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TEHRAN (FNA)- Iran and Armenia are planning to complete their third power transmission line in less than two years, a senior energy official announced on Wednesday.
"The construction of the third Armenia-Iran power line will be complete by 2018," Head of Niroo (Power) Research Institute of Iran (NRI) Mohammad Sadeq Qazizadeh announced today.
The official reiterated that the third power transmission line will allow Armenia and Iran to increase the amount of their swap deal of gas for electricity.
In August 2015, Yerevan and Tehran signed an agreement on the construction of the third power transmission line between the two countries. The cost of the project is about $120 million.
The gas pipeline between Armenia and Iran was commissioned in 2007. In return for Iranian gas Armenia ships electricity to Iran - 3 kWh for one cubic meters of gas.
In 2014, Armenia received 383 million cubic meters of Iranian gas at $189 for 1,000 cubic meters. The Iranian gas is not sold to households or enterprises - it is converted into electricity by the Yerevan thermal power plant and much of it is shipped back to Iran.
TEHRAN (FNA)- Iran and China agreed on a joint venture to construct an oil terminal in Qeshm Island in the Persian Gulf.
The oil terminal will be built in Qeshm Island in the Southern part of the Persian Gulf and will turn the island into a major center for oil production and storage.
The 550-million-dollar contract was signed by Iran's Machine Making Company and China's largest heavy industry enterprise.
After the completion of the first stage of the joint project Qeshm Island will be able to store 10 million barrels of light, heavy and ultra-heavy crude oil produced in Iran's West Karoun region.
The oil terminal will be large enough to handle tankers up to 140 meters deep and store an estimated 30 million barrels of crude.
In keeping with a 10-year lease contract the terminal will generate an annual revenue of up to $300 million.
Covering an area of 1,491 square kilometers North of the Strait of Hormuz, Qeshm Island is the largest in the Persian Gulf.
TEHRAN (FNA)- The International Energy Agency (IEA) released a report saying the world’s crude oil production has decreased for the first time since 2013.
The report said reductions by OPEC and non-OPEC countries led to cuts in global oil supply by nearly 800,000 barrels per day (bpd) in May. It said the current output stood at over 95 million bpd, Ennahar reported.
It added however that non-OPEC supply growth is expected to return in 2017 at 200,000 bpd.
The IEA said the drop comes despite Iran’s fast return to the OPEC oil market with an anticipated gain of 700,000 bpd.
The report sees the same growth for the global oil market next year, saying the 2016 growth of 1.3 million bpd will likely dominate 2017.
“We will see the same rate of growth and global demand will reach 97.4 million bpd. Non-OECD nations will provide most of the expected gains in both years. The growth rate is slightly above the previous trend, mostly due to relatively low crude oil prices,” it noted.
The IEA assessment follows a decline in prices as the US benchmark, West Texas Intermediate, for July delivery shed 39 cents to stand at $48.49 a barrel on Tuesday.
Also, Britain’s Brent North Sea crude for delivery in August was down 52 cents at $49.83 a barrel.
The IEA said the oversupply "is likely to dampen prospects of a significant increase in oil prices."
Crude prices recently rebounded from their January lows of under $30, and last month briefly pushed past $50 a barrel for the first time this year as the market gained support from production outages in Canada and Nigeria.
Wed Jun 15, 2016 2:21
2-Month Oil Products Exports from Hormuzgan Ports Up 113%
TEHRAN (FNA)- Iran exported 16.7 million tons of oil and non-oil products through transit terminals in the ports of Hormuzgan Province, south of the country, during the first 2 months of the current Iranian calendar year which began on March 20, with oil products' exports rising 113% year-on-year.
Director General of Ports and Maritime Affairs of Hormuzgan Province Ebrahim Eidani said the province's terminals have exported 6.7 million tons of oil commodities during the two months.
He further said that over 1.3 million tons of non-oil commodities were imported through the ports during the same period which has dropped 25% year-on-year.
Furthermore, 2.8 million tons of oil products were exported from the ports during these two months, up 113% year-on-year.
TEHRAN (FNA)- Iranian Minister of Roads and Urban Development Abbas Akhoundi disclosed that the country has reached an agreement with global aviation giant Boeing.
"We have reached a deal with the global aviation giant Boeing over the purchase of new planes that could set a new milestone in the country’s efforts to revamp its aging air fleet," Akhoundi said.
The Iranian minister reiterated that the deal with Boeing has been finalized, and said, "Its details will be announced within next few days."
