TEHRAN: Iran's oil ministry took a step toward establishing an oil trading market denominated in euros, rather than the US dollar, by granting a license for the bourse, state-run television reported yesterday.

Just who would trade on the market wasn't immediately apparent.

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As the fourth largest oil producing country in the world, Iran has a measure of influence over international oil markets. http://www.gulf-daily-news.com/Story.asp?Article=142830&Sn=BUSI&IssueID=29047