Finance

Envoy: Armenia, gateway for exporting Iranian goods to Eurasia (IRNA, 1 May 2017)

Armenia’s market, with a population of 3 million, though not a big one, is a fertile ground for attracting the 180-million market of Eurasian countries for Iran, due to its geographical location, said Artashes Tumanyan
He added that Iranian businessmen could transport their goods to the Eurasian countries via Armenia without having to pay customs duties.
The Armenia’s ambassador to Iran went on to say that the road and air transit is available for Iranian and Armenian businessmen without having to ask for visa, therefore, the two countries should benefit from the good opportunity to expand economic ties.
Pointing to the Armenia’s three free-trade zones on IT, gold and jewelry, and garments, he added that the country had signed contracts with 28 European Union mermber states, based on which 6,400 types of goods were exported to Armenia and other Eurasian countries. He affirmed that Iran could have its own share of the market as well.

CBI delegation holds sessions with IMF members (MNA, 1 May 2017)

A delegation of Central Bank of Iran (CBI), who had visited Washington DC to attend Spring Meetings of the International Monetary Fund (IMF) and World Bank Group, held sessions with governors and deputy governors of central banks of several countries.

Peyman Ghorbani, CBI Deputy for Economic Affairs, recounted on latest conditions and developments in the Iranian economy and highlighted its macroeconomic indicators as well as the success achieved in controlling inflation and stabilizing currency market.

The session also dealt with realization of one-digit inflation and the two-digit growth in the previous Iranian calendar year (ended March 21) as well as investment developments especially in the field of machineries.

Oil & Gas

Iran ready to back OPEC deal extension (MNA, 1 May 2017)

Oil Minister Zanganeh said if majority of OPEC and non-OPEC states agree to extend the oil freeze deal, Iran will go with other members similar to the past.

Following a meeting with European Commissioner for Energy Miguel Arias Cañete, Zanganeh said positive signals have been received for extending the six-month oil freeze deal in the second half of 2017 and Iran will accompany other members of OPEC in they support the extension. “Present volume of Iran’s crude output stands at 3.8 million barrels according to secondary sources,” highlighted the official stressing that Iran remained committed to OPEC deal within the envisaged time though boosting the country’s oil production has been placed on the agenda.

Energy sector receives $3.6bn foreign investment post JCPOA (MNA, 1 May 2017)

Speaking at the 1st Iran-European Union Business Forum on Sustainable Energy in Tehran, Mohammad Khazaei, President of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), emphasized the Iran sought to reduce its reliance on oil revenues adding “in the era emerged after the nuclear deal with six world powers, the European Union has made 3.6 billion dollars of investment in the country’s energy industry.

“The incumbent government has so far approved of 48 projects for electricity generation through renewable energies for which necessary permits have been issued” he continued.

Khazaei went on to state that Energy Ministry has guaranteed to purchase renewable energies for 20 years. Additionally, power plants producing electricity through renewable energy enjoy tax exemption for five to thirteen years as an incentive for investors.

Iran celebrates self-sufficiency in gasoline production (IRNA, 1 May 2017)

Iran in a ceremony on Sunday celebrated self-sufficiency in producing gasoline at the presence of President Hassan Rouhani in Bandar Abbas. During the ceremony, the president also congratulated Persian Gulf National Day, and said that with the inauguration of the first stage of Persian Gulf Star refinery of gas condensates, Iran became self-sufficient in producing gasoline.
With the inauguration of the two remaining stages of this project by the end of this year and the first quarter of last year, Iran will join the group of countries exporting gasoline, Rouhani said.
At the same time with the official inauguration ceremony of Persian Gulf Star refinery of gas condensates, the gasoline produced by it, which meets the Euro 4 standard, was distributed among gas stations.