Corporate News & Business

 

Lufthansa negotiates several contracts with Iran Air (Orange, 19 April 2017)

Lufthansa is holding intense talks with Iran Air to provide catering, maintenance and pilot training said Lufthansa regional director for the Gulf, Iran, Pakistan and Afghanistan Mr. Karsten Zang. The group’s subsidiaries, Lufthansa LSG Sky Chefs, Lufthansa Technik and Lufthansa Pilot Training are seeking to sign contracts with Iran Air, while the carrier is also in talks to provide services to other Iranian aviation companies.

 

Finance

 

Iran inks MOU with major Portuguese insurer company (Tehran Times, 20 April 2017)

On 19 April 2017, the Export Guarantee Fund of Iran (EGFI), signed a cooperation MOU with Companhia de Seguro de Créditos S.A. (COSEC), the leading insurer in Portugal for credit and bond insurance.

 

Largest TSE, IFB-listed firms named (Financial Tribune, 20 April 2017)

T he Central Securities Depository of Iran has listed the largest companies in the Iranian equity market in terms of shareholders by March 20, 2017. On the Tehran Stock Exchange, the top three include Iran Industrial Development Investment Company with 240,657 shareholders, followed by Iran Khodro Group with 149,437 and Iran Zinc Mines Development Company with 125,092. Noor Kosar Iranian Investment Company, Oil Industries Investment Company, SAIPA, Bank Ansar, Behshahr Industrial Development Company, Tose’e Melli Group Investment Company and Fars &Khuzestan Cement Company followed in descending order. On Iran Fara Bourse, Kosar Finance & Credit Institution was the largest firm with 483,517 shareholders. Bank Sarmayeh with 302,673 shareholders and Bank Day with 181,075 followed respectively. Bank Mehr Eghtesad, Ghavamin Bank, Kerman Development Investment Company, Iran Agriculture Investment Company, Bank Hekmat Iranian, Zanjan Petrochemical Industries Company and Golestan Petrochemical Company.

 

Portugal ready to remove banking barriers to expand cooperation with Iran (Mehr News Agency, 19 April 2017)

Portugal’s Secretary of State for International Affairs Mr. Jorge Costa Oliveira met with Iran’s Deputy Foreign Minister for European and American Affairs Mr. Majid Takht-Ravanchi on 18 April 2017 to discuss how to expand bilateral trade and economic ties. Mr. Takht-Ravanchi said Iran welcomes cooperation with Portugal in various bilateral and regional fields, especially in regular political consultations in sectors such as energy, tourism, agriculture, information technology and academic affairs. Mr. Jorge Costa Oliveira expressed Portugal’s readiness to expand cooperation with Iran, especially as regards the removal of banking obstacles.

 

 

Oil & Gas

 

Iran may keep same oil output if others extend cuts, Kuwait says (Bloomberg, 19 April 2017)

Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June 2017, said Kuwaiti Oil Minister Mr. Issam Almarzooq. Iran was allowed to increase its output under the deal as the nation rebuilds from international sanctions that crippled its energy industry. The Organisation of Petroleum Exporting Countries will decide at its meeting on 25 May 2017 whether to prolong the cuts, said Secretary General Mr. Mohammad Barkindo.

IPF to bring world of petrochemicals together (Tehran Times, 19 April 2017)

The 13th edition of Iran Petrochemical Forum (IPF) to be held 22_24 April 2017 will play host to 101 participants, representing 74 foreign companies from 18 countries. Foreign participants from European and Asian countries are to include France, Britain, Denmark, Germany, India, Bahrain, Lebanon, Norway, Romania, Turkey, Singapore, Switzerland, Belgium, Japan, the Netherlands, Taiwan, Italy, and the United Arab Emirates. Director for Planning and Development at the National Petrochemical Company (NPC) Mrs. Farnza Alavi mentioned Total and Air Liquide Group from France, Infraleuna from Germany, Nexant, Honeywell UOP and Johnson Matthey from UK, Haldo Topsoe from Denmark, Norner from Norway and ICIS from Singapore as some top participants of the forum. She also said that 1360 participants, representing 385 Iranian companies, willalso attend. Mrs. Alavi emphasized that attraction of investment to the petrochemical industry is one of the main objectives of IPF.

 

 

Economy & Society

World Bank confirms huge increase in Iran trade surplus (Financial Tribune, 20 April 2017)

Iran has registered a huge increase in its current account surplus from 2.7% of GDP in 2015 to 6.5% of GDP in 2017, the World Bank has said. According to WB’s Economic Monitor report for the MENA region published on Tuesday, Iran is one of two countries in the Middle East and North Africa that are expected to register a high current account surplus in 2017 and the only country with a fiscal deficit of less than 1 % of GDP in that year. The global institution indicated that Iran’s growth in 2016 is estimated to have reached 6.4%, following a 1.8% contraction in the previous year, resulting from higher growth in the mining, manufacturing, services and agriculture sectors. Oil exports have increased significantly due to an increase in production from 3.2 million barrels per day in 2015 to 3.7 million in 2016, which is expected to reach 4.2 million barrels in 2017. According to the World Bank’s report, t he country’s fiscal deficit is expected to turn into surplus in 2018. However, that growth prospects in the medium term are expected to be modest due to near capacity oil production and weak non-oil sector activity. The latter will not pick up unless FDI recovers, the economy reconnects with the international banking system and more progress is made in implementing domestic reform.

By Natela Outtier
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