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Iran Says Eyeing 14 Oil, Gas Exploration Tenders

(-0.08%) -3 3,778 price_dollar (-0.05%) -2 4,406 price_eur (-1.18%) -59 4,926 price_gbp (1.75%) 18 1,029 price_aed (-0.17%) -20,000 11,820,000 sekeb (0%) -500 12,146,500 sekee (0.31%) 20,000 6,515,000 nim (0.52%) 20,000 3,815,000 rob (-0.2%) -5,000 2,520,000 gerami (-0.01%) -110 1,152,830 geram18 (-0.01%) -150 1,537,090 geram24 (-0.01%) -500 4,993,500 mesghal (0.04%) 50 1,234.10 ons (0.11%) 100 920.00 platinum -- 16.52 silver

Iranian MPs to Propose Motion to Suspend Gas Deal with France’s Total

(-0.08%) -3 3,778 price_dollar (-0.05%) -2 4,406 price_eur (-1.18%) -59 4,926 price_gbp (1.75%) 18 1,029 price_aed (-0.17%) -20,000 11,820,000 sekeb (0%) -500 12,146,500 sekee (0.31%) 20,000 6,515,000 nim (0.52%) 20,000 3,815,000 rob (-0.2%) -5,000 2,520,000 gerami (-0.01%) -110 1,152,830 geram18 (-0.01%) -150 1,537,090 geram24 (-0.01%) -500 4,993,500 mesghal (0.04%) 50 1,234.10 ons (0.11%) 100 920.00 platinum -- 16.52 silver

Tehran wants greater engagement of Turkish firms in Iran’s oil projects

Tehran wants greater engagement of Turkish firms in Iran’s oil projects - Mehr News Agency

Zamaninia:

نفت گاز MOSCOW, Jul. 13 (MNA) – Tehran would like Turkish companies to be more actively involved in Iran’s upstream and downstream projects, Deputy Petroleum Minister Amir Hossein Zamaninia said Wed.

The five-day run of the World Petroleum Congress started in Istanbul on Sunday. The event gathers over 5,000 people from around the globe, including some 50 ministers and 500 policymakers.

"We will welcome greater engagement by Turkish companies into Iranianupstream and downstream projects," Zamaninia told the Anadolu news agency on the sidelines of the 22nd World Petroleum Congress in Istanbul.

Turkey already purchases oil and gas from Iran under long-term deals, with one of them being bilateral Gas Sales and Purchase Agreement of 1996 for the purpose of supplying 10 billion cubic meters of Iranian natural gas per year to Turkey, Zamaninia noted.

"We need to work together to find projects that suit both companies in Turkey and Iran of which there are plenty," Zamaninia stressed, noting that Ankara and Tehran possessed multiple common grounds for investment.

Iranian Deputy Minister of Petroleum for Trade and International Affairs Amir Hossein Zamaninia said Tuesday that the country's daily gas exports were expected to reach 365 million cubic meters by 2021.

Meanwhile, the overall gas industry output in Iran would hit 1 billion cubic meters per day by the end of 2017, the deputy minister added.

According to Organization of the Petroleum Exporting Countries (OPEC) data, Iran exported 8.567 billion cubic meters of natural gas in 2016.

SPUTNIK/MNA

Italy, Iran sign high-speed rail deal

Italy, Iran sign high-speed rail deal - Mehr News Agency italian railway TEHRAN, Jul. 12 (MNA) – lsamic Republic of Iran Railways and Italy's Ferrovie dello Stato (FS) inked three cooperation, investment and training MoUs on Tuesday.

Head of the Islamic Republic of Iran Railways Saeed Mohammadzadeh and CEO of Ferrovie dello Stato (FS) Renato Mazzoncini signed the first MoU on the sidelines of the bilateral summit of the heads of the railways of Iran and Italy.

The agreement worthing 1.2 billion euros and aims at building a high-speed rail line between Iranian cities of Arak and Qom. 

The second MoU was signed between Iran Railways, Iran University of Science and Technology (IUST) and Italian Railway Company to enhance training and scientific cooperation.

