Head of Iran’s Trade Promotion Organization (TPO) Mojtaba Khosrotaj said the Islamic Republic is prepared to establish preferential tariffs and free trade with some regional countries, particularly Afghanistan, Pakistan, and Oman.
Speaking at a meeting of a working group on the development of non-oil exports of the southeastern province of Sistan and Balouchestan, Khosrotaj underlined that the province can play a key role in boosting relations with countries like Afghanistan, Pakistan, and Oman.
Regarding preferential tariffs and free trade, the TPO has done the planning, he said, adding that the organization is ready to establish free trade with countries that have common borders with Sistan and Balouchestan.
Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues.
In 2014, the country’s exports of commodities and natural-gas condensate reached $50 billion, showing a 19 percent increase.
There was also a boom in Iran’s service exports in diverse sectors, including tourism, engineering, and transit.
(Source: Tasnim, under Creative Commons licence)
Saudi-Iranian Rapprochement remains Mirage
Ukraine’s Imports from Iran Up 30%
Tags: Afghanistan, featured, Oman, Pakistan, Trade Promotion Organization of Iran (TPO)
By editor on in Politics, Security
By Ali Hashem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.
Attempts to mediate between Iran and Saudi Arabia have probably reached a dead end, an Arab diplomatic source told Al-Monitor on condition of anonymity. The source added that a new path doesn’t seem to be possible given “Tehran’s arrogant approach in the region and its insistence on threatening its neighbors, meddling in their internal affairs and helping destabilize the region.”
This appears to put an end to speculation that a new chapter might be ahead between the two Persian Gulf neighbors whose relations saw a drastic deterioration in the past years, notably after Riyadh executed a Saudi Shiite cleric on Jan. 2, 2016, and angry Iranian protesters stormed the kingdom’s diplomatic missions in Tehran and Mashhad in retaliation.
Prior to this, a series of events had laid the foundations for the Saudi-Iranian collision, starting with the crisis in Syria that began in March 2011 and including the war in Yemen launched by Riyadh and its allies in March 2015.
Despite the continuing wars in Syria and Yemen, there was room for optimism when Iraqi Interior Minister Qasim al-Araji told reporters in Tehran on Aug. 13 that Saudi officials had asked his government to bridge the gaps with Tehran. Saudi officials later denied Araji’s claims, but this didn’t end the wave of positive thinking that reached its peak during the hajj season.
Crude Oil Production at Azar crosses 4m Barrels
Iran Ready for Free Trade with Regional Countries
Tags: featured, Saudi Arabia
Iran’s production of crude oil at Azar Oilfield, shared with neighboring Iraq, has exceeded 4 million barrels, operator of the field says.
Behzad Mohammadi, managing director of Oil Industries’ Engineering and Construction (OIEC), told a meeting of representatives of Iranian E&P companies in Tehran on Wednesday, said production of the fields has been fixed at 30,000 b/d.
He said based on the latest estimations, the field is believed to hold over 4 billion barrels of crude oil in its reserves, adding OIEC plans to bring the field’s output to 65,000 b/d in the first phase of the field’s development project and to 100,000 b/d in its second development phase.
The field is the most challenging for the oil industry due to the stony land conditions.
The volume of possible oil reserves to be extracted from Azar fields is estimate to be around 400 million barrels.
Azar oil field lie in common border with Iraq. The shared oil field is part of Anaran Block in southwest of Ilam Province.
(Source: Shana)
Ukraine eyes Boosting Agricultural Trade with Iran
Saudi-Iranian Rapprochement remains Mirage
Tags: Anaran block, Azar, Azar field, featured, Iraq, Oil Industries Engineering and Construction Company (OIEC), shared oilfields
By editor on in Agriculture
A Ukrainian official said the country’s Agrarian Policy and Food Ministry expects Kiev’s agricultural trade with Tehran to increase to $1 billion by the end of 2017.
Vasyl Antonenko, the chief specialist of the bilateral trade and economic cooperation department of the International Cooperation Department of Ukraine’s Agrarian Policy and Food Ministry, said this during the Ukrainian-Iranian Business Forum, Ukrinform news website reported on Tuesday.
“Upon seven months of 2017, Iran ranks 8th among the importers of Ukrainian agricultural products. It is expected that we will be able to reach $1 billion agricultural products turnover by the end of this year due to joint efforts of the businesses of both countries,” he added.
In March 2016, Iran and Ukraine signed a memorandum of understating for the expansion of economic cooperation in various fields.
