Economy

Tehran, New Delhi discuss co-op in oil, gas sectors (Tehran Times – 17 May 2017)

Iran and India discussed cooperation in oil and gas projects especially Iran’s Farzad B gas field which Indian ONGC Videsh Ltd. (OVL) seeks to develop, Shana reported on Tuesday.

According to the report, an Indian delegation headed by Indian Foreign Secretary Subrahmanyam Jaishankar met with Iranian Oil Minister Bijan Namdar Zanganeh in Tehran on Tuesday to discuss the financial issues regarding the Farzad B project.
On the sidelines of the meeting, Iranian Deputy Oil Minister in International Affairs and Trading Amir Hossein Zamaninia said that the two countries are determined to reach an agreement in this regard.

Tehran, Harare explore new avenues for trade (Tehran Times – 17 May 2017)

Zimbabwe’s Industry and Commerce Minister Mike Bimha and Iranian Ambassador to Harare Ahmad Erfanian met on Monday to discuss ways of developing economic and trade relations between the two countries.

According to IRNA, in the meeting Erfanian noted that despite the two countries’ good political relations, the economic cooperation is not satisfactory.
“The two sides have little knowledge about each other’s potentials and capabilities and this can be compensated for by exchanging trade delegations, signing trade agreements and facilitating the activity of the two sides’ private sectors,” he said.

 

Iran, Spain to broaden railway cooperation (IRNA – 17 May 2017)

The Islamic Republic of Iran Railway and Spanish Railway Infrastructure Management state company have signed a deal for rail traffic management and modernization of signaling system and railway transportation network communication.

The deal was signed by Iran’s Deputy Head of State Railway Organization for Planning and Economy, Nurollah Biranvand, and Spanish Railway Infrastructure Management state company’s International Relations Director Fernando Nicolás Puiggarí on Tuesday.
The MoU was signed on the sidelines of the 5th International Railway Transportation Exhibition.
Talking to reporters, Biranvand said Spain’s railway has rich experience in railway traffic management and ‘we wish to use the experience by signing the MoU’.

Energy

China, India Most Attractive Renewables Markets (Financial Tribune – 17 May 17, 2017)

China and India have surpassed the United States to become the two most attractive countries for renewable energy investment, a report by UK accountancy firm Ernst & Young showed on Tuesday. In an annual ranking of the top 40 renewable energy markets worldwide in terms of allure, China was the top country, followed by India. The United States, which ranked the highest last year, slumped to third place, due to a shift in US energy policy under President Donald Trump, Reuters reported.

“The fall—the first for the US since 2015—to third in the ranking of the top 40 countries follows a marked shift in US policy under the new administration,” the report said.

Brent Continues to Rise (Financial tribune – 17 May 2017)

Oil prices extended gains on Tuesday after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018 in an effort to drain a global glut.

Brent crude oil was up 20 cents at $52.02 a barrel. US light crude also gained 20 cents at $49.05 a barrel. Both benchmarks have risen more than $5 since hitting five-month lows 10 days ago, Reuters reported.

Saudi Arabia and Russia said on Monday they agreed on the need for a 1.8 million barrels per day crude supply cut to be extended by nine months, until the end of March next year.

 

 National

Southern coasts to tap Iran maritime tourism potential (Tehran Times – 17 May 2017)

 Iran aims to take advantage of southern coasts to make the best use of its maritime tourism potential by means of developing hospitality infrastructures, diversifying sea routes, and drawing private sector investors.

“Constructing maritime hotels and building recreational vessels by the private sector in the country’s free zones is currently on the agenda,” Mana news agency quoted an official with the Cultural Heritage, Tourism, and Handicrafts Organization as saying on May 10.

With widening facilities in the free zones of Chabahar, Kish, and Qeshm – each home to tens of tourist destinations – they would be able to draw sightseers all year round, not just during the winter time, explained Abdolreza Mohajerinejad who presides over the CHTHO tourism development and planning department.