Iranian Rial

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Bank Mellat has released its first financial projections for the next Iranian fiscal year on earnings per share and total revenue.

Based on unaudited financial statements, Bank Mellat predicts that in the next fiscal year (which begins in March), the grand total of its earnings will increase by 20% compared with projections for the current fiscal year, according to the public relations department of the bank.

In late January, Bank Mellat became the first of four banks to resume trading after a near seven-month hiatus and was the main reason behind a freefall that registered the biggest decline in Tehran Stock Exchange’s main index in more than two months. 

At the time, the bank’s shares dropped 37.51% to 1,206 rials per share, dragging down the benchmark by 853.55 points. 

Prior to that, Bank Mellat was among the banks whose shares were suspended from trading by the Securities and Exchange Organization as a result of a controversy that erupted when it was disclosed that Bank Saderat, one of the biggest banks privatized in recent years, has incurred huge losses in the first half of the current fiscal year.

[screwball]

15 days?

Iran to sign deal with Russia to sell Moscow 100,000 bpd of oil

Tue Feb 21, 2017 6:29PM

1. Home
2. Iran
3. Economy

File photo shows Iran's Minister of Petroleum Bijan Zangeneh.

Iranian Minister of Petroleum Bijan Zangeneh says Tehran is set to sign a deal with Moscow within the next 10 to 15 days to sell 100,000 barrels per day of oil to Moscow. 

Briefing the media on his meeting with Russia’s Energy Minister Alexander Novak in Tehran on Tuesday, Zangeneh said the deal would provide Iran with an opportunity to find new customers.

Zangeneh added that Russia had expressed willingness to cooperate with Iran for long-term regulation of the country’s oil market.

"During the meeting, we agreed to hold a workshop in Moscow over the next few weeks on the new model of Iranian oil contracts,” he said.  

Zangeneh emphasized that member states of the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC producers were committed to crude production cut agreed during the latest OPEC meeting in Vienna.

Touching on Tehran's negotiations with New Delhi for the development of Iran's joint Arash gas field, the Iranian petroleum minister said no deal had yet been finalized due to a difference over the project cost between the two sides.

“It seems unlikely that we can reach a deal with India. So Iran may start talks with others companies for the project,” he added.

Zangeneh further stated that Iran is ready to start gas export to Iraq, adding however that the Iraqi side must first open a line of credit for the project to remove the current financial obstacles.

Zangeneh visited Iraq’s capital on Monday, heading a delegation to review energy agreements between the two neighbors. 

Iran is about to send 25 million cubic meters (mcm) a day of gas to Sadr, Baghdad and al-Mansuriya power plants through a 270-kilometer pipeline, with the volume rising to 35 mcm/d during the summer.

The Islamic Republic has another plan to ship 50 million cubic meters of gas per day through a separate pipeline to Basra for electricity generation.

In July 2015, Iran said it was building a gas-fueled combined-cycle power plant in the southern Iraqi city. The project, implemented by Iran’s MAPNA Group, aimed to add 3,000 megawatts to Iraq’s national grid, which is plagued with acute power shortages at its current generation rate of 8,500-megawatts.

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Very specific time frame? Interesting...

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Information / Baghdad ..
Authorized the Islamic Consultative Assembly of Iran, Wednesday, Oil Ministry to export gas to neighboring countries and to Europe at increasing production to one billion cubic meters per day.
This came during the continuing members of the Islamic Shura Council, a discussion item revenue project new fiscal year's budget law (starting March 21 / March 2017) today.
According to the agency "Knight" under the project additional item first and in order to enforce the steel-economic policies, instructed the Ministry of Iranian oil, to benefit from the possibilities and capabilities of the private sector to export gas to neighboring countries and Europe that do not currently have to buy gas with Iran for decades. Finished / 25

is this from march 21?

Edited February 22, 2017 by screwball

[climber7]

 

Not good.

