By Zep Kalb for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.
In the aftermath of the US-led invasion of Iraq in 2003, the country’s educational system all but collapsed. Illiteracy rates have exploded. Universities have turned into sectarian battlegrounds.
Systemic violence — including beatings, rape and death threats — has forced students and faculty out of campuses. As state provision of higher education has receded, private donors have set up alternative institutions, often with a sectarian and religious twist. Foreign actors have also stepped in to fill the void.
Before the US-led invasion, education indicators in oil-rich, Baathist-controlled Iraq improved similarly as in other middle-income countries, and in several ways even more so. The country’s first university, Baghdad University, opened its doors in 1957. In 1968, the government made education free and compulsory at all levels.
In 1977, the eradication of illiteracy was made legally binding. The developmental push appeared to be working. By 1980, Iraq had already achieved near universal primary school enrollment.
Saddam Hussein’s devastating eight-year war with Iran in the 1980s and the sanctions imposed by the West over his invasion of Kuwait in the 1990s slowed these gains.
By 2000, the literacy rate of youth aged 15-24 years old stood at 84.8%, slightly higher than that of regional neighbor Egypt. The gender gap was also narrowing: Female literacy rates stood at 80.5% in 2000, a figure Egypt reached only in 2006. At the same time, underinvestment in education by a cash-strapped government led to an aged and creaking infrastructure.
For all its ills, the collapse of the Baathist regime in 2003 and its replacement with a US-installed government wrecked the country’s educational system. Junior, inexperienced American officers who failed to understand the complexities of maintaining peace between the sects were put in charge of higher education.
Iran, Armenia Discuss Expansion of Energy Cooperation
Iran, Turkey to Finalize Currency Swap Deal
Tags: Al-Mustafa Al-Amin University, American University of Iraq (AUI), Egypt, featured, Iraq, Kuwait, Lebanon, United Kingdom, United States, universities
TEHRAN – Iran has raised its light crude’s official November selling prices for Asia at 80 cents above the Oman/Dubai average for the same month, Reuters reported quoting an industry source with direct knowledge of the matter.
November price is 30 cents higher than the price set for the previous month which was 50 cents above the Oman/Dubai average.
Meanwhile, the country reduced its heavy crude’s official selling price (OSP) for November by 10 cents to fall $1.09 below the Oman/Dubai average for this month.
OPEC’s third largest oil producer changed the pricing formula for its Soroush grade in August in a way that it is now priced against the Oman/Dubai average.
With a 30 cent rise, the price of Iranian light oil for the northwest Europe market is also set $2.65 lower than Brent index for November.
After the implementation of the nuclear accord (called JCPOA) in January 2016, Iran has been seeking to expand its target markets. Since then, oil exports to Europe have risen by more than 300 percent.
Exempted from the OPEC, non-OPEC curbs, Iran has increased its crude output to 3.79 million barrels per day (bpd) in August from 3.78 million bpd in July.
EF/MA
TEHRAN- Iranian Deputy Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Mohammadreza Karbasi announced that Iran-Vietnam Joint Chamber of Commerce will be inaugurated within the next two months, IRIB news reported on Wednesday.
Karbasi, who led an ICCIMA delegation to Vietnam, in a meeting with the head of Vietnam-Iran Joint Council, called for expansion of ties between the two countries.
During the meeting, the Vietnamese official, for his part, said that his country’s trade with Iran is planned to hit $2 billion per annum and Vietnamese banks are ready to boost relation with Iranian counterparts.
HJ/MA
TEHRAN- According to OPEC’s latest monthly report published on October 11, oil production in Iran stood at 3.827 million barrels per day (bpd) in September, increasing 1,000 bpd from 3.826 million bpd in August, based on secondary sources.
The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil production in September stood at 3.848 million bpd, a 3,000 bpd rise from 3.845 million bpd in August.
Meanwhile, the report put the country’s heavy oil price at $52.27 in September, an increase of $3.57 or 7.3 percent from $48.7 in August.
EF/MA
TEHRAN- Carlos Ghosn, the CEO of Renault, announced that his company has a long-term serious plan for presence in the Iranian market.
Making the remarks during a press conference in Paris last week on revealing the company’s mid-term plan, the CEO underlined the significance of Iranian market and stressed that Renault will not leave the country, public relations department of Renault’s office in Tehran reported on Wednesday.