IUST and Italy also inked the third MoU to work together on scientific and educational cooperation and the transfer of railway transportation knowledge.

Mohammadzadeh said he hopes for further positive steps to be taken in railway cooperation field.

The Italian group are connected with the planning and construction of a high-speed rail corridor between Tehran, Qom and Isfahan, and electrification of the rail link between Tehran and Tabriz on the way to the Caucasus and Turkey.

The deal signed on Tuesday foresees FS supplying assistance to the Iranian railways for both high-speed and conventional rail lines, including a complete program for training personnel.

LR/IRN82595952

S Korean auto part firms can be competitive in Iran, Russia, India

S Korean auto part firms can be competitive in Iran, Russia, India - Mehr News Agency خودروسازی SEOUL, Jul. 11 (MNA) – South Korea will soon be able to emerge as a major provider of auto parts in Iran, Russia, India and Mexico where local players are having a difficult time meeting growth in the automobile market, industry sources said Tuesday.

The emerging economies have yet to establish an efficient system for supply and are undergoing rapid growth in consumer demand, Park Jun-young of Sambo Motors said at a forum at the Convention and Exhibition Center in southeastern Seoul organized by the Korea Trade-Investment Promotion Agency (KOTRA).

“The core element of entering the global value chain in this sector is to select competitive items, conduct transactions with global partners and respond rapidly to customers,” the expert said.

Other industry experts at the KOTRA gathering also advised South Korean cosmetics manufacturers to do more to penetrate the U.S., Japanese and Brazilian markets with their facial mask packs and bath products.

“It will be desirable for South Korean firms to begin with entry level products before introducing premium goods later,” an observer said. “It is also imperative for South Korean firms to establish their brand names through new media outlets.”

YNA/MNA

China, US to hold 1st round of comprehensive economic dialogue 

China, US to hold 1st round of comprehensive economic dialogue  - Mehr News Agency china-US BEIJING, Jul. 11 (MNA) – The first round of a comprehensive economic dialogue between China and the United States will be held on July 19 in Washington DC, the Chinese Foreign Ministry confirmed Tuesday.

The consensus was reached by Chinese President Xi Jinping and his US counterpart Donald Trump on the sidelines of the Group of 20 (G20) summit in Hamburg, spokesperson Geng Shuang said at a routine press briefing.

During the upcoming dialogue, co-chaired by Chinese Vice Premier Wang Yang, US Treasury Secretary Steven Mnuchin, and Secretary of Commerce Wilbur Ross, the two sides will exchange views on economic and trade issues of common concern, Geng said.

XINHUA

Tehran, Kiev to boost maritime, port partnership

Tehran, Kiev to boost maritime, port partnership - Mehr News Agency محمد سعیدنژاد TEHRAN, Jul. 11 (MNA) – An Ukrainian delegation met with head of Iran’s PMO discussing expansion of cooperation in maritime, port and transit sectors.

Mohammad Saeidnejad, Deputy Minister of Roads and Urban Development and Managing Director of Iran’s Ports and Maritime Organization (PMO), said at the joint meeting that Mumbai-Bandar Abbas-Ukraine route can prove a fast, inexpensive and short path for transit.

“A committee, comprising state and private sectors of the two countries, must be formed to follow up maritime, port and transit projects of Iran and Ukraine,” he continued.

He suggested evaluation of Mumbai-Bandar Abbas-Ukraine route requires pilot transfer of goods for time, costs and conditions to be assessed.

He called for expansion of sisterhood deals between Iranian and Ukrainian ports saying “comprehensive negotiations can be held on supplying demands of the two sides as regards transfer of know-how, training and investment.”

Referring to strategic location of Bandar Abbas in the Persian Gulf and the Sea of Oman, Saeidnejad said, in Iran, both private and state sectors take part in development of ports.

He further voiced readiness of Iranian investors to make presence in ports of Ukraine and the Black Sea though investment conditions need to be defined by the European side.