If they start a fight the US could inflict harsher sanctions that could stop our investment dead in it's tracks. I understand some of your 'arguments' that we can just use other countries' currency to exchange but not if there are new creative sanctions imposed if they start a war with us. 

 

DUBAI (Reuters) - The United States should expect a "strong slap in the face" if it underestimates Iran's defensive capabilities, a commander of the elite Revolutionary Guards said on Wednesday, as Tehran concluded war games.

Since taking office last month, U.S. President Donald Trump has pledged to get tough with Iran, warning the Islamic Republic after its ballistic missile test on Jan. 29 that it was playing with fire and all U.S. options were on the table.

"The enemy should not be mistaken in its assessments, and it will receive a strong slap in the face if it does make such a mistake," said General Mohammad Pakpour, head of the Guards’ ground forces, quoted by the Guards' website Sepahnews.

On Wednesday, the Revolutionary Guards concluded three days of exercises with rockets, artillery, tanks and helicopters, weeks after Trump warned that he had put Tehran "on notice" over the missile launch.

"The message of these exercises ... for world arrogance is not to do anything stupid," said Pakpour, quoted by the semi-official news agency Tasnim.

"Everyone could see today what power we have on the ground." The Guards said they test-fired "advanced rockets" and used drones in the three-day exercises which were held in central and eastern Iran.

As tensions also mounted with Israel, a military analyst at Tasnim said that Iran-allied Hezbollah could use Iranian made Fateh 110 missiles to attack the Israeli nuclear reactor at Dimona from inside Lebanon.

Hezbollah leader Sayyed Hassan Nasrallah said last Thursday that his group, which played a major role in ending Israel's occupation of Lebanon, could strike Dimona.

"Since Lebanon's Hezbollah is one of the chief holders of the Fateh 110, this missile is one of main alternatives for targeting the Dimona installations," Hossein Dalirian said in a commentary carried by Tasnim.

Iran says its missile program is defensive and not linked to its 2015 nuclear deal with world powers. During the U.S. election race, Trump branded the accord "the worst deal ever negotiated", telling voters he would either rip it up or seek a better agreement.

 

 

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Really...look at the news source...these investments are not for the fainted hearted you are either in our out! If your out then sell! Or if your in then pay attention to Cbi articles from governor, or president and until they unify and move to single rate! It's all bumps and tickles..

Edited February 23, 2017 by screwball

[screwball]

1. Economy
2. Business And Markets

Thursday, February 23, 2017

5 Credible Russian Banks for Iranians 

 

Iran’s commercial attache in Russia has listed the names of five Russian banks that can be trusted by Iranian businesspeople. "Apart from Mir Business Bank, which is owned by Bank Melli Iran, traders can also confidently work with VTB Bank, Gazprombank, Rosselkhozbank and Sberbank for advancing their transactions with Russia," Farhad Parand was quoted as saying by ISNA on Wednesday. He also urged businesspeople to ascertain the creditability of other Russian lenders, before opening accounts or getting services from them. Parand said the Central Bank of Russia has revoked the licenses of 350 banks since 2012, adding that 300 more licenses are expected to be revoked by 2020. Currently, 550 banks in the country are licensed to offer services.

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EHROOZ IMENI

 

Iranian bank lending portfolio has doubled over the past four years. 

According to the latest report published on CBI’s official website, the total amount of loans in 2012 stood at 1,956 trillion rials ($51 billion), climbing significantly for the next three years to reach 4,173 trillion rials ($109 billion). 

By the end of the 10th month of the Iranian fiscal year on Jan. 19, banks had offered a total of 7,097,685 loans to all sectors of the economy, the CBI report said.

The value of loans reached 4,270 trillion rials ($120 billion), marking an annual growth of 43.4%, which shows a threefold increase compared with the same period of four years ago.

Part of the reason for the meteoric rise in bank lending could be ascribed to the scheme for restructuring a portion of bad loans by lenders. 

The report said working capital loans comprise the lion’s share of all lending. 