According to the company’s plan, Renault’s production for Iranian market will reach over 250,000 cars per annum during six years. Also, manufacturing capacity of Renault cars inside Iran will increase by 150,000 vehicles.
Based on this plan, in addition to introducing new products, Renault will develop its distribution network in Iran in a way that it will gain over 15 percent of the market within six years.
Last year, Renault experienced its best performance in Iran during its non-stop presence in the Middle East country since 2004, as the company hit a record of production and sales in this market. The French carmaker also registered some new records in Iran during the first nine months of 2017.
MA
TEHRAN – An Iranian-German company is going to finance a 100-megawatts solar farm worth $120 million in Iranian central province of Yazd, IRNA reported on Wednesday.
According to the managing director of the company this solar farm is part of a 500MW project which is due to be implemented in Iran by the company.
The first phase of the 100MW solar farm with a capacity of 10MW will be implemented by the end of the current Iranian calendar year (March 2018).
EF/MA
TEHRAN- Iran-Georgia business forum and the 6th meeting of the two countries joint economic committee was held in the Georgian capital, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported on Wednesday.
The business forum was reportedly attended by the Iranian Labor Minister Ali Rabiei, Georgian Minister of Economy and Sustainable Development Giorgi Gakharia, head of Georgian Chamber of Commerce, head of Iran-Georgia Joint Chamber of Commerce, and the two countries’ ambassadors.
As reported, the forum gave a platform to the government authorities as well as representatives of Georgian and Iranian companies to establish communication for more productive future cooperation.
The participants in this event investigated available economic opportunities for cooperation and got familiar with each other’s economic private sectors for joint further cooperation and entering one another’s markets.
According to Georgia’s Ministry of Economy, the main interests of Iranian business delegation included transport, chemical products and oil transportation, food industry, wood processing, manufacturing of electric equipment, oil and gas, financial sector, AGENDA.GE reported.
At the forum Georgian authorities showcased the country’s favorable business environment and urged Iranian business delegation to invest in Georgia, the same report confirmed.
“We know that a very large project has been initiated, which is meant to create an oil processing enterprise… In the first eight months [of 2017] trade turnover [between Georgia and Iran] increased by 48 percent… We try to overcome all challenges in order to have more effective communication [with Iran],” Gakharia was quoted saying by the Georgian website.
During the 6th meeting of Iran-Georgia Joint Economic Committee, where the authorities talked about how to improve cooperation in the fields of transport, trade, manufacturing, agriculture, food industry and financial sector, Rabiei and Gakharia signed the final document of the joint committee.
As Georgia Today reported, Rabiei also met Prime Minister of Georgia Giorgi Kvirikashvili where the Georgian official talked about the importance of developing the Persian Gulf-Black Sea transport corridor and future cooperation of the two countries energy sectors. Trade, economy and tourism cooperation between the two sides were also discussed during the meeting.
An Iranian delegation comprised of the top managers of 30 Iranian companies arrived in Georgia on Tuesday to participate in the Georgian-Iranian business forum and strengthen economic relations between two countries.
HJ/MA
Although Iran ranks first in the world in terms of natural gas reserves - according to the BP Statistical Review of World Energy, the country holds around 18 percent of total proven natural gas reserves globally-, when it comes to exports, it has a long way to the top of the list of gas exporting countries.
The country is currently recovering only a small share of its gigantic gas reserves, something about 280 billion cubic meters per year, from which even a much smaller portion is exported to the neighboring countries.
The situation raises the question of what Iran, as the country with world’s largest gas reserves, should do to gain its deserved share in world’s gas markets, and what approach the National Iranian Gas Company (NIGC) should be following to reach this goal.
In general, the gas recovered from a reserve is consumed in different areas, a portion is injected to oil wells to improve their recovery factor, a part is supplied to the national gas network, some is exported and a part is used for generating electricity in power plants.
According to the International Energy Agency (IEA), natural gas supplies 22 percent of the world’s energy needs, and accounts for nearly a quarter of electricity generation worldwide, it is used and transported in various forms including Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and Liquefied Petroleum Gas (LPG) as well as through pipelines.
In recent years the demand for gas as a more clear fuel has increased drastically and natural gas market has become more globalized.
Contrary to our country which has a very low level of gas exports, in most of the gas producing countries a great portion of the recovered gas is exported to other countries.