The official also stressed that Iran would welcome foreign investors in Persian Gulf, Sea of Oman and Caspian Sea since investments of the two sides leads to a rise in volume of transit in joint corridors.

CEO of Iran’s PMO went on to say that Iran-Ukraine railroad will be completed within the Anzali-Astara railroad project and called for reinvigoration of ties within framework of the Joint Economic Commission of the two parties.

Saeidnejad announced that a PMO delegation is slated to visit Ukraine in the coming month in a bid to hold serious talk on deepening bilateral ties.

Later at the meeting, Viktor Yushchenko, Former President of Ukraine, stated that Ukraine was situated in Eastern Europe and was connected to Turkey and Georgia through the sea; “we are eager to promote cooperation with Iran in goods transport and transit arenas.”

Ukraine enjoys an excellent geographical position in international corridors, noted the official stressing that his country was determined to transfer goods to Bandar Abbas.

Recalling that Ukraine had jointed TRACECA international transport program in 2016, Yushchenko voiced his country’s readiness to launch collaboration with Iran for supply of rail needles, locomotives and train cars.

HA/4027030

Datis Khodro brings Volvo after-sale services to Iran

Datis Khodro brings Volvo after-sale services to Iran - Mehr News Agency datis TEHRAN, Jul. 11 (MNA) – Datis Khodro Company, exclusive representative of Heico Sportiv cars in Iran, will soon offer extensive after-sale services for Volvo automobiles in the country.

Despite long presence of Volvo in the Iranian market, receiving standard aftermarket services had always remained a big concern for owners of the Swedish automobile. Recently, Datis Khodro Company has developed and extended after-sale services for these products from which Volvo car drivers can benefit.

Milad Alinaghi, CEO of Datis Holding, pointed to arrival of Volvo luxury cars in Iran saying “Datis Khodro, as the exclusive representative Heico Sportiv, will import, sell and provide after-sale services for Volvo cars in Iran.

Heico Sportiv is a Swedish-German product which will soon enter the Iranian market to meet requirements of customers who are looking for a luxury, safe and affordable car.

Head of Datis Khodro reported on extension of after-sale services of the German-Swedish car reiterating that necessary infrastructure has been prepared for development and standardization of these services; “Datis Khodro will offer standard services to buyers of Heico Sportiv and owners of Volvo cars in Iran by employing technicians who received training in Germany and Sweden, applying world-class equipment and proper management.”

Alinaghii also reported on direct cooperation with Sweden’s Volvo Car manufacturer for providing major spare parts, software and hardware needed for repairing vehicles and training of personnel. He stated that Volvo's after-sales service and maintenance network will be soon launched in the country.

HA

PSEEZ best venue for petrochemical investment

PSEEZ best venue for petrochemical investment - Mehr News Agency

Oil min.:

بیژن نامدار زنگنه وزیر نفت TEHRAN, Jul. 10 (MNA) – Bijan Zanganeh said Iran’s Oil Ministry was eager to make and support investment in Pars Special Economic Energy Zone (PSEEZ).

Addressing a session on investigating venues for development of PSEEZ located in Hormozgan Province in the south of Iran, petroleum minister of Iran said his Ministry would back investment in the special economic zone.

Zanganeh, while voicing satisfaction towards earlier measures taken in the zone, asserted “certain barriers have been removed and positive development have recently taken place in PSEEZ.”

He described the zone as the best spot for expansion and development of petrochemical industries noting that the Oil Ministry was supplying gas to the region in a bid to support petrochemical activities.

Ministry of Oil, National Petrochemical Company (NPC) and Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) will continue collaboration for expansion of Pars Special Economic Energy Zone (PSEEZ), he continued.

Also at the meeting, Mehdi Karbasian, Managing Director of IMIDRO, said Parsian Port will come on stream within a month with four harbors though the number will ultimately reach 19.

He emphasized that measures had been taken for the project to comply with highest environmental standards. The official further recounted on methods for attracting domestic and foreign investors calling for more support on the part of the Iranian Ministry of Oil given that several petrochemical, steel and aluminum investors are eager to make presence in the zone.