Akhoundi reiterated that Iran has been able to save at least $5 million in its last negotiations over the finalization of the purchase.
Last Monday, Iran's national flag airline carrier, Iran Air announced that it is discussing what is seen as a “historic aircraft purchase deal” with global aviation giant Boeing.
"Serious talks with Boeing are underway, hoping that these would lead to an agreement sometime soon," Reuters quoted Iran Air CEO Farhad Parvaresh as saying.
He said that the meetings are currently underway with Boeing, adding, "We hope that in the future we can reach an understanding with each other."
"The number and type of aircraft have to be discussed in the future, but the first step is to have a mutual understanding," Iran Air chief said.
Parvaresh reiterated that the volume of the purchase deal with Boeing could be as big as the one that Iran Air sealed with Airbus earlier this year.
"No, not bigger than Airbus; maybe close, but this also depends on the situation,” he underlined.
He said that Iran will need at least 300 aircraft for the next decade.
"Iran has a fleet of 250 aircraft, of which 90 are grounded due to the economy or missing parts," Parvaresh said.
Iran signed a major deal worth $27 billion with Airbus in January to purchase 118 planes from the company. The deal with Airbus was sealed during a state visit to Paris by Iran’s President Hassan Rouhani.
Apart from Airbus and Boeing, Iran is also negotiating with several other global aviation giants over the purchases of planes, including Bombardier and Embraer.
TEHRAN (FNA)- Senior Iranian and Swiss officials in a meeting in Bern on Tuesday underlined the need for the further expansion of relations between the two countries.
During the meeting in Switzerland's capital today, Deputy Head of Iran's Trade Promotion Organization Sadeq Ziayee Bigdeli and Director General of International Cooperation from Swiss Ministry of Economy Ms. Julia Levi explored avenues for reinvigorating and bolstering of bilateral ties.
The two sides reviewed the latest status of economic ties and the projects available for joint venture investment in Iran.
Ziayee Bigdeli and Levi exchanged views on Iran's possible membership in the World Trade Organization and the convention on intellectual property rights.
Bigdeli pointed to the improved economic indices in Iran and said Iran would be an important market for Swiss companies to have access to 80 million population market of Iran and the several hundred million markets of regional countries.
Levi, for her part, said that the Swiss government welcomes implementation of Joint Comprehensive Plan of Action.
She expressed pleasure with resumption of banking ties between the two countries to cover trade interactions and declared her country's readiness to support Iran to join WTO and the convention on intellectual property rights as well.
Regular consultations on economic ties between Iran and Switzerland was initiated upon a roadmap drawn by Swiss president during his visit to Iran in February 2016.
In relevant remarks in late February, Swiss President Johann Schneider-Ammann said his country supports Iran's membership at key international economic and trade organizations.
"Iran should join the multilateral economic organizations to develop and grow. We support Iran's membership bid," Schneider-Ammann said in a meeting at Tehran's Chamber of Commerce.
Noting that he is accompanied with representatives of 40 Swiss companies, Schneider-Ammann asked his Iranian counterpart Hassan Rouhani to bring 400 Iranian traders to Bern in his future visit, given the fact that Iran has a bigger population than Switzerland.
He referred to the current trade ties, and said, "The removal of sanctions will pave the way for Iran's economic development. Some 140 trade delegations from different countries have visited Iran before and after the nuclear deal to find market and trade opportunities."
Schneider-Ammann said the two sides could now cooperate in various fields, such as industry, tourism, medicine, and water resources.
"In addition to the trade delegation, a scientific and research group is accompanying me to cement ties with their Iranian partners," he noted.
TEHRAN (FNA)- Indonesian Parliament Speaker Zulkifli Hassan in a meeting with Iranian Ambassador to Jakarta Valiollah Mohammadi Nasrabadi called for the expansion of mutual cooperation.
"Jakarta and Tehran should work for broadening of their bilateral ties," Hassan said.
The Indonesia parliament speaker reiterated that the anti-Iran sanctions did not hinder the country from making progress in different areas.
The Iranian ambassador, for his part, said that Iran and Indonesia enjoy vast potentials to reinforce cooperation in different areas.
In April, Iranian President Hassan Rouhani and the Indonesian vice-president in a meeting in Istanbul underlined the need for the further expansion of mutual cooperation.
During the meeting on the sidelines of the summit meeting of the Organization of the Islamic Cooperation (OIC) in Istanbul, President Rouhani and Jusuf Kalla explored avenues for bolstering and reinvigorating bilateral relations.
