14 Dec '12, 5am

Turkey, Iran, and "gold for gas" (censorship-proof gold keeps transactions flowing in a world of blockades) #Bitcoin

Turkey, Iran, and "gold for gas" (censorship-proof gold keeps transactions flowing in a world of blockades) #Bitcoin

What should we make of the so-called "gold for gas " trade between Turkey and Iran? Turkey depends on Iranian natural gas to produce a large part of its electricity. In normal times, the Turkish natural gas monopoly BOTAS probably would have paid for Iranian natural gas with euros or dollars. The transaction would have been settled through euro- or US-denominated accounts that both BOTAS and the the National Iranian Gas Company (NIGC) held at a bank in Europe. That's my guess, at least. It's become dangerous for Iranian companies to keep accounts in Europe lest they be frozen. So the NIGC has probably opened an account at a Turkish bank like Halkbank, a large government-owned institution. BOTAS likely keeps an account there too. When natural gas gets delivered across the border, Halkbank settles the trade by crediting NIGC's account and debiting BOTAS's account. What the h...

Full article: http://jpkoning.blogspot.com/2012/12/turkey-iran-and-gold...

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