An analysis of the report reveals that in the aforementioned period, the share of working capital loans for all sectors of the economy stood at 2.72 quadrillion rials ($71 billion), which account for 63.7% of all loans during the period. 

The figure shows a 68.52% increase in the volume of working capital loans compared with the corresponding period of last year.

As the report indicates, the share of working capital loans to stimulate industries and mines was 1,000 trillion rials ($30.8 billion), which equal 37% of all the credits extended to meet the working capital needs of businesses. 

The services sector was the runner-up, grabbing 934 trillion rials ($28 billion), or 34% of the entire working capital loans.

 Share of Sectors 

A sector-by-sector assessment, however, shows the services sector took the largest share of the total loans. The figure stood at 1,700 trillion rials ($52 billion), which account for 43% of the total loans in the first 10 month of current Iranian year. 

Industries and mines also had a fair share with the amount of this sector’s loans standing at 1,240 trillion rials ($37 billion), accounting for 31% of the total amount.

The sector received 1,240 trillion rials ($37 billion) in capital with 81% of it in the form of working capital loans. This highlights the urgency of the sector in bankrolling its projects and the favor shown by the banking system to the sector.

The agriculture sector pocketed 1,427,035 loans, but the amount only reached 357 trillion rials ($11 billion), or 9% of the total, whereas the 261,842 loans extended to industries and mines were about four times that of the agriculture sector. 

In terms of quantity, the services sector scored the highest number with 3,526,949 loans, which are almost half of all the loans doled out during the period.

The amount of loans extended to the housing sector was relatively low in comparison with services or industries and mines sector, which is reflective of the painful recession plaguing this key sector. 

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The parliament has approved a measure on Tuesday to increase the ceiling for using foreign investments in projects, setting the borrowing limit at $50 billion in addition to what is left from previous year’s allocation.

“This is to support companies that attempted to absorb foreign finances and went through a long process. If the directive had not been passed, they would have to start everything from scratch,” the Majlis Joint Commission’s spokesman was quoted as saying by IBENA.

“In addition to previous projects, the limit has been extended to $50 billion,” Mohammad Mehdi Mofatteh added. 

The parliament also allowed the ministries of Science, Research and Technology, Health and Medical education, Energy, Oil, Roads and Urban Development, Sports and Youth, Industries, Mining and Trade, and Agriculture, as well as the Atomic Energy Organization of Iran and Iran’s Cultural Heritage, Handicrafts and Tourism Organization to issue 100 trillion rials ($2.5 billion) worth of participation bonds or sukuk while guaranteeing their repayment.   

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By coming into line with the Central Bank of Iran’s attempts to implement IFRS standards, the Iranian banking sector’s structural issues have delivered a painful blow to investors on equity markets. 

Since December 2016, banks listed on Tehran Stock Exchange were obliged by CBI to adjust their reported profit for the Iranian fiscal year March 2016-17 according to IFRS standards. This involved taking higher reserves and lower profits, triggering losses of 11% in banking sector index (rial terms) in January 2017. 

The Iranian banking system has been accumulating problems over the past 15 years, which intensified with sanctions and a lack of collective consensus to resolve them. High non-performing loans, investment in illiquid assets such as real estate and lack of proper risk investment measures and regulations are key factors that have contributed to this mountain of troubles. 

According to Masoud Nili, the president’s economic advisor, the future of banking sector, specifically how the government will be able to resolve the issue of troubled banks, remains the government’s top economic priority and the main topic of debate among financial experts. 

In this overview, we examine the policies and actions of other countries that tackled their own troubled banking systems. 

We look at two examples of advanced economies: the United States and Sweden, and one emerging market, Turkey.

  US Bailout Plan (2008–9)

Overinvestment in the US housing sector started in early 2006 and led to a rapid expansion of housing and stock prices relative to historical norms. Thus, the subprime crisis started from the banks and financial institutions in the US and their major international peers. 