NPC Head Marzieh Shah-Daei was the other speaker at the meeting who pointed to willingness of European and International applicants to make investment in PSEEZ; “within an MoU with IMIDRO, a roadmap has been defined for cooperation between the two bodies.”

Covering 10,000 hectares in west of Hormozgan Province, Pars Special Economic Energy Zone (PSEEZ) was established in ‎‏1998‏‎ with the aim to utilize South ‎Pars oil and gas resources and to encourage commercial activities in oil, gas and ‎petrochemical industries.

HA/4026027

Tehran, Ankara after free trade agreement

Tehran, Ankara after free trade agreement - Mehr News Agency محمدرضا نعمت زاده وزیر صنعت معدن و تجارت TEHRAN, Jul. 10 (MNA) – Iran’s industry minister and Turkish ministry of the economy emphasized the need to convert preferential trade agreement between the two sides into a free one.

Speaking at a meeting with Turkish Minister of Economy Nihat Zeybekci in Tehran, Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh called for moving towards free trade between the two countries in view of their cultural, social and political relations.

He expressed hope that volume of trade turnover between Tehran and Ankara will increase saying “following ten years of sanctions, Iran has been gradually regaining its lost markets to supply domestic needs.”

The official stressed that Iran could reduce tariffs for importing goods by four percent as long as Turkey decreased tariffs of below 10% to a minimum.

Zeybekci of Turkey, for his part, said his country’s foreign trade was expected to reach $150 billion in 2017; “Turkey’s foreign trade volume revolves around 160 billion dollars half of which is pertains to exports to Europe.”

He deemed the cut in prices of energy and raw materials as causes of reduction in volume of trade between Iran and Turkey. We are ready to remove all obstacles to bilateral trade by resolving issues related to the goods included in the preferential trade agreement,” he underlined.

The meeting also discussed venues for slashing tariffs of goods present in the preferential trade agreements.

The preferential trade agreement was concluded between Iran and Turkey in April 2017 with the aim of developing trade exchanges, based on which Iran and Turkey agreed to provide grounds for importing a total of 120 commodities to their countries.

HA/4026218

PCC opens bureau in London

PCC opens bureau in London - Mehr News Agency مجتمع های پتروشیمی عسلویه و پارس جنوبی TEHRAN, Jul. 10 (MNA) – Petrochemical Commercial Company (PCC) head said his company has opened a branch in London to follow up on financing issues and LOCs for petchem projects.

Petrochemical Commercial Company (PCC) Managing Director Mehdi Sharifi Niknafas pointed to establishment of a PCC office in capital of England in a bid to purse issues related to finance and Lines of Credit (LOCs) from European banks.

“An team of experts have launched talks in the London office for reopening of credit lines and finances,” noted the official asserting “using new credit lines of investment funds remains as a top priority for supplying financial resources of ongoing projects in the petrochemical industry.”

Niknafas stated that one financial contract has been so far inked with Spain; “presently, accounts of Petrochemical Commercial Company in European banks have been reopened providing the possibility for currency transfer,” he continued.

PCC managing director said several talks had kicked off with a number for European firms over financing and supply of equipment. He estimated that one or two new MoUs will be soon signed with credible European firms.

On release of frozen assets of a number of petrochemical companies in South Korea, Niknafas said all blocked properties, which amounted to nearly three million dollars, have been released and petrochemical complexes of Iran have no blocked or seized money in the East Asian country.

HA/4026408

Wheat, meat push FAO Food Price Index higher in June

Wheat, meat push FAO Food Price Index higher in June - Mehr News Agency مواد غذایی TEHRAN, Jul. 09 (MNA) – Global food commodity prices rose in June, led by wheat and meat prices.

The FAO Food Price Index, a monthly trade-weighted index tracking international market prices of five major food commodity groups, released today, averaged 175.2 points in June, up 1.4 percent from May and 7.0 percent from a year earlier.