Due to the West-imposed sanctions in the past few years, Iran has not been able to keep up with other gas producing countries in this regard, Iranian gas is mostly exported to the neighboring countries through pipelines and Eurozone is almost completely out of Iran’s reach for gas exports.
The country is currently producing 800 million cubic meters (mcm) of gas per day of which only 34.8 mcm is exported.
Hamid Hosseini, an Iranian gas expert, believes that Iran’s gas market being limited to the neighboring counties is what hurting the gas industry the most.
“The country should add a variety of new products to its exports basket in order to be able to compete with other gas exporting countries,” Hosseini said.
“As the country with the most natural gas reserves in the worlds we should have a long term plan for gaining some share in Europe’s market as well,” the expert added.
However, Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia still believes that neighboring countries and India should be Iran’s top priority for gas exports and not Europe.
In August 2016, Oil Minister Bijan Namdar Zanganeh said that Iran plans to increase gas exports to 200 million cubic meters per day (mcm/d), emphasizing that exports via pipelines to neighboring countries and the completion of LNG projects are prioritized.
Considering the gap between the current level of exports and what is on the agenda, it seems what Hosseini said is true and the country needs to improve its downstream sector to a great extent in order to expand the domain of its gas customers beyond the neighboring countries. Of course, reaching this goal necessitates attraction of a great amount of foreign investment.
According to several energy sources, since January 2016 several Asian and European companies have been negotiating with Iran to participate in the completion and commissioning of gas projects and that could be a good opportunity for realization of an ideal downstream sector for the gas industry.
Of course foreign investment is just a part of what is necessary for progress, NIGC should attract the participation of the private sector alongside foreign investment.
With Iran signing numerous deals with giant companies like France’s Total, and having plans for developing new fields alongside completing South Pars phases, a steep rise in natural gas output in near future doesn’t seem out of reach, but the country should consider diversifying its exports basket and development of new gas refineries and LNG plants in order to expand its destination markets to Europe and even America.
TEHRAN- Iranian Deputy Industry Minister Mojtaba Khosrotaj and a top official from Japan External Trade Organization (JETRO) conferred on developing mutual trade bonds in Tehran, the official website of Iran’s Trade Promotion Organization (TPO) reported on Wednesday.
In this meeting, Khosrotaj, who is also the head of TPO, discussed increasing cooperation on auto industry, manufacturing spare parts and other fields with the Japanese official.
Taking advantage of JETRO’s experiments in establishing banks for small and medium-sized enterprises (SMEs) as well as applying new methods of empowering firms to participate in international markets were among the other issues discussed in the meeting.
HJ/MA
TEHRAN- Iranian Minister of Finance and Economic Affairs Masoud Karbasian was appointed as the new chairman of Iran-Russia Joint Economic Committee, Tasnim news agency reported on Wednesday.
Karbasian was appointed to the post replacing Mahmoud Vaezi, the previous minister of communications and information technology.
MA
TEHRAN - The International Monetary Fund (IMF) in its latest World Economic Outlook titled “Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges” predicted a 3.8 percent real GDP growth for Iran in 2018, rising from 3.5 percent in 2017.
“In 2018, growth is expected to increase to 3.8 percent, mostly reflecting stronger domestic demand in oil importers and a rebound of oil production in oil exporters,” the report said.
The data presented indicates that Iran’s GDP growth will outpace that of Middle East, North Africa, Afghanistan and Pakistan which is going to be 3.5 percent in 2018 and 3.8 percent by 2022.
Iran’s GDP will increase to 4.1 by 2022, while the country’s consumer price inflation which stands at 10.5 percent in the current year will fall to 10.1 percent in 2018 and to 8.7 percent by 2022.
EF/MA
On September 25, 2017, Posted by admin , In News, By Airbus,ambitious plan,Another EU bank unveils plan to fund Iran projects,Business plan,emerging market,invest in iran,investing opportunities,investment,investment opportunity,iran,Iranian banks,Iranian economy,Projects,the Iranian economy,the Iranian market , With No Comments
BPI France CEO Nicolas Dufourcq.
France’s state investment bank Bpifrance (BPI) says it plans to provide funds to French companies that invest in the Iranian economy from next year, becoming the third European bank to do so after similar moves were announced last week by banks from Austria and Denmark.