Excessive risk-taking by the private sector, inadequate or inappropriate regulation, and lack of credibility of rating agencies are known as key factors that contributed to the financial crisis in 2008.

In September 2008, the US Treasury secretary announced a major new government intervention in the US economy. Under the bailout plan, the Treasury started to buy the troubled assets of domestic financial institutions. In addition, the Treasury proposed using taxpayer funds to purchase equity positions in the country’s largest banks. Causing a worsening of the global economy and further sharp declines in US markets, the Federal Reserve and other central banks pursued a range of rescue efforts, including cutting interest rates, expansion of deposit insurance and further purchase of equity positions in banks. 

Many analysts and academic studies examined whether these bailout efforts were the best policy that the US government could have pursued. What were the alternatives? 

According to a study by Harvard University, instead of bailing out banks, US policymakers would have been better off allowing the standard process of bankruptcy to operate. 

According to their findings, allowing bankruptcy of the banks would not prevent the crisis, but it would cost less relative to the bailout cost. The study concluded the bankruptcy approach would have reduced the likelihood of future crises. It suggested the US government was better off not bailing out private risk-takers avoiding conflicts stemming from moral hazard. 

For example, many taxpayers would argue that they should not have to pay for the bailout to cover losses that originated from risk-takers who took excessive risks with their investments in many private banks. In economics, moral hazard occurs when one person takes more risks because someone else bears the cost of such risks.

  The Swedish Model (1991-92)

Similar to the US subprime mortgage crisis, Sweden experienced a credit crunch in 1991-92. But Sweden adopted different policy from what implemented by the US Treasury. 

In 2008, Swedish officials shared their experience of their own nightmare with the US government.

The Swedes forced banks to write down their losses and issue warrants to the government in exchange for giving the government ownership. After distressed assets were sold, the profits went to a taxpayers’ government fund and the government could recover more money later by selling its shares through public offerings.

“If I go into a bank,” said Bo Lundgren, who was Sweden’s minister for fiscal and financial affairs at the time, “I’d rather get equity so that there is some upside for the taxpayer.”

The country spent 4% of its GDP. However, the final cost to Sweden ended up between 0% and 2% of GDP, depending on calculations of the rate of return. 

In summation, banks had materialized the actual amount of their losses and only then did they issue an ownership interest (common stock) to the government. 

The government announced the state would guarantee all bank deposits and creditors of the nation’s 114 banks and formed a new agency to supervise institutions that needed recapitalization or had to sell off their assets, mainly real estate.

  Turkey’s Experience (2000-1)

The heavy reliance of Turkish economy on foreign investment throughout the 1980s and 1990s, and a lack of financial means to support growth stemming from foreign inflows resulted in a banking crisis in Turkey. 

During the 90s, the government sold high interest bonds to banks due to its budget deficit and banks started to invest heavily in these high-yield bonds. 

While Turkish banking system suffered from lack of proper regulation and supervision for many years, in November 2000, international banks closed their interbank credit lines with some vulnerable Turkish banks following rising concerns over the health of the Turkish banking system. These concerns triggered fears among foreign investors who withdrew funds by selling off treasury bills and equities. 

Losses from state banks grew from 2% of GNP in 1995 to nearly 11% of Gross National Product in 2000 and non-performing loans increased to 18% of GNP in 2001.

To tackle this crisis, the government started to borrow $30 billion from the IMF to stabilize the Turkish lira and bring down interest rates to restore confidence in the market. 

Due to their significant losses, banks were taken over by the Savings Deposit Insurance Fund, a government body responsible for insuring saving deposits and strengthening and restructuring banks, if necessary. 

Although confidence returned to the economy and markets, public debt rose from 38% of GDP in 2000 to 74% in 2001. The economy started to recover and GDP grew 5.7% in 2002. Nevertheless, unemployment rose from 6.5% in 1999 to 10.4% in 2002.

At the same time, the regulatory and supervisory framework was strengthened by serious amendments to banking laws, in line with international best practices. 