The FAO Cereal Price Index rose by 4.2 percent in the month, amid surging prices of high-protein wheat due to deteriorating crop conditions in the United States of America. Maize prices, by contrast, declined amid record harvests in South America.

FAO's price indices for meat and dairy products also rose, while those for vegetable oils and sugar dropped.

Cereal stocks on course to hit new record

Despite tightening supply conditions for high-protein wheat, global cereal supplies are likely to remain abundant in the coming year, according to FAO's latest Cereal Supply and Demand Brief, also released today.

FAO revised down its June forecast for global wheat output in 2017, while raising those of maize and rice. Global cereal production this year is likely to total 2 593 million tons, some 0.6 percent below that of 2016.

World cereal stocks are expected to expand further to a new record high of around 704 million tons.

HA/PR

Iran aims to bolster oil and gas production by 2021

Tehran (ISNA) - Iranian deputy minister of Petroleum for Trade and International Affairs Amir Hossein Zamaninia announced that Iran intends to ramp up gas production by 202, Anadolu Agency reported.

Iran's gas production is expected to reach around 1,365 million cubic meters and oil production and is projected to stand at nearly 5.7 million barrels per day by 2021, Zamaninia said at the World Petroleum Congress in Istanbul.

"We think that gas will supersede oil in a few years in the global energy basket," he added.

“We are right now negotiating with other international companies and we hope to sign about 10 contracts, over the next 10 months,” he said.

Zamaninia reiterated that Iran has the largest reserves of gas in the world, holds the world's fourth-largest proved crude oil reserves, and the world's second-largest natural gas reserves, according to the Energy Information Administration's data.

"At present, we produce somewhere around 800 million cubic meters per day and close to 900 million. By the end of this year we expect to produce somewhere around 1 billion cubic meters of gas," he added.

The country also produces 3.7 million barrels of oil per day, according to OPEC data.

Asked about the U.S. reapplying sanctions on Iran, Zamaninia affirmed that there is a difference between rhetoric and deeds.

"Indeed, the U.S. new administration renewed waivers that they were supposed to do under the Joint Comprehensive Plan of Action (JCPOA) on May 19, which President Donald Trump signed and renewed." he said.

This action was in line with Trump's campaign rhetoric and "he renewed all the waivers necessary on the basis of the JCPOA."

Zamaninia said the recent agreement between Iran's Petropars, Total and Chinese CNPC was a very good indication that from assessment of international oil companies, a return to the era of sanctions is very unlikely.

Asked about the prospective pipeline project to take Iranian gas to Europe via Turkey, Zamaninia said, "If it is viable, it will be something that we will be taking quite seriously. Its viability is the question that we are now considering,” he explained.

End Item

Iran plans 14 oil and gas exploration tenders

Tehran (ISNA) - Iran is readying its first round of oil and gas exploration tenders since the lifting of economic sanctions, hoping to attract the likes of BP and Gazprom, an Iranian energy official said.

Sitting on some of the world's biggest energy reserves, Iran has already been working on deals to develop existing fields such as South Pars, South Azadegan, Yadavaran, West Karoon, Mansuri and Abe-Timur, Reuters reported.

France's Total last week became the first major to sign a post-sanctions development deal with Iran. Russia's Lukoil and Denmark's Maersk are also potential investors.

Next on the horizon is the search for new oil, with the state national oil company (NIOC) planning to tender 14 oil and gas blocks for exploration in the next two to three months, NIOC's deputy director for exploration blocks, Rahim Nematollahi, said on the sidelines of an energy industry conference in Istanbul.

Most of the new exploration blocks are in the Zagros, Koppet Dagh and the Middle Eastern Persian Gulf region and would require minimum exploration expenditure of between 14 million euros ($16 million) and 80 million euros.

The biggest exploration expenses are expected for blocks Parsa and Bamdad in the Persian Gulf, amounting to 80 million euros and 75 million euros respectively.

Nematollahi also said that BP, Austria's OMV, Gazprom, Lukoil as well as Italy's Edison and Malaysia's Petronas have expressed interest in new exploration blocks.