In May that year, Iran’s Foreign Minister Mohammad Javad Zarif said there are good opportunities for closer trade interaction between Iranian and Ukrainian companies in a broad range of fields, including higher education, scientific and technological issues, energy, power plant equipment, renewable energies, agriculture, cultural programs and tourism.
(Source: Tasnim, under Creative Commons licence)
Iraq sends Envoy back to Iran with Little to Show
Crude Oil Production at Azar crosses 4m Barrels
Tags: featured, food imports, Ukraine, Ukrainian-Iranian Business Forum
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.
Ayatollah Mahmoud Hashemi Shahroudi, the newly appointed chairman of Iran’s Expediency Council, visited Iraq recently, fueling speculation about his political agenda. His meetings indicate that he most likely was seeking to unify Shiites ahead of the 2018 elections, although he doesn’t appear to have succeeded.
Shahroudi, who is a dual Iranian-Iraqi citizen and was a senior leader in the Islamic Dawa Party and the Islamic Supreme Council of Iraq before he became involved in Iranian politics, was warmly welcomed by those two groups, but later in his weeklong visit, he found himself snubbed by others.
Sheikh Humam Hamoudi, a leader of the Islamic Supreme Council and the first deputy parliament speaker, greeted Shahroudi at the airport on Aug. 31. Later, Shahroudi met with Iraqi Prime Minister Haider al-Abadi and with Nouri al-Maliki, the leader of the Islamic Dawa Party and a vice president of Iraq.
In Najaf, however, Shahroudi was not welcomed at all. He did not meet with any of the four leading religious authorities there, even though he is one of the most prominent graduates of the Hawza (Shiite seminary) in Najaf and most likely knows all four clerics from the years he studied there.
Sadrist movement leader Muqtada al-Sadr also refused to meet with him.
Sources close to Grand Ayatollah Ali al-Sistani in Najaf said religious authorities there refused to receive Shahroudi — even though they knew in advance about his visit — because they resent some aspects of Iran’s policies regarding Iraq. It seems the rejection was a source of embarrassment to Shahroudi when he returned home, where he issued a statement that his visit was not an official one but merely a religious trip “to the holy sites and shrines of holy Imams.”
Ilam Petrochemical Plant is banking on inauguration of its sulfur recovery unit (SRU) by the end of the current calendar year to March 20, the managing director of the facility said.
Farhad Daneshi said the facility is now building two units which are olefin and SRU of which the latter will come online before the end of the current calendar year to March 20.
He said SRU is one of the preliminary units in production chain and plays a key role in feedstock supply for olefin production.
He said the project has made 78% physical progress and most of the machinery and equipment needed for completion of the unit has been installed or supplied.
He further said the project has generated jobs for 3,000 for the western Ilam Province locals.
The plant has so far supplied 520,000 tons of polyolefin and is expected to supply 200,000 tons of the product next year.
(Source: Shana)
Iran, Iraq Begin Arrangements for Arbaeen Pilgrimage
Iraq sends Envoy back to Iran with Little to Show
Tags: featured, Ilam, Ilam Petrochemical Plant, petrochemicals
By editor on in Tourism, Transport
The Iraqi embassy and consulates in Iran on Monday started to issue visa for the Iranian applicants intending to visit the Arab country for Arbaeen pilgrimage.
The formal visa-issuance process kicked off during a ceremony at the Iraqi embassy in Tehran, attended by Ambassador Rajih Sabir Aboudi al-Mousavi.
In addition to the Iraqi embassy, the Arab country’s consulates in the Iranian cities of Mashhad, Kermanshah and Ahvaz have also begun processing the visa applications.
As of September 23, 12 other offices across Iran will also start to issue visa for Iranian pilgrims.
All pilgrims will have to submit an application through a designated website.
More than 2.4 million Iranians traveled to Iraq in 2016 for Arbaeen, a major Shiite occasion marking the 40th day after the martyrdom anniversary of Imam Hussein (AS).
Officials predict that the number of Iranian visitors would hit 3 million this year.
Each year, a huge crowd of Shiites flock to the Iraqi city of Karbala, where the holy shrine of Imam Hussein (AS) is located, to perform mourning rites on Arbaeen.