To minimize financial risks, capital adequacy ratios for Turkish banks were raised to 12%, while international regulations required only 8%. Futures, option contracts and other derivative products were introduced to limit overall exposure to counterparties.

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Hmm...us bailout plan? Was this Reagan era? This is second time in two days this plan has popped up first time was in latest video by Jim Richards when he talks about us banks locking out customers because of usd?

[screwball]

Now this is interesting? Second time in 3 months....something must be up

 

 

 

 

1. Economy
2. Domestic Economy

Thursday, February 23, 2017

New Zealand Economic Mission Due in Tehran 

 

An economic delegation led by New Zealand’s Primary Industries Minister Nathan Guy is scheduled to arrive in Tehran on Saturday to scope out trade opportunities in agriculture and dairy industries, Iran’s ambassador to New Zealand, Jalaledin Namini Mianji, announced.  The delegation includes, among others, the representative of Fonterra Cooperative Group, the world’s largest dairy exporter.  “Iran’s butter imports from Fonterra once reached $150 million a year, making it the biggest customer of the company. Encouraging the company to invest in northern Iranian provinces like Golestan has been pursued by the Iranian Embassy in Wellington,” IRNA quoted Mianji as saying.  Fonterra is the owner of a significant portfolio of brands in Asia Pacific and a partner of the world’s leading food companies. The company accounts for approximately 30% of the world’s dairy exports.  In December 2016, New Zealand’s Trade Minister Todd McClay and his accompanying 30-strong trade delegation visited Tehran following the lifting of nuclear sanctions against the country. The visit was the country’s first trade mission to Tehran in 12 years.  

Last time all the big banks visited.....just saying

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ran is determined to quit the blacklist of high-risk countries of the Financial Action Task Force, according to the deputy economy minister for banking and insurance who blamed the country's unfavorable status on politics.

"Policymakers in our country believe that instead of putting soldiers at risk on the ground, it is better to cut off the financial means used in money laundering and terrorism," Hossein Qazavi was also quoted as saying be IBENA.

Qazavi noted that Iran has been actively fighting money laundering and terrorism financing, and considering the regulations that have been put in place to advance this, "logically, such a country must not be put next to countries such as Afghanistan, Pakistan or even Iraq and Syria".

The intergovernmental FATF, which monitors money laundering and terrorism financing worldwide, decided in late June to keep Iran on its blacklist of high-risk countries, but welcomed Iranian promises to improve and "suspended counter-measures for 12 months in order to monitor Iran’s progress in implementing the Action Plan”.  

Noting that Iran is still considered a Non-Cooperative Country or Territory in the eyes of the organization, Qazavi said "political factors" are the main reason for the designation. 

Countries at odds with Iran have surely tried to make sure that it stays on the list, "but it is necessary that with the same firm language, we would inform them about our anti-money laundering and counter-terrorism financing infrastructures".

As the deputy economy minister pointed out, being on the NCCT list means Iran is only able to engage in business transactions with a limited number of small banks in few countries that "demand exorbitant costs to cover their risks, which will directly impact exports and imports".

Qazavi further said FATF always strives to identify suitable infrastructures to combat money laundering and terrorism financing. 

"The Iranian side must come up with evidence showing that if someone tries to wire an amount of cash in the country, the bank will identify the source and not just hand the individual's information to another international entity," he said.

"Within our banking system, it must be determined who is sending the funds and if there are any doubts that the money might be used in laundering or for malicious activities, the banking system must have the procedures in place to report the dubious activities to a higher organization in the country for analysis."

Economy Ministry Hails FATF Link

The Ministry of Economy has published a report on the country's interactions with the task force, calling the suspension of restrictions one of the two "landmark" events for the Iranian economy during the four-year tenure of the current government led by President Hassan Rouhani.

The report points to the backlash from mainly hardliners asserting that Iran's FATF cooperation would lead to the disclosure of the country's financial and banking secrets. 