BPI France CEO Nicolas Dufourcq told reporters that his bank would grant up to €500 million ($598 million) in annual credits to companies that venture into the Iranian market.
Dufourcq added that his bank saw no risk of getting exposed to any punitive measures by the United States for its Iran business plans because it had no operation abroad.
“Excluding a force majeure case, we will be on their side in early 2018. We are the only French bank that can do it without risking US sanctions for a possible breach of remaining embargo rules,” he told Le Journal du Dimanche.
Several France-based enterprises are already pushing ahead with ambitious plans for investments in Iran. They include aviation giant Airbus as well as automakers PSA Group and Peugeot.
This past Thursday, Austria’s Oberbank signed a major finance deal with over a dozen Iranian banks based on which it would provide €1 billion in credits to the country’s companies that invest in the Iranian economy.
Oberbank’s initiative – that was seen in Tehran as the first of its kind in many years – was followed on the same day by a similar agreement between Denmark’s Danske Bank and several Iranian banks.
Accordingly, Danske Bank would allocate a credit line of €500 million for investments by Danish businesses in Iran.
Related
Iran is exploring overseas resources to ensure stable supplies of agricultural products for a rapidly urbanizing population in the face of the constraints of worsening land and water resources.
The semi-arid state has been investing in large areas of farmland overseas, where contracts for cultivation on nearly 800,000 to one million hectares in a number of countries have been signed and approved by the government, according to Agriculture Minister Mahmoud Hojjati.
“Due to the paucity of water resources, the government is seriously pursuing an overseas farming plan for some commodities, including grain corn and oilseeds,” the minister has said.
Kazakhstan, Ukraine, Brazil and Ghana have been cited in the media among the places which Iran was pushing for long-term leasing or ownership of farmlands with higher agribusiness potentials.
On Saturday, Brazil’s deputy Minister of Agriculture, Livestock, and Food Supply Aomar Roberto Novak told IRNA that Iranian farming was possible in his country and that companies from the two sides had to negotiate and reach a conclusion.
A canola field in Gavdasht in Iran’s northern Mazandaran ProvinceAcross the border, Azerbaijan is the latest country where Iran has been carrying out agricultural projects in more temperate climates.
Rahim Motaharnejad, managing director of Hami holding, a non-governmental support group, said Iran had started cultivation of grain corn on 250 hectares, which was successful.
There are now plans for this year to carry out the project on a larger scale in partnership with Azerbaijani companies, he said.
Under the contract, the Azerbaijani side will provide land and supply water and the Iranian companies will contribute technical knowledge and management.
“We are following two goals: bringing in foreign exchange to the country through supply of products to the Azerbaijani market and producing certain commodities for domestic use such as barley and alfalfa,” Motaharnejad told IRNA.
His company is also pursuing agricultural projects in Ukraine which has plenty of water and very fertile land, “but we need the support of the government of the Islamic Republic of Iran,” he added.
Iran relies on imports for 90% of its requirements for water-intensive products such as wheat and oilseeds. Other water-guzzling crops such as watermelons have a steady army of critics in a country where aquifers are critically overdrafted.
A watermelon farm in Iran’s southern Hormozgan ProvinceOn Monday, Tasnim cited state statistics indicating that Iran had exported 500,000 tonnes of watermelons, worth $100 million, in the five months since March.
Iraq, the UAE, Turkey, Kuwait, Afghanistan, Qatar and Oman were the biggest receivers of Iran’s watermelon shipments, a summertime staple to quench thirst in sizzling temperatures.
Other clients of Iran’s hydrating treat were ironically the countries with more abundant water resources such as Sweden, Poland, Hungary, Belarus, Germany, Albania, Georgia, Azerbaijan, Uzbekistan and Pakistan.
For years, Iran has been trying to modernize its farm sector and rebalance output toward dry farming and value-added crops which are increasing in demand among its population of over 80 million.
Farmers tilling a farm in Iran’s central Isfahan provinceCurrent farming methods include open-land agriculture and green-house production but more modern practices such as hydroponics, a soil-less culture technology which uses less water and land, have yet to be introduced.
Iran exported its first consignment of wheat after many years this year, with state officials cheering it as a sign that the country’s plans to attain self-sufficiency in production of the strategic staple had materialized.
