Iran sells oil in Asian money

Fri, 25 Jan 2008 15:46:31

A National Iranian Oil Company official says Iran is selling some of its oil exports to South East Asia in Asian Currency Units (ACU).

"Currently, most of the country's oil is being sold in euros and yens; 65 percent is sold in euros and 15 percent in yens," NIOC Marketing Director Mohammad-Ali Khatibi told Mowj news agency.

"Some of our oil to South East Asia is being sold in Asian money called ACU," he added.

Following the depreciation of the dollar, Iran decided to diversify the currencies it receives in exchange for the oil it sells.

Leaders of the Organization of the Petroleum Exporting Countries (OPEC) have also reviewed substitute currencies in their recent summit in Riyadh.

MMM/PA/AA