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Commodity exchange in Kish, Iran

The Iranian Oil Bourse (بورس نفت ایران), International Oil Bourse, Iran Petroleum Exchange Kish Exchange or Oil Bourse in Kish (IOB; the official English language name is unclear) also known as Iran Crude Oil Exchange, is a commodity exchange, which opened its first phase on 17 February 2008. It was created in 2005. The history of Iran Mercantile Exchange and its links with the "international trading floor of crude oil and petrochemical products in the Kish Island" (IOB) have been published. The IOB is intended as an oil bourse for petroleum, petrochemicals and gas in various currencies other than the United States dollar, primarily the euro and Iranian rial and a basket of other major (non US) 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 US 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 17 February 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 Gholam Hossein 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. Due to technical problems, the oil bourse never proceeded, and the plans were finally abandoned after a vote by the Iranian Parliament on 7 January 2020.

The three current oil markers are all US dollar denominated: North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYMEX) in New York City, and the IntercontinentalExchange (ICE) in London and Atlanta. As the Oil Bourse in Kish is developed, the plan is to establish a Petrobourse denominated by the Iranian rial, the euro and other major currencies. Iran sits on some of the largest oil and gas reserves in the world.

At the time of the Oil Bourse's opening on Kish, the Director of the Kish Stock Exchange, Hossein Allahdadi, said that there "are no limitations imposed on transactions by foreign shareholders at the Oil Bourse in Kish". provides a structure under which institutions can trade derivatives such as profit rate and currency swaps.

2003 Iran’s oil ministry decided to establish a domestic oil bourse. 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 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. February 2006 Wimpole consortium complained that their invoices which used to receive the trading license has not paid. 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. 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 had 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 The New York Times reported that China's state run Zhuhai Zhenrong Trading, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year. Iranian officials have said for months that 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. 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 Affairs is required to take measures in making the petrochemical byproducts bourse operational by the end of February 2008." 31 December 2009 Orr Litchfield LLP the law firm who developed the contract agreement for the report sued two directors of Wimpole Ltd and recovered the unpaid their invoices from the directors of Wimpole Ltd personal assets.

February 17, 2008: The Iranian Oil Bourse was inaugurated in a video conference ceremony from the capital Tehran. October 2009: IRNA reported that "National Petrochemical Company's Managing Director Adel Nejad Salim said in the opening ceremony that all petrochemical products will be gradually offered on the market." In the first phase, only petrochemical products such as polyethylene and methanol were traded on a spot basasis and in Iranian Rial. November 2009: IME reported that "the international trading floor of crude oil and petrochemical products in the Kish Island was put into operation." July 2011: Third phase of Iran Crude Oil Exchange has been launched. A shipment of 600,000 barrels of heavy crude oil were offered at the Kish International Trading Floor on July 23, 2011 and were traded at USD 112.65 per barrel. March 20, 2012: The Iranian oil bourse will no longer trade oil in the US dollar but start trading oil in other currencies such as the euro, yen, yuan, rupee or a basket of currencies. January 7, 2020 The planned Iranian oil bourse was cancelled.