End Item

Iran, Japan to expand customs cooperation

پرچم ایران و ژاپن

Tehran (ISNA) – The head of Iran Customs Administration Masoud Karbasian met his Japanese counterpart in the sideline of World Customs Organization summit.

During the meeting, the officials discussed the ways to expand bilateral cooperation and to sign an agreement on mutual administrative cooperation in customs matters.

Karbasian welcomed the expanding bilateral cooperation in customs and trade matters and appreciated the collaboration of the Japanese government on the assignment of X-Ray devices and the training of Iranian personnel deployed to Japan last year.

The head of Japan Customs Administration, for his part, emphasized the need to facilitate and develop trade cooperation with the Islamic Republic of Iran.

End Item

C3 the first SAIPA, Citroën joint product

افتتاح خط تولید خودروهای دنا پلاس و پژو ۲۰۰۸ توسط رییس‌جمهور

Tehran (ISNA) - The general manager of SAIPA Industrial Group announced that the first car produced jointly by this group and France, Citroën C3, will be offered by the end of the year (ended March 20, 2018).

“A new product in Iran's automotive industry has produced in collaboration with the French company Citroën. Joint designing and manufacturing together with a major international automaker is a new move that will take place for the first time in Iran’s automotive industry,” the general manager of SAIPA Industrial Group Mehdi Jamali said.

“The first product of Citroën in Iran will probably be the Citroën C3 that will be offered by the end of the year in the Iranian market” he added.

End Item

Over 724 thousand tonnes of various commodities traded in IME

Tehran (ISNA) - During the week ending up to July 6, Iran Mercantile Exchange was the host for trading of more than 724,718 tonnes of various commodities worth over 317.5 million USD in spot and side markets.

According to the report from IME International Affairs and PR, last week, on the domestic and export metal and mineral trading floor of IME, 316,006 MT of various products worth close to 143.6 million USD were traded.

On this trading floor, 195,433 MT of steel products, 110,000 MT of iron ore,5,260 MT of copper,5,260 MT of aluminum, 140 MT of molybdenum concentrates, 3 MT of precious metal concentrates, 50 Kia Cerato as well as 24.8 kg gold bullion were traded.

The report declares that on domestic and export oil and petrochemical trading floors of IME, 302,213 MT of different commodities with the total value of 140 million USD were traded.

On this trading floor, more than 129,841 MT of bitumen, 60,946 MT of polymer products, 71,370 MT of VB feed stock as well as 15,500 MT of lube-cut oil, 21,920 MT of chemical products, 1,100 MT of sulfur, 506 MT of slaps waxes and 30 MT of argon were traded.

Moreover, on the agricultural trading floor of IME, 103,864 MT of various commodities worth over 33.3 million USD were traded. On this trading floor, 52,190 MT of feed barley, 39,500 MT of wheat, 10,800MT of sugar, 1,050 MT of maize and 324,500 day old chicks were traded by customers.

It is worth noting that during the first week of July the side market of IME witnessed trading of 2,510 MT of ammonium sulfate, scrap metal, phosphate concentrate and WP polyester thread as well as 25,000 liters of used engine oil, and 100,000 day old chicks.

End Item

IRICA, EU meet over expanding trade cooperation

Tehran (ISNA) – The official negotiations between Islamic Republic of Iran Customs Administration (IRICA) and the European Union (EU) aim at expanding customs relations as well as developing and facilitating trade between the two sides kicked off.

The meeting was held between the head of Iran Customs Administration Masoud Karbasian and the Director-General for Taxation and Customs Union Stephen Quest in Brussels. The two sides exchanged views on details of expanding customs and free trade cooperation.

The meeting also followed previous talks on exchange of an agreement on mutual administrative cooperation in customs matters between Iran and the European Union in view of deployment of a delegation from the European Union to Iran last year. Both sides stated that complete will and determination existed to bolster customs relations and that the atmosphere governing these partnerships was very positive.

