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

by Terry Macalister
www.guardian.co.uk

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.

Three years ago a former compliance director accused the IPE of manipulating prices, although these allegations were dismissed after an investigation.

The Tehran oil bourse is scheduled to open in 2005, according to its architect, Mohammad Javad Asemipour, who is a personal adviser to the Iranian energy minister.

"We are in the final stage of choosing a concession for what is going to be a very big development for us and the region," he said. Full Article