These criticisms were "fully addressed by the government", it said. 

In reference to the economic achievements of Iran's continued cooperation with the international task force, the ministry said despite the media hype and criticism, "for one year, the country's banks can engage in transactions with global banks and end their long isolation ".

Considering the current growth rate of the economy (predicted to be around 7% for the whole fiscal year), the report says cooperation with FATF can act as a springboard for attracting foreign investment to Iran and having a stronger presence in the international banking system.

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Zangeneh: PGSR to be operational in March

Tehran, Feb 22, IRNA – Minister of Petroleum Bijan Zangeneh said on Wednesday that Persian Gulf Star Refinery (PGSR) will be operational by end of the current Iranian calendar year of 1395 (to end on March 20) or early next year (to start on March 21, 2017).

 

Speaking to reporters after weekly cabinet session on Wednesday, Zangeneh commented on cooperation with Chinese companies, and said these companies are Iran’s strategic partners. 

Zangeneh said for the time being, the first section of the PGSR has been operational and the second section, relating to distillation, has received feedstock.

He noted that the Petroleum Ministry officials and staff are round-the-clock busy to ensure the PGSR operation soon. 

Managing Director of Tamin Petroleum & Petrochemical Investment Co. (TAPPICO) Mohammad-Hassan Peyvandi had said already that his company has a lion’s share – 49 percent – in the PGSR.

Peyvandi said about 33 percent of the refinery’s share belongs to the oil funds and about 18 percent to the National Iranian Oil Refining and Distribution Company (NIORDC).

The official said the PGSR will produce 360,000 barrels per day of oil.

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e: 22/02/2017 | Time: 15:19|

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All JCPOA-related sanctions against Iran lifted: Foreign Ministry

Mashad, Khorasan Razavi Prov, Feb 22, IRNA – The main goal of the nuclear deal between Iran and six world powers, was removal of nuclear sanctions and economic obstacles imposed against the country, says the foreign ministry deputy.

 

“All the sanctions based on the nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), were expected to be removed and have all been lifted,” Abbas Araqchi foreign ministry’s Deputy for Legal and International Affairs told a conference on the Islamic Republic’s foreign diplomacy on Wednesday.

Of course, there remain to be obstacles still in place, but they are not related to the JCPOA, Araqchi said.

“Only nuclear sanctions were expected to be lifted and we were neither allowed to nor was it right to negotiate on removing other sanctions,” he said.

While some non-nuclear sanctions are still in place but all the nuclear ones have been removed, Araqchi stressed.

According to the foreign ministry official,, one of the goals achieved by the JCPOA was lifting oil sanctions against the Islamic Republic.

“Before the imposition of sanctions Iran used to sell 2.5 million barrels of oil a day but under the sanctions the number reduced just to be one million barrels a day,” Araqchi said.

Over the last year, implementation of the nuclear deal saw many hurdles on its way, but we stood against all of the obstacles, he said.

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Laying of Iran-Oman-India pipeline imminent: SAGE

An official with New Delhi-based South Asia Gas Enterprise Pvt. Ltd. (SAGE) said that the implementation of the project to lay an undersea gas pipeline for exporting Iran's gas via Oman Sea and Indian Ocean to India is imminent.

"With the sanctions being lifted, that has definitely changed the game, and the level of interest (for Iran-Oman-India pipeline) is accelerating now," Ian Nash, project director for SAGE, which is developing the project, told Interfax Natural Gas Daily.

The $4.5-billion pipeline will take natural gas from southern Iran via Oman Sea and the Indian Ocean to Gujarat state in western India.

According to the report, SAGE will lay the 1,400-km pipeline bypassing the exclusive economic zone of Pakistan.

Iran and Oman have already signed a deal to lay an undersea pipeline to ship 20 million cubic meters per day of gas to the sultanate for 25 years. The deal worth $60 billion also includes turning Iranian gas to LNG for exports.

