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Tuesday, May 6, 2008

Iran using euro, yen in oil deals

Wed, 30 Apr 2008 10:33:23

Iran has completely switched away from US dollar in its oil trading.
Iran has switched from dollar to euro and yen in oil trading, says international affairs director of the National Iranian Oil Company.

Hojjatollah Ghanimifard in an interview with Fars news agency said since last year Iran's oil transactions have been conducted in euro and yen, and dollar has been completely replaced by these two major currencies.

"Iran has reached agreements with all its crude oil buyers to pay in foreign currencies other than the US dollar," he added.

Ghanimifard also noted that Iran's crude oil transactions in Europe are conducted in euro, while both euro and yen are used for its oil sales in Asia.

MMM/BGH

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