Corporate News & Business

Iran’s knowledge-based firms stand out in Russia’s Composite-Expo (Mehr News Agency, 01 March 2017)

Over 70 countries have taken part in the 10th edition of the International Specialized Exhibition on raw materials, equipment and technologies for composites’ producing which is underway in Moscow’s Expocentre Fairgrounds from 28 February 2017 to 2 March 2017. Four Iranian firms showcased their knowledge-based products including ultra-lightweight and strong cylinders and pressure tanks, stable construction connections as well as sensitive and widely-used equipment in oil and gas industries and offshore platforms. Representatives of various companies from Spain, South Korea, Turkey and Czech Republic held talks with the four Iranian knowledge-based companies over purchase of products as well as transfer of knowledge and production lines.

Bosch to start its first cooperation in Iran (swp.de, 28 February 2017)

One year after the end of the embargo against Iran, the Bosch Technology Group has concluded an initial cooperation in the country. The heaters Bosch Thermotechnik and the Butane Industrial Group are to cooperate for the production and sale of heaters and hot water systems of the brand Bosch. It is the first cooperation of Bosch in Iran since the economic opening a year ago, according to the spokeswoman following the negotiations. In 2016, Bosh was one of the first German companies to reopen its own representation – closed in 2010 – in the capital Tehran.

Finance

Kazakhstan to develop banking ties with Iran (Mehr News Agency, 03 March 2017)

On 2 March 2017, Vice-Governor of Iran’s Central Bank for Foreign Exchange Affairs, Mr. Gholamali Kamyab, met with Kazakh Minister of Investment and Development Mr. Zhenis Mahmudovich Kassymbek in Astana. Mr. Kassymbek described the Islamic Republic of Iran as a strategic partner of the Republic of Kazakhstan and underlined the will to remove the barriers obstructing development of bilateral ties especially in the areas of economy, trade, and banking. Mr. Kamyab stressed the needs to expand bilateral relations in areas of trade and currency transactions. He also highlighted the importance of writing trade balance sheets in the two countries’ national currencies.

Oil & Gas

Iran and Norway explore avenues of co-op in upstream oil and gas sector (Tehran Times, 01 March 2017)

Iran and Norway explored avenues of cooperation in oil and gas industry’s upstream sector in Iran-Norway conference on upstream oil and gas technology and development cooperation that opened on 28 February 2017 in Tehran. During the conference, Deputy Managing Director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs Mr. Gholamreza Manouchehri said Norwegian oil companies can cooperate with Iran’s oil industry in various areas including investment, and implementing methods of enhanced oil recovery (EOR) and improved Oil recovery (IOR). He added that Iran also welcomes Norwegian companies’ contribution in exploration projects and collection of flare gas in oil and gas facilities

Azadegan oil field’s development tender in process (Tehran Times, 01 March 2017)

Iranian Oil Minister Mr. Bijan Namdar Zanganeh has announced that the process for holding the tender for development of Azadegan oil field has been started and qualified companies will be invited by the end of current Iranian calendar year (20 March 2017). However, he explained that the tender will not be public and will be limited to only a few companies. Azadegan is an oilfield Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun.

Economy & Society

Iran eyeing newly industrialized country target (Tehran Times, 03 March 2017)

Iran has the capacity to become a newly industrialized country (NIC) in the next Iranian year (21 March 2017- 20 March 2018) Industry, Mining and Trade Minister Mr. Mohammadreza Nematzadeh said on 1 March 2017. He said that currently, Iran’s per capita income stands at $5,900, adding that the figure should rise to a minimum of $10,000 as per capita income is $10,000-$20,000 in NICs. To this end, Iran needs to attract US$ 3 billions of foreign investments, improve its competitiveness index to 55, increase non-oil exports to US$ 103 billions, and boost exports of industrial and mining products to US$ 61 billions, while the ratio of exports to imports should reach 98%. NICs are countries whose economies have not yet reached a developed country’s status but have, in a macroeconomic sense, outpaced their developing counterparts.

By Natela Outtier