Tuesday, July 17, 2007

Iran demands oil pay in yen not dollars - Times Online

Iran demands oil payments in Yen

"The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars.

Iran has sent a letter to Japanese refiners, signed by Ali A Arshi, the general manager of crude marketing and exports for Iran's national Iranian Oil Company, according to a report by Bloomberg.

The letter asks for yen payments 'for any/all of your forthcoming Iranian crude oil liftings.' The request is for all shipments 'effective immediately'.

Japan's oil payments to Iran rose 12 per cent last year to 1.24 trillion yen (£5 billion)."

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