"The ground is ready for enhanced ties between Iran and Indonesia after removal of anti-Iran sanctions and resumption of banking ties," President Rouhani said.
The Iranian president went on to say that Iran and Indonesia have good potentials for expansion of ties in the fields of energy, industry, tourism, science and research.
He also urged the private sectors of the two countries to boost their ties.
The Indonesian vice-president also said that Indonesia's President Joko Widodo will pay a visit to Tehran in the near future.
TEHRAN (FNA)- Iran and the Philippines voiced readiness to expand their mutual cooperation in agricultural projects.
The agreement was reached during a meeting between Director General of Iran's Agriculture Ministry Hooman Fathi and Filipino Ambassador to Tehran Edwardo Matin Moniz in Tehran on Tuesday.
During the meeting, the two sides underlined the need for the exchange of agricultural experts between the two countries.
Bilateral relations between the Tehran and Manila started on August 16, 1974. Iran invested $125 million in the Philippines’ petrochemical market in 2008.
The value of oil exports from Iran to the Philippines was pegged at $83 million in February 2012.
Both countries are eyeing to increase cooperation in areas of tourism, food production and industries, energy, construction, technology, science and culture.
TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh said Iran's export of petrochemical products stood at 18.7 million metric tons in the previous Iranian calendar year which ended on March 19, up by 46% from two years earlier.
Addressing the Iranian Parliament on Tuesday morning, Zangeheh said production of petrochemicals by Iranian plants crossed 46 million tons per year during the previous year that is up by 6.6mt from the calendar year 1392 (March 21 2013- March 20 2014).
He said the Iranian Ministry of Petroleum has no limits for supplying petrochemical plants with natural gas as feedstock.
Zangeneh said the current calendar year will be an "exceptional" year for the petrochemical industry of Iran as several petrochemical projects will become operational by the middle of the next year with some having been officially launched so far like Mahabad and Lorestan petrochemical plants.
"Once these projects come on-stream, Iran will earn $5.7b from selling petrochemical projects at 1392 prices," which will be a giant step for doubling the country's petrochemical output.
Investors in order to make profit from markets worldwide, invest in countries which have good resources and a great return potential. Investment by foreign investors could be direct or in the form of tangible assets, properties, intangible assets such as goodwill and patent and other types of investment approved by the government.
In recent years, because of sanctions there were problems with transferring money or getting cash to Iran. In addition, investors feared high political risk in investing money, under those conditions. But lifting sanctions is cause for swift opening in Iran and facilitating laws for foreign investors.
In the Iranian capital market, there are rules for supporting foreign investors that have been established by the High Council of Stock market. These rules provide some facilities in order to guarantee investments.
On the other hand, tax laws around the world are among the most important factors in business and especially in investment. In Iran in order to encourage investors, some tax laws have been changed since sanction-relief.
The board of Tehran Security Exchange Organization, the board members of Tehran Stock Market and OTC of Iran stock market and some regulator professionals will be in Muscat On 24th February 2016 in order to give more detail about structure and regulation structure in Iran and they will have B2B meetings in order to answer most of the interested investors about Iran. Moreover, Taxation lawyers will advise participants on tax laws and all relevant issues for investing in Iran. If you are interested in investing in Iran and you want to pioneer in the last frontier market please do not hesitate to register in the Muscat event and learn more about vast opportunities available for investment.
Our recommendation: Try not to miss the unique opportunity available to find out more about Iran and its investment potentials.
Taking place on February 24th, 2016, and set in sunny Muscat in the middle of the winter season, the roadshow is a dynamic forum for investors. It is to be held in a luxurious five star hotel, featuring a full day of presentations and panels with chief representatives from Tehran Securities Exchange, Central Bank of Iran, Ministry of Economy and Finance as well as Ministry of Foreign Affairs with tax attorneys and investors, accompanying them.
The second half of the summit-day will provide specific peer to peer Q&A sessions designed for those who are keen on discovering more about investment solutions in Iran’s market.
The event has professionally targeted institutional investors, investment bankers, private equity professionals as well as portfolio and asset managers and will expose people to a wider band of thinking in regard to Iran’s Capital Market.
Investors will no doubt find great opportunities in Iran not only for its great potential, but also for the unique momentum being created by the frontier economic landscape.
The Muscat Roadshow is to be held by Sina Financial & Investment Holding Co. along with Behgozin Brokerage Co. That will provide a unique platform for hundreds of investors, executives, and government and private companies to meet.
For further information on how to participate in this event, please visit: Muscat Event 2016