India has sought to establish a direct gas link with Iran after Pakistan's foot-dragging in completing an onshore gas pipeline between the three nations.

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Anyone?

 

Service: Iran

 

 

US receives first caviar cargo from Iran

Head of Iran Fisheries Organization announced that the first consignment of Iran's farmed caviar had been shipped to the US.

According to Mehr News Agency, Hassan Salehi, who is also a deputy agriculture jihad minister, said Iran's first cargo of farmed caviar arrived in the US last week adding, "Despite several years of hiatus in caviar exports to the US, a new and large market is forming in North America in view of its high consumption of fisheries."

Salehi noted that caviar was not farmed in the previous years while 1.5 tons of caviar as well as over 600 tons of sturgeon meat were produced in the Iranian year which ended on March 19, 2016.

He added that production is expected to reach three tons for caviar and 1,000 tons for sturgeon meat in the year to March 20.

The official highlighted that target for the Sixth Five-Year Economic Plan was set at 10 tons of caviar and 10,000 tons of sturgeon meat.

He underlined that over 80,000 tons of fishery products worth $350 million were exported in 2015. He hoped that the value will rise to $380 million this year.

Salehi cited European states, South East Asian countries, Caspian Sea littoral and Eurasian states as well as Persian Gulf and Middle Eastern countries as major destinations for Iran's fishery products.

KeyWords

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[tigergorzow]

1 hour ago, screwball said:

According to Mehr News Agency, Hassan Salehi, who is also a deputy agriculture jihad minister, said Iran's first cargo of farmed caviar arrived in the US last week adding, "Despite several years of hiatus in caviar exports to the US, a new and large market is forming in North America in view of its high consumption of fisheries."

SB Thanks,   It is all about the products that we here in the USA & other countries will always want from wherever it may come from.   All countries love the money & the market....

[screwball]

58 minutes ago, tigergorzow said:

SB Thanks,   It is all about the products that we here in the USA & other countries will always want from wherever it may come from.   All countries love the money & the market....

Just like us live the money and markets!

[screwball]

Novak: Oil, gas contract potentials in Iran reach around $20b

Russian Energy Minister Alexander Novak estimated the potentials of contracts for production and exploration of oil and gas in Iran, which are open to Russian companies, at around $20 billion.

"Our companies have a particular interest in specific fields. In general, we estimate that the potential of the deals in this area can be estimated at around $20 billion," Novak said in an interview with Rossiya 24 TV channel.

The Iranian delegation will arrive in Russia on March 27 to present terms of oil and gas contracts for Russian companies, Novak said following talks with Iranian Oil Minister Bijan Namdar Zanganeh.

"We agreed that on March 27, the Iranian delegation will arrive to present the Iranian oil contract. This will speed things up significantly," he said.

Zanganeh said in November 2015 that Russia and Iran had agreed to cooperate on oil and gas swaps and were working out details.

 

 

Use of national currencies

 

Meanwhile, Russia's First Deputy Prime Minister Igor Shuvalov told reporters on Tuesday that mutual settlements in natural currencies are intended to be discussed in Moscow with the Iranian party next week.

"We will continue next week in Moscow," Shuvalov said responding to a question from TASS regarding progress in talks on mutual settlements in national currencies.

Shuvalov also did not rule out that the free trade zone agreement between the Eurasian Economic Union (EEU) and Iran may be initialed during President Hassan Rouhani's visit to Moscow in March.

"Negotiations on details of this agreement will be held in Moscow. We will do everything possible to reach the initialing procedure for this agreement by the time of Iranian president's visit to Russia or we will agree upon main blocks of this agreement," Shuvalov said.

[screwball]

Just now, screwball said:

Meanwhile, Russia's First Deputy Prime Minister Igor Shuvalov told reporters on Tuesday that mutual settlements in natural currencies are intended to be discussed in Moscow with the Iranian party next week.

"We will continue next week in Moscow," Shuvalov said responding to a question from TASS regarding progress in talks on mutual settlements in national currencies.

