Corporate News & Business

 

Ukraine to increase agri-food trade with Iran (Financial Tribune, 15 March 2017)

Ukraine plans to significantly increase its trade in food and agricultural products with Iran in the coming years, the Ukrainian Agriculture Ministry said on 13 March 2017. In 2016, agricultural trade turnover between Ukraine and Iran stood at US$ 806.8 million, but both sides agree that potential is not fully tapped said Ukraine’s Deputy Agriculture Minister Mrs. Olga Trofimtseva, adding have all the prerequisites to reach US$1 billion in bilateral trade within the next two or three years. Mrs. Trofimtseva stressed that Ukraine sees good prospects for increasing the supplies of flour, oilseeds, vegetable oils, confectionery and milk products to Iran. In 2016, Iran was ranked sixth among main importers of Ukraine’s food and agricultural products. India was the largest importer of Ukraine’s farm products, followed by Egypt and China.

 

Tratos thinks of going to Iran getting guarantees from SACE (ANSA, 14 March 2017)

Italy’s hi-tech cables manufacturer Tratos is taking steps to invest in Iran. As part of Tratos international development, the company’s CEO Mr. Albano Bragagni, said the company plans to enter the Iranian market. He addd that Tratos has excellent trade relations with Tehran, noting that th

e group has turned for the first time to Sace to guarantee Iran business with Ba

nca MPS and Unicredit. A deal worth 6 million euro in total, 50% guaranteed by the CDP group. The new investments secured by Sace are related to new machines and innovative productions, including superconducting cables and carbon fiber.

Over 11 MoUs to be signed on Rouhani’s visit to Moscow (Mehr News Agency, 14 March 2017)

Iran’s ICT Minister Mr. Mahmoud Vaezi who is in Moscow to chair Iran-Russia’s Joint Commission for Cooperation said more than 11 documents are expected to be signed between the two countries during President Rouhani’s upcoming visit to Russia. Mr.  Vaezi stated that in addition to the documents currently being prepared to be signed during Rouhani’s visit, the two sides were hoping to reach an agreement on a roadmap for medium or long-term cooperation. According to him, the oil-gas contract currently being negotiated between the sides includes a daily export of 100,000 barrels of Iranian oil to Russia. The Iranian official also called for the improvement of banking ties, implementation of joint projects in Iran such as railway electrification from Garmsar to Incheh Borun, aswell as closer economic cooperation between Tehran and Eurasian Union.

Iran, Belarus discuss ways to expand relations (Mehr News Agency, 14 March 2017)

Iran’s Ambassador to Belarus Mr. Mostafa Oveisi and the Chairman of Council of the Republic of National Assembly of Belarus Mikhail Myasnikovich met on 13 March 2017 to discuss bilateral ties in political, trade and parliamentary fields. Mr. Oveisi said Iran is ready for further expansion of relations, implementation of the road map for the development of bilateral relations and finding new fields of cooperation.

Poland eyeing Iran’s post-JCPOA flourishing market (Mehr News Agency, 15 March 2017)

Warsaw and Tehran have considerably broadened trade transactions in the post-sanctions era, said President of Polish Chamber of Commerce Mr. Andrzej Pilat. He emphasized that since January 2016, trade exchanges between Poland and Iran had increased threefold. Mr. Pilat announced that Poland will attend the 22nd Oil, Gas and Petrochemical Exhibition due to be held in Iran in May 2017. The Polish Chamber of Commerce has so far sent 300 traders to Iran, more from the banking sector to sign contracts between the banks of the two countries.

 

Finance

 

EDBI ‘s correspondent banking relations reach 119 (Financial Tribune, 15 March 2017)

After the implementation of the Joint Comprehensive Plan of Action, the Export Development Bank of Iran secured correspondent relations with 119 foreign banks, said the bank’s CEO Mr. Ali Salehabadi. He stated that in 2016, the EDBI opened bank accounts in 30 foreign banks and made money transfer, opening lines of credit and issuing guarantees possible through 82 correspondent banks. Mr. Salehabadi noted that they reached agreements with the ECO Trade and Development Bank of Turkey and the Korea Eximbank (Export-Import Bank of Korea) to receive a credit line for funding the import of commodities, equipment and machinery.

