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06/15/2004:

"*Iran takes on west's control of oil trading"

With all the rhetoric coming out of the US and UN this week, Iran wisely figures it had better start raising some money...they are after all next on the Axis of Evil hit list...

Terry Macalister
Wednesday June 16, 2004 the guardian

Iran is to launch an oil trading market for Middle East and Opec producers that could threaten the supremacy of London's International Petroleum Exchange.

A contract to design and establish a new platform for crude, natural gas and petrochemical trades is expected to be signed with an international consortium within days.

Top oil producing countries are determined to seize more control of trading after being advised that existing markets such as the IPE and Nymex in New York are not working in their favour.
full article