Results from state purchases from Iranian wheat growers so far this year are also robust, and buys of 8.8 million tonnes have already been secured, according to officials.
Food security is a key policy area for global state planners, and for Iran, it is additionally crucial in the face of a protracted drought where falling water tables are adversely affecting harvests and the basket of agricultural products is narrowing.
Food prices were a key driver of Iran’s double-digit inflation which shot over 40% under former president Mahmoud Ahmadinejad.
TEHRAN (FNA)- A senior Austrian financial official underlined that his country's medium- and small-sized companies are ready to invest in Iran's development projects.
"Oberbank’s line of credit contract with 14 Iranian banks in the field is very important because it paves the way for Austrian enterprises to expand their cooperation with Iran," Director of Global Financial Markets of Oberbank Helmut Edlbauer said.
He reiterated that there many small and medium companies in Austria which are interested to work with their Iranian counterparts in various sectors.
Austria's Oberbank signed a finance deal worth €1 billion with 14 Iranian banks last Thursday in Vienna; first banking credit supply agreement following the implementation of 2015 nuclear deal.
The Austrian finance is set to be used for development of civil and production projects in Iran.
Karafarin Bank, Saman Bank, Bank Refah, Bank Mellat, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, Bank Sepah, Middle East Bank, Export Development Bank of Iran, EN Bank, Bank Keshavarzi, and Parsian Bank will act as the agent banks providing public and private sector with financial support.
TEHRAN (FNA)- Iranian Deputy Foreign Minister Morteza Sarmadi stressed the necessity for the further strengthening of all-out relations with Cyprus and removal of banking problems.
Sarmadi made the remarks in a meeting with Head of Cyprus Presidential Office Michalis Sophocleous in Tehran on Wednesday.
Removing banking problems between Iran and Cyprus can pave the way for enhancement of economic relations, he said.
Sophocleous, for his part, appreciated Iran’s stance on Cyprus talks, and underlined EU’s support for the Joint Comprehensive Plan of Action (JCPOA).
Stressing Cyprus’ resolve to promote economic and political relations with Iran, he said that visit of Cyprus’ delegation and officials to Iran reveals its willingness to that effect.
In relevant remarks in a meeting with his Iranian counterpart Mahmoud Vaezi on Tuesday, Sophocleous had underlined his country's willingness to expand banking relations with Tehran.
"We are interested in fully activating banking ties with Iran as a ground to develop relations in other fields," he said during the meeting in Tehran.
"Cyprus is willing to expand relations with Iran in economic, trade, scientific, academic, tourism and cultural fields," the Cypriot official added.
Vaezi, for his part, described banking cooperation as a necessary ground to broaden economic relations, and said, "The Islamic Republic of Iran welcomes development of ties and cooperation, specially between the two countries' economic activists and private sectors."
TEHRAN (FNA)- The French-Italian ATR plane manufacturer on Thursday delivered two more advanced passenger planes to Iran.
The two planes were the fifth and sixth aircarft delivered to Iran to be used for domestic short-distance flights.
After the implementation of Iran nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA), Iran's national flag-carrier Iran Air signed contract with French Airbus, American Boeing and Franco-Italian ATR, to renew its air fleet buying 200 aircraft.
Iran has so far received three Airbus passenger planes and six ATR72 aircraft.
The ATR 72 is a twin-engine turboprop, short-haul regional airliner developed and produced in France and Italy by aircraft manufacturer ATR (Aerei da Trasporto Regionale or Avions de transport régional), a joint venture formed by French aerospace company Aérospatiale (now Airbus) and Italian aviation conglomerate Aeritalia.
The ATR plane manufacturer has signed a contract with Iran Air to provide it with 20 planes.
This is a third plane manufacturer after Airbus and Boeing had successfully signed lucrative deals with Iran.
Efforts to sign a deal with Brazilian manufacturer Embraer had been uninspiring and plans were abandoned in favor of Airbus and Boeing.
TEHRAN (FNA)- Cypriot President's Chief of Staff Michalis Sofokleous in a meeting with his Iranian counterpart Mahmoud Vaezi underlined his country's willingness to expand banking relations with Tehran.
"We are interested in fully activating banking ties with Iran as a ground to develop relations in other fields," Sofokleous said during the meeting in Tehran on Tuesday evening.
