfeed.com — I told you early Wednesday morning that much of the Middle East and most of India lost Internet access when an undersea cable was cut (it turns out that two cables were cut). Now, a third cable has apparently been severed, and the entire nation of IRAN HAS ZERO INTERNET ACCESS.
Undersea internet cable cut in Middle East – Should Iran be worried?
There has been some concern that the undersea internet cables, that have been cut recently, are perhaps no accident?
The first incident happened 8km from Alexandria in Egypt, which involved 2 cables apparently alongside each other. According to initial reports, the cables may have been “snapped” by a ship´s anchor.
Whilst this explanation is certainly a possibility, it seems a strange coincidence that barely two days later another cable is cut, this time 56km from Dubai in the Persian Gulf. There is even rumor of a fourth cable being damaged, but this has not been confirmed.
The countries most affected by the damaged cables are Egypt, India and the Middle East (in particular Iran).
OF course these cable cuts where all just a coincidence and nothing to do with the US or UK oil companies.If it where to do with US and UK organisations , it could be said to be an “act of war”!
This is not the first time those , crafty Iranians have tried to sell thier own oil and resourses without US and UK help. Look what happened the last time the US and UK interfered. Iran was a secular socialist republic with a nationalised oil industry.The US and UK would rather have a right wing dictator who brutalises his own people.
The actions of the USA and UK directly lead to the formation of the Islamic Republic of Iran. Either this was the desired effect all along,(check Iran Contra affair)
or this was the most spectaular foriegn policy failure of all time. But it seems we are now hell bent on repeating exactly the same thing OR Operation AJAX II ,this time its personal.
In 1951 Dr. Mohammed Mossadegh was elected prime minister. As prime minister, Mossadegh became enormously popular in Iran after he nationalized Iran’s oil reserves. In response, Britain embargoed Iranian oil and, amidst Cold War fears, invited the United States to join in a plot to depose Mossadegh, and in 1953 President Dwight D. Eisenhower authorized Operation Ajax.
The BBC spearheaded Britain’s propaganda campaign, broadcasting the go-code launching the coup d’état against Iran’s elected government. At the start, the coup d’état briefly faltered — and the Shah fled from Iran. However, after a short exile in Italy, the CIA returned him to Iran. Gen. Zahedi replaced the deposed Prime Minister Mosaddeq, who was arrested, tried, and condemned to death. Mossadegh’s sentence was commuted to three-years’ solitary confinement in a military prison, followed by house arrest until his death.
The operation was successful, and Mossadegh was arrested on 19 August 1953. After Operation Ajax, Mohammad Reza Pahlavi’s rule became increasingly autocratic. With American support, the Shah was able to rapidly modernize Iranian infrastructure, but he simultaneously crushed all forms of political opposition with his intelligence agency, SAVAK. Ayatollah Ruhollah Khomeini became an active critic of the Shah’s White Revolution and publicly denounced the government. Khomeini was arrested and imprisoned for 18 months. After his release in 1964 Khomeini publicly criticized the United States government. The Shah was persuaded to send him into exile by General Hassan Pakravan. Khomeini was sent first to Turkey, then to Iraq and finally to France. While in exile, he continued to denounce the Shah.
The Iranian Revolution, also known as the Islamic Revolution, began in January 1978 with the first major demonstrations against the Shah. After strikes and demonstrations paralysed the country and its economy, the Shah fled the country in January 1979 and Ayatollah Khomeini returned from exile to Tehran. The Pahlavi Dynasty collapsed ten days later, on 11 February, when Iran’s military declared itself “neutral” after guerrillas and rebel troops overwhelmed troops loyal to the Shah in armed street fighting. Iran officially became an Islamic Republic on 1 April 1979 when Iranians overwhelmingly approved a national referendum to make it so.  In December 1979, the country approved a theocratic constitution, whereby Khomeini became Supreme Leader of the country.
So we can thank US and UK Oil interests for the Iranian Islamic revolution. There would be a Socialist Republic there if we had left them alone.