(Source: Tasnim, under Creative Commons licence)
Iran Cracks Down on IRGC Business Network
Ilam Petchem Plant to Launch SRU Unit by Year-End
Tags: Arba'een, featured, Iraq, pilgrimage, pilgrims, tourism
By editor on in Industry, Investment, Politics, Security
The Financial Times reports that Iran’s Revolutionary Guards Corps (IRGC) is being forced to shrink its sprawling business empire, and some of its senior members have been arrested as part of President Hassan Rouhani’s attempts to curb the elite force’s role in the economy.
A regime insider and a government official told the newspaper that the organization, which have interests in sectors ranging from oil and gas to telecoms and construction, has had to restructure some holding companies and transfer ownership of others back to the state.
At least a dozen guards members and affiliated businessmen have been detained in recent months, while others are being forced to pay back wealth accrued through suspect business deals, the officials said.
The full report can be read here (subscription).
(Source: The Financial Times)
Video: UN Nuclear Watchdog Defends Iran Deal
Iran, Iraq Begin Arrangements for Arbaeen Pilgrimage
Tags: featured, irgc, Islamic Revolutionary Guards Corp (IRGC), reforms, Rouhani
By editor on in Politics, Security
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News.
The UN atomic watchdog hits back at US criticism of the Iran nuclear deal, insisting its inspections there are the world’s toughest and that Tehran is sticking to the accord.
Shell, NIOC discuss Gas Field Development
Iran Cracks Down on IRGC Business Network
Tags: featured, International Atomic Energy Agency (IAEA), nuclear deal, United States, video
TEHRAN - Central Bank of Iran (CBI) President Valiollah Seif said that Iran expects several credit lines to be opened for the country in near future, IRNA reported on Sunday.
Speaking at an inauguration ceremony in Tehran on Sunday, the official noted that there is a strong will among the country’s foreign trade partners for financing Iranian projects.
“Signing new financial agreements will provide a desirable atmosphere for boosting trade and creating new job opportunities inside the country,” he said.
Seif further mentioned finalizing a €15b agreement with China Development Bank (CDB) and said “hopefully we will sign a general deal in the upcoming days which covers all the financed projects to avoid signing separate contracts.”
According to the governor, the credit line will be used to fund a wide range of infrastructure and production projects in the country.
The significant credit line will primarily use euros and yuan to bypass the U.S. sanctions.
Chinese state-owned CITIC investment company allocated a $10 billion credit line to several banks in Iran.
Seif said in August that three European countries including Austria, Denmark and Italy are set to open €22 billion credit lines for financing projects in Iran which in addition to the €8-billion credit line to be secured by South Korea’s Eximbank the total value of loan deals will reach €30 billion after Iran’s nuclear accord in 2015.
EF/MA
TEHRAN- "Ukraine’s president, prime minister, and minister of energy back development of bonds with Iran," the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) quoted the eastern European country’s Deputy Minister of Energy and the Coal Industry Galina Karp as saying on Friday.
In a meeting with ICCIMA Head Gholam-Hossein Shafeie, who took a trip to Kiev leading a high-raking delegation, Karp said that regarding the available wide range of fields for boosting common cooperation, Ukrainian economic enterprises are inclined to collaborate with Iranians on establishing gas and oil pipelines or on renovating, maintenance and establishment of new power plants.
Shafeie, for his part, announced that Tehran has been expanding cooperation with Kiev and considering Ukraine as a gateway to Europe; adding that “expanding economic ties with Ukraine would guarantee Iran’s access to Europe.”
Despite the 30-percent growth experienced in bilateral trade between the two countries last year, the figure can be improved dramatically considering the available potentials and capacities for the two sides.
HJ/MA
TEHRAN – An Iranian petrochemical complex plans to export near 8,000 million tons of polyethylene to Southeast Asia on a monthly basis in 2018, Platts reported quoting a director of the complex.
According to Amir Kabir Petrochemical Company (AKPC)’s Sales and Marketing Manager Diako Abbasi, the company aims to ship 5,000-8,000 mt/month of polyethylene to Southeast Asia in 2018, with Vietnam expected to be the main target market.
"We see great opportunities in Vietnam, as the packaging and film grade consumption is increasing [in line] with its young population," Abbasi said Friday on the sidelines of VietnamPlas 2017.
Grades that are expected to see good demand include general purpose and heavy-duty linear low density PE, high density PE film, and HDPE pipe grade, he added.
"Our strategy is to bring large volumes of PE directly from Iran to Vietnamese traders, distributors and end-users, without going through intermediaries," he said.
AKPC had sold smaller quantities of PE to Vietnam about two years ago, Abbasi noted.