The main issues of talks included examination of methods for electronic exchange of information, issue of allowed economic activities, educational and research cooperation, joint cooperation to combat drug trafficking and fight against customs offenses. The parties emphasized the need to pursue legal procedures and obtain necessary permits for signing and exchanging customs agreements as soon as possible.

Massoud Karbassian’s meetings with chief customs officers of the European Union were held in Belgium and the session was attended by directors of various sectors of the Directorate-General for Taxation and Customs Union.

End Item

Iran’s oil exports increase by 77 percent in 2016

Tehran (ISNA) - Iran’s crude oil exports increased by 77.7 percent to over 1.921 million barrels per day (mb/d) in 2016, compared to the previous year, OPEC announced in its annual report.

Iran exported 497,300 b/d to EU compared to 111,400, while exports to Asia increased from 969,700 to 1.423 mb/d, Reuters reported.

The country also increased petroleum products (including gas condensate, NGLs and oil products) export by 74.6 percent to 897,900 b/d.

In total, Iran’s oil exports reached 2.819 mb/d in 2016 compared to 1.595 mb/d in 2015. The oil exports revenue also soared from $27.308 billion in 2015 to $41.123 billion.

OPEC says Iran’s petroleum products import also increased by 17 percent to 61,600 b/d in 2016 year-on-year.

Iran imports gasoline, while exports mostly gas oil and fuel oil as well as a little LPG and kerosene.

The report said Iran’s Refinery throughput capacity increased by 2.2% to 1.857 mb/d, while its oil products demand decreased by 2.9 percent to 1.742 mb/d.

OPEC didn’t elaborate the reason, but it backs to decreasing gas oil and fuel oil demand in the power sector, because Iran increased gas delivery to this sector by 7 percent to about 61 bcm in 2016.

Iran’s crude oil production also increased by 15.9 percent to 3.651 mb/d and its cumulative production level reached above 72.756 billion barrels.

Iran’s GDP at the current market price also increased from $393.436 billion in 2015 to $409.823 billion.

The real GDP growth was 4.5 percent in 2016 compared to 0.9 percent in 2015.

Iran’s total exports reached $ 97.386 billion compared to 76.793 in 2015, while its imports increased from $65.822 billion to $73.300 billion.

It is proven oil reserves decreased by 0.8 percent to 157.2 billion barrels.

End Item

VW to re-enter Iranian market after 17 years

Tehran (ISNA) – German carmaker Volkswagen will start importing cars to Iran next month, returning to the resurgent Middle Eastern market after 17 years in a move that may help the German group trim reliance on volatile overseas markets such as China and Brazil.

Volkswagen (VW) has signed an agreement with Iran's Mammut Khodro to import VW brand models Tiguan and Passat via eight dealerships, focusing on the greater Tehran area, VW said.

The aim is to reduce the manufacturer’s dependence on volatile markets such as China and Brazil. VW’s deliveries to China reportedly dropped 3.3 percent between January and May to 1.51 million cars while sales in Brazil fell 1.9 percent to 116,600 vehicles.

VW is seeking to catch up with European rivals Renault and Peugeot Citroen that became the first car makers to re-enter the Iranian car market after Tehran’s 2015 deal with world powers.

Europe's largest car manufacturing group began selling vehicles in Iran in the 1950s, but suspended exports in 2000 as the international sanctions introduced against Tehran.

“We are strengthening once more our international presence,” said Anders Sundt Jensen, VW's project leader for Iran in an emailed statement, as quoted by Reuters.

The company is trying to embrace new overseas markets as it struggles with multi-billion euro losses following the diesel gate scandal. VW is currently investing into electric car projects and new mobility services.

The latest move will help the automaker to get to know local market conditions and re-establish the Volkswagen brand, according to the statement.

Annual sales in the Iranian market are seen rising to about three million cars over the medium- to longer-term, VW said, citing government estimates.

End Item

Talks with 27 Foreign Firms over Major Oil Projects

Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said Tehran is in negotiations with 27 foreign companies over oil projects worth $200 billion.