Shuvalov also did not rule out that the free trade zone agreement between the Eurasian Economic Union (EEU) and Iran may be initialed during President Hassan Rouhani's visit to Moscow in March.

"Negotiations on details of this agreement will be held in Moscow. We will do everything possible to reach the initialing procedure for this agreement by the time of Iranian president's visit to Russia or we will agree upon main blocks of this agreement," Shuvalov said.

We know they have agree previously as reported by Sputnik news...

[screwball]

   1 minute ago,  screwball said: 

Meanwhile, Russia's First Deputy Prime Minister Igor Shuvalov told reporters on Tuesday that mutual settlements in natural currencies are intended to be discussed in Moscow with the Iranian party next week.

 

[screwball]

Daimler Benz will open its first factory in Russia in the first new investment by a major western automaker since sanctions were imposed on the former Soviet country three years ago.

The company will invest more than 250 million euros ($260 million) in the 20,000-unit capacity factory to build SUVs and the E-class sedan, Automotive News Europe Reports.

The factory will be Daimler's first to produce passenger vehicles in Russia and will be located about 40 km northwest of Moscow, with the first cars due to leave the assembly line in 2019.

"Russia is of strategic importance for Mercedes-Benz and an attractive growth market," Markus Schaefer, Mercedes' production chief, said in a statement. "By establishing a local production we not only achieve greater proximity to our Russian customers but also strengthen the international competitiveness of Mercedes-Benz cars," he said.

The new plant will be a full assembly plant. More than 1,000 jobs will be created at the site and further jobs at local service providers and suppliers, Daimler said.

Despite the country's economic downturn, Russia remains one of Mercedes' strongest European markets. Mercedes was the top-selling premium brand in Russia in 2016 for the fourth year in a row with vehicle sales of 36,888, down 11%, the same decrease as the overall market, according to data from the Association of European Business (AEB) in Russia.

Daimler's investment follows the emergence of tentative signs of a recovery in the Russian car market, with Ford the first major foreign automaker to see sales in Russia grow following three lean years.

General Motors pulled out of Russia two years ago.

Russia had long been seen by major global automakers as a growth prospect that was once tipped to overtake Germany as Europe's biggest auto market. However, new projects were put on hold in 2014, when the conflict in Ukraine and resulting international sanctions coincided with a sharp slump in the Russian economy.

[screwball]

Pictures have emerged online showing a Tehran car license plate ending with ‘10’ – the newest version to be released in the capital – attached to the latest BMW 7 series. The large luxury sedan model entered the country in early January after  several months of being unavailable due to a recently introduced law banning cars with engine displacements larger than 2500cc, the local automotive website Donyaye Khodro reported Tuesday. BMW’s latest luxury model features a four-cylinder two-liter turbocharged engine that produces 258 horsepower and 400 Newton meters of torque. The nearly two-ton vehicle, which is loaded with luxury extras, can reach 0-100 kilometers per hour in barely 6.3 seconds according to German test track demonstrations. Also due to the new stringent regulations, the car has low fuel consumption with an average combined urban and extra urban of 6.2 liters per every 100 kilometers. According to the website the average price for the new 730 model is 9 billion rials ($230,000). 

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New Zealand’s economic delegation due in Iran on Saturday

1. Economy

February 23, 2017

 

TEHRAN- An economic delegation from New Zealand to be led by the country’s Minister for Primary Industries Hon Nathan Guy will arrive in Tehran on Saturday to discuss reinforcing ties with Iran in agricultural domains especially in dairy sector, Iran's Ambassador to New Zealand Jalaleddin Namini Mianji announced on Wednesday.

According to Mianji, the CEO of Fonterra Company will be also among the New Zealander delegates, IRNA reported. 

Fonterra Cooperative Group Limited is a New Zealand multinational dairy cooperative owned by around 10,500 New Zealand farmers. The company is responsible for approximately 30% of the world's dairy exports and is New Zealand's largest company.