AKPC operates a petrochemical complex at Bandar Imam with a nameplate capacity of 300,000 mt/year of LLDPE, 300,000 mt/year of LDPE, and 140,000 mt/year of HDPE, and is currently operating at "full rates," according to the company.
EF/MA
TEHRAN – An Iran-Bulgaria business forum is scheduled to be held at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA)’s building in Tehran on October 3, ICCIMA portal reported.
In this regard, a trade delegation comprised of renowned Bulgarian business people and entrepreneurs active in various areas including pharmaceuticals, food industries, agriculture, transportation and logistics, lighting supplies, telecommunications, auto parts, construction and safety equipment will be visiting Tehran on the mentioned date to meet with their Iranian counterparts and discuss mutual cooperation.
EF/MA
TEHRAN - A group of Belgian businessmen will embark on a four-day visit to Iran on November 5 to meet with Iranian counterparts in the cities of Tehran and Isfahan, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.
The members of the visiting delegation are active in construction, oil and gas, manufacturing machineries, glass, textile, marketing, technology development and etc.
EF/MA
TEHRAN- Iranian carmakers manufactured 100,565 vehicles in the fifth Iranian calendar month, Mordad (July 23-August 22), IRIB news reported on Saturday.
Iran manufactured 1.3 million cars in the past calendar year, which ended on March 20.
Former Industry Minister Mohammadreza Nematzadeh has expressed hope that the annual car output will reach 1.6 million by the end of the current calendar year (March 20, 2018).
The share of Iran’s auto industry in the country’s gross domestic product (GDP) is projected to rise by 70 percent in the current Iranian year.
Producing more than one million of automobiles in 2016, Iran could rank first among the world countries regarding the growth in its car production, according to the report released by the International Organization of Motor Vehicle Manufacturers in March 2017.
MA/MG
TEHRAN – A high-ranking French trade delegation is due to visit Tehran on September 19 to explore avenues of mutual cooperation.
According to a report by Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), the delegation will be comprised of French businessmen and entrepreneurs active in various areas including transport, infrastructure, energy, environment, services, agriculture, medicine, aerospace and marketing.
Accordingly, an Iran-France business forum has also been scheduled for the said date in which the two sides will get together to discuss cooperation.
EF/MA
TEHRAN – South Korean major gas company Korea Gas Corporation (KOGAS) is considering importing natural gas from Iran, Korea Times reported on Thursday.
According to the report, the Asian country intends to diversify its import sources away from the Middle East and Africa.
KOGAS also plans to explore opportunities to acquire gas field stakes in Iran and also in the U.S.
"Iran is rich in natural gas so we would like to work closely with both public and private energy companies there. But first we will weigh geopolitical risks associated with the Middle Eastern nation before making any business decisions," an official with KOGAS said.
Iran holds the world's largest gas reserves at 1,201 trillion cubic feet, followed by Russia with 1,140 and Qatar with 866.
Currently, KOGAS is involved in 24 natural gas exploration and development projects in 13 countries.
It holds a 10 percent stake in Mozambique's largest offshore field estimated to hold 85, or 1.92 billion tons of natural gas. The company also has stakes in multiple gas fields in Iraq, as well as jointly producing natural gas in waters off Myanmar with POSCO Daewoo.
It holds interests in gas fields in Oman and Qatar, bringing significant amounts of liquefied natural gas to South Korea.
EF/MA
TEHRAN- The Iranian capital is simultaneously hosting four international exhibitions from September 15 to 18 at the Tehran Permanente International Fairground, IRNA reported on Friday.
The four international exhibitions include international exhibitions on confectionary, civil aviation, beverages and dairy products.
As reported, numerous foreign exhibitors from different countries including Germany, China, United Kingdom, France, Spain, Greece and Italy alongside Iranian participants are showcasing their latest products in Iran’s first International Civil Aviation Exhibition (AERO Persia).
Also, the exhibitors at the second edition of International Dairy Industry Exhibition (IDE 2017) are showcasing their latest products and machinery in this industry.
Meanwhile, the 8th International Beverage, Coffee and Tea Industry Exhibition (IBIE 2017) introduces new products in beverage, tea and coffee industry to the visitors.
Four main categories namely industrial products, traditional confectionary, packing and printing and additives will be covered in the 16th edition of Iran’s International confectionary fair.
EF/MA
TEHRAN - South Korea’s August oil imports from Iran increased 40.2 percent from the same month a year earlier, Reuters reported citing the country’s customs data.