You would think in this time of “Peak Oil” and war in the middle East that the Oil companies might be “feeling the pinch”,that would explain all the rises in fuel bills the public has seen. Actually nothing could be further from the truth. Oil Companies are making the biggest profits on record thanks to all this! Obvoiusly no conflict of interest here.
OIL COMPANY PROFITS IN THE LAST YEARS HAVE BROKEN ALL RECORDS!!!!
REMEMBER THAT!!!!!, while the Global economy is going down the drain and the average man struggles to pay bills and up keep in over priced housing. His pension worthless and his taxmoney going to fraudulant and corrupt bankers.
Big oil companies post record profits for 2006
The three giant US-based energy conglomerates—ExxonMobil, Chevron and ConocoPhilips—posted record profits for 2006, according to reports issued by the companies at the end of the week.
Profiteering off of the doubling of crude oil prices in the space of just two years—topping $78 a barrel in the summer of 2006—the big three recorded combined windfall profits of over $72 billion.
ExxonMobil, the world’s largest publicly traded company, raked in $39.5 billon last year—the largest annual profit recorded in US corporate history. The oil giant generated a staggering average of $108 million in profits a day, or $4.5 million an hour. The total topped the previous record for corporate profit, also set by Exxon Mobil in 2005, of $36.13 billion.
Exxon’s total annual profits amounted to more than the federal government spends on public K-12 education per year and were roughly equivalent to the amount that Congress appropriated to provide health care for some 6 million low-income children over a span of 10 years.
Total revenues for the biggest oil company topped $377 billion last year, an amount greater than the gross national product of countries that include Belgium, Sweden, Turkey and Austria.
The profits of ExxonMobil’s closest US competitors also soared. Chevron, the nation’s second-largest oil company, posted its most profitable year on record with $17.1 billion in earnings, while number-three ConocoPhillips did likewise, taking in $15.55 billion.
The big oil companies have profited mainly off of the volatility and chaos on the crude oil markets, resulting in large part from the war for oil in Iraq and the threat of even widening the war to include military aggression against Iran.
The vast annual profits for ExxonMobil came despite a 4 percent decline in profits for the last quarter of 2006, largely the result of the driving down of gasoline prices in the immediate run-up to the 2006 elections. It is widely suspected that the energy monopolies deliberately cut gas prices in the vain hopes of bolstering the political fortunes of their allies in the Bush administration and the Republican leadership in Congress.
Conscious of public outrage over the profiteering by big oil, ExxonMobil ran full-page ads in national newspapers Thursday claiming that its 2006 profits were not excessive and that much of them are reinvested in the discovery and exploitation of new energy sources to meet growing global demand
Exxon Sets Profit Record: $40.6 Billion Last Year
By any measure, Exxon Mobil’s performance last year was a blowout.
The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent, to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.
Exxon Mobil earned more than $1,287 of profit for every second of 2007.
The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters.
Like most oil companies, Exxon benefited from a near doubling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year.
“Exxon sets the gold standard for the industry,” said Fadel Gheit, an oil analyst at Oppenheimer & Company in New York.
Oil companies have all reported strong profits in recent days. Chevron, the second-largest American oil company, said Friday that its profits rose 9 percent last year, to $18.7 billion; Royal Dutch Shell on Thursday reported net income for 2007 of $31 billion, up 23 percent and the largest figure ever for a British company.
The backlash against the oil industry, which has periodically intensified as gasoline prices have risen in recent years, was predictably swift on Friday.
One advocacy group, the Foundation for Taxpayer and Consumer Rights, called the profits “unjustifiable.” Some politicians said Congress should rescind the tax breaks awarded two years ago to encourage oil companies to increase their investments in the United States and raise domestic production.
“Congratulations to Exxon Mobil and Chevron — for reminding Americans why they cringe every time they pull into a gas station,” said Senator Charles Schumer, Democrat of New York.
Major Oil Companies Post Record Profits
Oil giants Royal Dutch Shell and BP announced record profits for the first quarter of this year, driven by the surging price of crude oil.
Royal Dutch Shell says its first quarter net income jumped 25 percent to more than nine billion dollars. BP says its profits soared 63 percent to about $7.6 billion.