"Cyprus is willing to expand relations with Iran in economic, trade, scientific, academic, tourism and cultural fields," he added.
Vaezi, for his part, described banking cooperation as a necessary ground to broaden economic relations, and said, "The Islamic Republic of Iran welcomes development of ties and cooperation, specially between the two countries' economic activists and private sectors."
In a relevant development in August, Iranian Foreign Minister Mohammad Javad Zarif and Cypriot Parliament Speaker Demetris Syllouris in a meeting in Tehran underlined the need for the expansion of mutual cooperation.
During the meeting, Zarif and Syllouris explored avenues for bolstering and reinvigorating bilateral relations in different fields.
During the meeting, the two sides also discussed regional developments.
Zarif said the removal of international sanctions has paved the path for further development of economic cooperation between Iran and Cyprus.
The Iranian foreign minister also emphasized the need to resolve difficulties faced by Cyprus through diplomatic dialogues.
TEHRAN (FNA)- Two Franco-Italian ATR72 aircraft are slated to be delivered to Iran on Thursday, spokesman of the Civil Aviation Organization of Iran (CAOI) said.
"A delivery ceremony, attended by the officials from Iran's aviation industry, will be held tomorrow at Mehrabad International Airport in Tehran, Shahrokh Nooshabadi said.
After the implementation of Iran nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA), Iran's national flag-carrier Iran Air signed contract with French Airbus, American Boeing and Franco-Italian ATR, to buy 200 aircraft.
Iran has so far received three Airbus passenger planes and four ATR72 aircraft.
Iran Air signed a contract with ATR to purchase 20 ATR72 passenger planes from the Franco-Italian company after removal of the Western imposed international sanctions against Iran.
The ATR 72 is a twin-engine turboprop, short-haul regional airliner developed and produced in France and Italy by aircraft manufacturer ATR (Aerei da Trasporto Regionale or Avions de transport régional), a joint venture formed by French aerospace company Aérospatiale (now Airbus) and Italian aviation conglomerate Aeritalia.
Spokesman: China Facing No Problem in Paying Iran for Purchase of Petrochemical Products
TEHRAN (FNA)- Iranian Foreign Ministry Spokesman Bahram Qassemi underlined that Tehran and Beijing are now able to easily do their transactions in petrochemical trade as the banking hurdles have been removed.
"All obstacles on the payments of Iranian export of petrochemical products to China have been removed," Qassemi said.
The Iranian foreign ministry spokesman reiterated that after change of banking regulations in China, however, some procrastination and slowness in our own banking system exacerbated the situation.
Qassemi said that the Iranian delegations conducted some robust negotiations with the Chinese officials and the problems have been solved, and there should be no serious problem in cashing the sold petrochemical products to China.
The Iranian diplomat noted that the foreign ministry will support Iranian expatriates, firms, institutes and foreign governments for attracting more foreign investment.
In relevant remarks in late July, Tehran's Ambassador to Beijing Ali Asqar Khaji said that Iran's exports to China increased considerably in the first half of 2017 compared to the same period last year
"The volume of Iran's exports to China has increased considerably in terms of weight in the first six months of 2017," Khaji told reporters.
Noting that China is the largest importer of Iran's non-oil products, he said the volume of the country's non-oil exports to China has shown considerable rise as compared to the previous year.
Iran exports around 40 percent of its petrochemical products and 60-70 percent of the country’s polymer materials to China.
In relevant remarks in May, Managing Director of the National Iranian Petrochemical Company Marziyeh Shahdaei categorically dismissed that her company's assets have been frozen in China.
"Iranian assets have not been frozen in China, but there are some difficulties in the payment process," Shahdaei told reporters.
She reiterated that the main cause for the current difficulties is that anti-money laundering laws have come into effect in China since the beginning of May, under which some strict restrictions have been placed on exports of petrochemical products and transfer of money.
TEHRAN (FNA)- Iran is preparing to increase its exports of crude oil to global markets beyond the current volume of 2.2 million barrels per day (mln/bpd), an Iranian energy official said.
"This would be carried out as a new type of Iranian crude is presented to clients," Director for International Affairs of the National Iranian Oil Company (NIOC) Saeed Khoshrou said, addressing a meeting of the Asia-Pacific Economic Cooperation (APEC) in Singapore.