The world’s fifth-biggest crude importer Shipped in 365,641 barrels per day (bpd) or 1.55 million tons of Iranian crude in August, compared with 1.1 million tons in the same period in 2016.
Iran has been boosting oil production since Western sanctions over its nuclear program were lifted last year, aiming to increase crude output to 4.5 million bpd within five years.
In the first eight months of 2017, South Korea’s oil imports from Iran were 12.22 million tons, or 368,529 bpd, up 46.7 percent from 8.33 million tons during the same period the year before, the data showed.
South Korea, one of Iran’s major Asian clients, mainly purchases an ultra-light oil, also known as condensate, from the country, but a breakdown of imports is not available. It uses condensate to produce more expensive fuels like naphtha,
For Asian buyers, Iran set the official selling prices of its light and heavy grades at 18 cents and $1.17 respectively below the Oman/Dubai average for August, while it raised September Iranian light oil prices 20 cents higher than those in August.
EF/MA
By John Lee.
The Central Bank of Iran (CBI) has forecast economic growth of at least five percent for the current Iranian calendar year, which ends on 20th March 2018.
CBI Governor, Valiollah Seif (pictured), is quoted as saying.
“Most of the economic sectors have improved remarkably during the current fiscal year … therefore the country will register at least a five percent economic growth by the end of the year.”
Iran registered growth of 12.5 percent during the previous Iranian year, but much of this was attributed to the rise in Iran’s oil exports following the relaxation of sanctions.
(Source: Xinhua)
Iranian Exports to Turkey Up 80% in 7 Months
Tags: Central Bank of Iran (CBI), featured, GDP, growth
The total value of Iran’s exports to Turkey during the first seven months of the current year has increased by 80 percent, compared to the same period last year, data released by Turkey showed.
Iran exported $4.5 billion worth of goods to Turkey from January to July 2017, indicating an 80% increase compared to a year earlier, in which the figure amounted to $2.5 billion, according to the Turkish Statistical Institute.
The total value of bilateral trade between the two neighboring countries over the mentioned period has also witnessed a 16 percent increase, reaching $6.3 billion.
Trade between Iran and Turkey from January to July 2016 had stood at $5.4 billion.
Oil and gas are Iran’s main exports to Turkey, according to the report.
In April last year, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.
The cooperation documents were signed in a ceremony in Ankara attended by the two countries’ presidents.
The documents covered a range of fields, including higher education, social security, plant maintenance services and standardization.
(Source: Tasnim, under Creative Commons licence)
Russian Companies Submit Plans to Develop Iran Oil Fields
Russian energy companies Zarubezhneft, Gazprom Neft and Lukoil have submitted plans to the National Iranian Oil Company (NIOC) to develop oil fields in Iran.
Zarubezhneft representatives outlined their plans to increase the recovery rate of oil from the Aban and West Paydar fields, Iran’s Ministry of Petroleum announced on Monday.
A memorandum of understanding for Zarubezhneft’s study of the two fields which are shared with Iraq was signed on July 22 last year.
The Russian company signed another MoU with the National Iranian South Oil Company (NISOC) in July this year to conduct technical studies on the Shadegan and Rag Sefid fields.
Last month, Turkey’s Unit International signed a $7 billion agreement with Zarubezhneft and Iran’s Ghadir Investment Holding to explore oil and natural gas development opportunities in Iran.
Russian companies have signed a record number of oil and gas contracts with Iran since the lifting of sanctions on Iran in early 2016.
Gazprom Neft has also submitted its plan to develop Changouleh and Cheshmeh Khosh fields under an MoU signed with NIOC in December last year.
Located 80 km northwest of Dehloran city, the Changuleh oil field is situated in the northwestern part of the North Dezful basin in the Lorestan province.
Lukoil and Indonesia’s Pertamina individually proposed plans to develop the Bangestan reservoir of the Mansouri oil field southeast of Ahwaz.
(Source: Shana)
Iran Keen to Cement Ties with South Africa
Iranian Exports to Turkey Up 80% in 7 Months
Tags: Aban oil field, Changouleh field, Cheshmeh-Khosh field, Dehloran, featured, Gazprom, Gazprom Neft, Ghadir Investment Company (GIC), Indonesia, Lukoil, National Iranian Oil Company (NIOC), National Iranian South Oil Company (NISOC), Pertamina, Rag Sefid oilfield, Russia, Shadegan Oilfield, Turkey, Unit International, West Paydar oil field, Zarubezhneft