“I can assure you this (gas deal with Total) isn’t the last one,” Zamaninia told CNNMoney on the sidelines of an oil conference in Istanbul, Turkey, on Tuesday referring to Iran’s recent gas deal with France’s energy giant Total.

“We’ll see other contracts being made within the next few weeks,” he added.

Zamaninia said Iran was talking to companies in Europe and Asia, including BP, Russia’s Gazprom and Lukoil, and Malaysia’s Petronas, among others. He did not mention any American companies.

Lukoil declined to comment on the details of the talks, but added that it had previously expressed an interest in developing two fields in Iran.

BP, Gazprom and Petronas did not immediately respond to requests for comment.

“Many did not say they were waiting for (US) President (Donald) Trump to sign the waiver, but in reality they did,” said Zamaninia. “After his signature…these negotiations took place.”

On July 3, Total and China’s National Petroleum Company (CNPC) struck a $5 billion agreement with Iran to develop its giant South Pars gas field.

The agreement was signed at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zangeneh, Total’s CEO Patrick Pouyanne and senior officials from China’s CNPC and Iran’s Petropars.

Phase 11 of South Pars gas field will be developed in the framework of the Iran Petroleum Contract (IPC) by a consortium led by Total, which includes the CNPC and Petropars.

(Source: Tasnim, under Creative Commons licence)

IRGC Engaged in Development Plans across Iran

Commander of the Islamic Revolution Guards Corps (IRGC) said his forces are actively involved in development plans all over the country, saying the IRGC sees no limits to its role in helping create jobs and improve the livelihood of people should the administration prepare the grounds.

The IRGC has its roots in people and the Islamic Revolution and, therefore, can never remain indifferent to the needs of people, Major General Mohammad Ali Jafari said on Wednesday.

The IRGC is prepared to carry out as many projects as possible and tap into the domestic capabilities and local private sector with a “revolutionary” attitude if the administration prepares the grounds, the commander added.

Major General Jafari then emphasized that the IRGC has been never been concerned about making profits from the projects it undertakes, a clear sign of which is that it has been pressing on with development projects in spite of the administration’s unpaid debts.

In June, the top commander had pointed to a large number of mega-projects completed by the IRGC, including several phases of the South Pars gas field, the Persian Gulf Star gas condensate refinery, a large number of dams, and a whole host of other projects.

Without getting frustrated by the unfair criticism of the IRGC’s role in the country, the IRGC and Basij (voluntary forces) are still fully prepared to give the administration assistance by contributing to development plans, helping improve the livelihood of people, and reducing the economic burden for them, he stressed at the time.

(Source: Tasnim, under Creative Commons licence)

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There are currently very few countries in the world with Irans conditions and opportunities for investment. After decades of sanctions and separation from international markets, Iran is now ready to take advantage of these opportunities.

These days the top story of some of the worlds most important news media states, Now that a general agreement has been reached on the nuclear issue between Iran and the P5+1, international investors are lining up behind Irans closed doors, ready to enter this countrys market. Once Irans doors open to international financial activities millions, or maybe billions of dollars will flow into the country Economic players in Iran are waiting with open arms for international investors.How to invest in iran Blog is proud to present you with information about Iran and its investment opportunities, standing by your side as a consultant, and a strategic partner, creating the groundwork for a satisfactory experience in Iran.

Welcome to Iran, an investment paradise for years

Global Investment was founded with a single vision, to help small to large enterprises with their strategic entry into the Iranian market by providing unmatched services for companies across all major industries. We can help you enter the hotspots of the market and will support and guide you toward a success story that remains rock-solid for the years to come.

We deliver exceptional insight and advice based on the highest standards of consulting practice using our 10 years of experience in the field. Our perfect blend of proprietary market entry solutions, strong local connections and expertise will assist you with maximizing your business potential in Iran. You can take advantage of our “real touch of the market” and break down entry barriers into the market. We make sure that you avoid making the wrong deals and provide you with Do’s and Don’ts of doing business in our country.

Join The Ultimate And Irreplaceable Experience Now.

Just define your interests, We will promote the best investment opportunities for you

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