Japan refiners pay for Iran oil with yen

http://www.businessweek.com/ap/financialnews/D8S5HBK03.htm

Japanese oil refiners Cosmo Oil Co. and Japan Energy Corp. have started paying Iran for crude oil imports in yen instead of dollars, company spokesmen said Tuesday.

Iran has been trying to persuade Asian buyers to make payments in non-U.S. currencies to reduce its U.S. dollar holdings, a move that is seen as a response to the dollar's recent weakness and to pressure from Washington to limit Iran's dealings with the U.S. financial system.

The moves by the two companies, as well as a similar step taken in September by Nippon Oil Corp., the Japan's largest refiner, may trigger other Asian refiners to move away from U.S. dollar payment.

Tokyo-based Cosmo -- Japan's fourth-largest refiner by capacity at 635,000 barrels a day -- said it has started paying for all its crude oil purchases from Iran in yen, starting with September loading cargoes.
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if you think gas is high now Hang onto you hats we ain't seen nothin yet

Because they are about to be useless for anything else.

The rumor has it the reason we invaded Iraq had to do with their desire to switch to Euros. Iran and Venezuela are also moving in that direction.

We have a petrodollar and it is useless without being propped up by its use as exchange currency.

excuse but you know they want to get rid of the dollar