He reiterated that Iran still had a huge potential to further increase its oil production, specially given the fact that a majority of onshore reserves still remained untapped.
“Around 70 percent of Iran’s oil reserves are located in offshore reservoirs in the Persian Gulf,” Khoshrou added.
In relevant remarks in early May, Iran said that it has plans to increase its crude oil production capacity by 3 million barrels per day.
Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri said the boost is aimed at promoting and stabilizing the country's footing in the Organization of Petroleum Exporting Countries (OPEC) and the global market.
Speaking on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2017), the official said NIOC has so far inked 24 memoranda of understanding (MoUs) with domestic and international companies for developing oil and gas projects in Iran since January 2016.
TEHRAN (FNA)- Iranian Trade Attaché in Baghdad Nasser Behzad said that Iraq has considerably increased the volume of its non-oil imports from Iran.
"Iraq, over the first four months of the current Iranian calendar year (March 21-August 21) imported two billion dollars worth of commodities from Iran to become the second destination for Iranian exports," Behzad said.
Behzad pointed to the 44th Baghdad International Exhibition slated for Oct 21-30, and described the exhibition as an ample opportunity for introducing the Iranian companies and their products.
He reiterated that during the Baghdad Exhibition in which 20 world countries, including Germany, France and US will partake, the directors of the Iranian companies can hold talks with their Iraqi counterparts as well as participating officials of other countries on bilateral cooperation, the official said.
So, Iran has planned for having 'strong presence' in the upcoming Iraqi exhibition, Behzad stressed.
In relevant remarks in mid-July, Iranian Ambassador to Baghdad Iraj Masjedi said that Tehran is ready to help Baghdad with the reconstruction of Iraq.
He stressed the fact that the security in Iran and Iraq is intertwined, and said, "We are honored to stand by the Iraqi government and people in the fight against the ISIL terrorist group."
Masjedi pointed to launching reconstruction projects in Iraq, and said Iran will stand by the Iraqis to reconstruct the country.
In relevant remarks in May, Masjedi underlined that the security and progress of Iraq is highly important to his country.
"Iraq's security is Iran's security and vice versa," Masjedi said in a meeting with a number of Iraqi officials in the Southern province of Karbala.
Referring to abundant commonalities of Iran and Iraq in different cultural, religious, historical and geographical fields, he said, "We need each other and further boost in Iraq's power is desired by Iran and if Iran's power increases, these capabilities will be at Iraq's service."
Masjedi also stressed that any country or group which seeks to tarnish the relations between the two countries is neither Iran's nor Iraq's friend.
TEHRAN (FNA)- Iraqi Oil Minister Jabbar al-Luaibi announced that Tehran and Baghdad will soon sign an agreement to jointly invest in two oilfields shared between the two countries.
The Iranian oil minister did not mention which oilfields were involved and when the agreement will be signed.
"Nevertheless, it would be a groundbreaking move in the history of economic cooperation between two important oil heavyweights in the region," Al-Luaibi said.
In a relevant development in August, Iraq’s Ambassador to Tehran Rajih al-Mussawi said his country was considering a plan to cooperate with Iran in the development of Azadegan oil field which the two sides share.
Mussawi added that officials from the oil ministries of both countries had already started negotiations to the same effect, adding, "Some good news would be publicized soon."
Iran discovered Azadegan oil field in 1999 in what was the country's biggest oil discovery in decades. The country accordingly teamed up with Inpex to push the project towards development. However, the Japanese company later quit the project in what appeared to be the result of US sanctions against Iran.
The oil field was later divided into North Azadegan and South Azadegan. South Azadegan – which is popularly referred to only as Azadegan - is believed to be connected with Iraq’s supergiant Majnoon oilfield with recoverable reserves of 13 billion barrels. It was developed by Shell and is now producing 200,000 barrels per day (bpd) of oil for Iraq.
Earlier in September, Shell announced that it had quit Majnoon. The decision was seen as part of a strategy by the global giant to sell out of its oil fields in Iraq – a move which was in line with its global $30 billion asset disposal program.
Iran announced in August that it had received proposals from Shell for the development of Azadegan as well as another field also shared with Iraq named Yadavaran – both located in the southwestern province of Khuzestan.
Shell signed a basic agreement with the NIOC in December 2016 to study the investment potentials in South Azadegan and Yadavaran as well as the Kish gas field.