Both companies said oil and gas production remained unchanged during the quarter.
Exxon Mobil is scheduled to report its first quarter results May 1. Some economists expect the company will also announce record profits.
ConocoPhillips said April 24 its first quarter profit rose 17 percent to more than $4 billion.
Meanwhile, oil prices continued to ease downward from Monday’s record high of almost $120 a barrel after British refinery workers ended a two-day strike.
The strike shut down production at the Grangemouth refinery and forced the closure of a North Sea oil pipeline, which carries about 40 percent of Britain’s oil.
Investors have also been concerned about Nigeria, where a strike by oil workers and violence have taken a toll on oil production. Royal Dutch Shell says militant attacks have forced it to suspend the production of about 164,000 barrels a day.
High oil prices are hurting some companies in the oil sector.
Valero, the largest oil refiner in the United States, blamed surging oil prices for a 77 percent drop in first quarter earnings. The company says first quarter income fell to $261 million.
Oil Companies Post Record Profits While Hatians Eat Dirt
What a world we live in!
I’m not necessarily anti Oil Company. But I am anti human suffering. So when I follow up reading about oil companies and their record profits with an article about poor Haitians eating dirt because they can’t afford even staple food like rice, my blood boils. We live in a nation of privilege, and with that privilege we have a moral obligation to help promote the welfare of those less affluent then we are.
Exxon reported record profits of 40.6 billion dollars! Just imagine how much good that meager .6 could do for the starving Haitians. Think of how that money could buy them community land and fertilizer to grow their own food, you know, out of the dirt they are already eating.
Exxon, Shell Profit Records Cap an Orgy That Weakened U.S., World Economies, Says Group
‘Consumers Now Know Where Their Money Went’; Congress, White House Must Prevent a Repeat of Costly Energy Bubble
October 30, 2008
Santa Monica, CA — ExxonMobil’s $14.8 billion third-quarter profit reports clears up one thing–now consumers now know where their money went, said Consumer Watchdog. Exxon’s mind-boggling profit is again the highest quarterly profit ever reported by a private company, dwarfing even Shell’s record $8.45 billion, also reported today.
Exxon’s profit for the first three-quarters of the year, $37.4 billion, is nearly equal to its all-time record yearly profit in 2007 of $40.1 billion. The 2008 profits were reaped as the price of oil rose on unregulated speculation to over $145 a barrel.
“Consumers got credit card debt and empty wallets, while Exxon got double-digit billions,” said Judy Dugan, research director of the nonprofit, nonpartisan Consumer Watchdog. “Citizens deserve to be mad. They should demand that government get back in the business of protecting them from corporate greed, or the pickpocketing will happen all over again in the next oil-price bubble.”
Exxon reaped its shocking profit even though its oil and natural gas production was down 8%, it refined less oil into fuel, and world oil prices began declining sharply halfway through the quarter. Energy prices during the last 9 months pushed consumers deeper into debt and magnified the harm of the financial crisis, said Consumer Watchdog. Yet government did nothing.
Of course if the dollar was to collapse ,the Oil companies still have oil to sell ,but what do the rest of us buy this oil with? ……..if not dollars?
Commodities, stocks and foreign currencies all rise as investors sell dollars.
The U.S. dollar reached its lowest point against the euro this year due to a myriad of forces including rising global stocks and commodities prices, low interest rates, and investors diversifying out of Treasury debt and into other assets including U.S. stocks with the Dow Jones industrial average approaching 9500 in late afternoon trading.
Stocks in Asia and Europe saw big gains, and gold topped $1,000 an ounce. (See “Stocks, Commodities Rally After Long Weekend.“) Oil also gained 4.9%, or $3.31, to $71.33, on the New York Mercantile Exchange, due in part to Goldman Sachs affirming its year-long outlook. By midday trading one euro traded for $1.45, meanwhile the Dollar Index, which tracks the greenback against a basket of currencies, fell to its lowest level since September of 2008.
Get rid of your dollars while you still can , buy gold before its too late!!!