Oil Bourse. Danesh-Jafari said that the euro had not yet been finalized as the legal tender of transactions in the oil bourse, and the final decision about that depends upon the Oil Ministry’s proposed IOB Articles of Association. July 2006 a building has been purchased and the projected opening date was originally slated for September 2006. On September 15, Oil Minister Kazem Vaziri-Hamaneh stated that all preparatory requirements had been arranged for launching the oil stock market in the country. However, the launch had still not occurred. December 2006 Bloomberg cited two Iranian newspapers reporting Iran's Minister of Economy Davoud Danesh-Ja'fari Iran as wanting to cut US dollar based transactions to a minimum. March 2007 The New York Times reported that China's state-run Zhuhai Zhenrong Trading, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year. Iranian officials have said for months that more than half the OPEC member's customers switched their payment currency away from the dollar as Tehran seeks to diversify its reserves, but news of the Zhenrong change is the first outside confirmation. Japan has also announced that it would be willing to switch to Yen from US Dollars. Iran's central banker announced in March 2007 that Iran had cut its holding of U.S.-dollar assets to around 20% of its foreign reserves in response to U.S. hostility. September 2007 Japan's Nippon Oil has agreed to buy Iranian oil using yen. December 2007 Iran stops accepting U.S. dollars for oil. January 2008 Iran's Finance Minister Davoud Danesh-Jafari told reporters that the bourse will be opened during the anniversary of the Islamic Revolution (February 1–11). February 2008 On February 4, the Iranian Cabinet approved the creation of the oil bourse in two stages - first a raw oil exchange and secondly an oil byproducts exchange. The Ministry of Finance and Economics, the Oil Ministry, the Ministry of Foreign Affairs, and the Central Bank of Iran are required to create a workgroup to coordinate the project, and the Iran Commodities Bourse Company is given the task of carrying out the project. The communique from the Cabinet states that the "Ministry of Finance and Economics Affairs is required to take measures in making the petrochemical byproducts bourse operational by the end of February 2008." 31 December 2009 Orr Litchfield LLP the law firm who developed the contract agreement for the report sued two directors