I have no idea how significant this is, but I’ve read a lot of chatter about euros, dollars and oil. Any reader who wants to help me out here please chime in. Irna:
Hamaneh said on Wednesday that based on the government’s policy to replace dollar with euro in foreign transactions, the requirements of oil industry will be purchased by paying euro.
Speaking to reporters, Hamaneh said that this applied to Iran’s crude oil, adding that the base price of crude oil in the world is always given in dollars, not in any other hard currency.
“This has been accepted worldwide, unless a new solution will be found. However, over the past 10 months, it has been underlined in all of Iran’s crude oil transactions that payment should be made in euro.
“But the type of payment for the export of crude oil is decided based on Central Bank of Iran’s (CBI) requirements,” added the minister.
In response to the question whether attraction of investment in oil industry has reduced, the minister said that not only any reduction has not taken place in this regard, but that a considerable growth is evident.
He put the expenses of projects currently underway in the oil industry at 28.65 billion dollars.
“Given that contribution of foreign banks in providing banking facilities for the Oil Ministry’s contracts have reduced, we are seeking alternatives on the domestic scene to compensate such a shortage,” he added.
He referred to the growing trend of the Oil Ministry’s defined activities and signing of contracts, adding that the goals set in the Fourth Five-Year Development Plan for investment of 118 million dollars in the oil industry will undoubtedly be materialized if the amount is invested in three distinct sections.
Hamaneh said that in general materializing such a goal depends on finalization of the agreements which are currently being discussed and their finance.
The headache I get trying to make sense currancy issues is part of the reason I’m an anarchist. But to me, this seems more significant than the latest saber rattling from Iranian leaders.










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