 

FM session reviews expansion of Iran-LatAm banking ties (Mehr News Agency, 15 March 2017)

During a special meeting at the Foreign Ministry on 14 March 2017, the JCPOA monitoring c

ommittee and representatives of Iranian banks discussed ways in which to expand Iran-Latin America’s banking transactions. Director General for the Americas at Iran’s Foreign Ministry Mr. Mohammad Keshavarz-Zadeh said that Iran’s economic opportuniti es and security have attracted Latin American countries to develop closer ties Tehran. The Iranian diplomat went on to stress the significance of establishing a working banking mechanism for formation of sustainable, dynamic and balanced economic and trade relations between the two sides.

 

 

Oil & Gas

 

Crude recovery begins at Azar oilfield (Mehr News Agency, 15 March 2017)

On 14 March 2017, Managing Director of Iran’s Petroleum Engineering and Development Company (PEDEC) Mr. Nureddin Shahnazizadeh announced the beginning of oil production from Azar field with a capacity of 1 thousand barrels per day. He said the field had 2.44 billion barrels of crude oil in place though new findings indicated presence of over 4 billion barrels of oil. Azar oilfield begun operation with an output capacity of 15 thousand barrels per day while the figure is expected to climb to 30 thousand barrels by May and later hit 65 thousand barrels by the end of next Iranian calendar year (March 2018).

 

 

Economy & Society

 

Outlines of new ICCIMA budget approved (Financial Tribune, 15 March 2017)

On 13 March 2017, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) approved the outlines of its budget for the new Iranian year (March 2017-18). According to the chamber’s treasurer, Mr. Hossein Pourmoazzen, ICCIMA’s budget totals US$ 61.18 million, a17% increase compared to this year’s budget. ICCIMA has allocated 23% of the budget to current expenditures and the rest to investments and provincial budgets. The chamber’s research budget comprises 10% of the total budget said the Deputy Head of Iran chamber Mr. Pedram Soltani.

 

Internet prices slashed in Iran (Financial Tribune, 15 March 2017)

After President Hassan Rouhani took office almost four years ago Internet tariffs have decreased drastically and reached 14,000 rials (US$ 0.37) for the base cost of transferring per megabyte, said Head of Telecommunication Infrastructure Company of Iran, Mr. Mohammad Javad Azari Jahromi. He said that when Rouhani took the helm in the summer of 2013 Internet tariffs in the country were about 36,000 rials (US$ 0.97). Costs in major cities like Tehran has fallen to US$ 0.37 and in rural areas to $0.24 (subsidized rural rate). In recent years the administration has endeavoured to boost the ICT sector through incentives and tax breaks to companies active in the area. Several new services have been launched like 3/4.5G mobile Internet and the domestic ICT infrastructure has seen significant investment from local and foreign firms.

EEU, Iran expected to ink FTA by March-end (Tehran Times, 14 March 2017)

Iran and the Eurasian Economic Union (EEU) are expected to sign a free trade agreement (FTA) by the end of March 2017, Russian Energy Minister Mr. Alexander Novak has announced. A memorandum of understanding to set up a free trade area between member countries and Iran was signed during the EEU summit in Bishkek in Kyrgyzstan on 7 March 2017. Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia are members of the EEU which aims for common policies in economy and energy markets, and partnership in key infrastructure projects.

Over $534m investment made in railway sector (Tehran Times, 14 March 2017)

Iranian Transport Minister Mr. Abbas Akhoundi said that about US$ 534.045 million investment has been made in the country’s rail sector over the past three years. Managing Director of Islamic Republic of Iran Railways Mr. Saeid Mohammadzadeh said that the shares of railways in passenger transportation and cargo transportation are planned to rise to 20% and 30% respectively, according to the country’s Sixth Five-Year National Development Plan (2016-2021).

By Natela Outtier

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