Iranian Rial

screwball · November 8, 2016

BP in Talks with Iran to Develop 4 Oilfields

News ID: 1234163 Service: Economy

November, 07, 2016 - 18:51

TEHRAN (Tasnim) – Director of National Iranian South Oil Company Bijan Alipour said negotiations are underway with the British Petroleum (BP) on development of four oilfields in south of Iran.

The National Iranian South Oil Company has held talks with 22 domestic and foreign companies for contracts to develop Karanj, Parsi, Rag Sefid and Shadegan Oilfields, Alipour said Monday, speaking on the sidelines of an exhibition of oil industry equipment in Ahvaz, capital of southwestern province of Khuzestan.

Among them are Russian and Chinese firms as well as BP, he said, predicting that the negotiations will lead to signing of memorandums of understanding in a few months.

According to the official, deals for developing the fields will be signed using the new model of oil contracts.

Back in August, President Hassan Rouhani’s cabinet approved an amended draft of the new model for oil and gas contracts.

The new amendments were endorsed after Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei stressed that no new oil and gas contracts for international companies would be awarded without necessary reforms.

The new oil and investment contract for international firms, known as the Iran Petroleum Contract (IPC), will replace Iran’s buyback oil deals.

Iran worked on the oil contract model for two years. The country hopes to draw as much as $50 billion investment a year from major oil companies such as Italy’s Eni SpA, Britain’s BP and France’s Total to develop its oil and gas fields.

screwball · November 8, 2016

http://www.timesofisrael.com/iran-to-ink-6-billion-gas-deal-with-frances-total/

screwball · November 8, 2016

Publish Date: Mon, 07 Nov 2016 18:50:52 GMT

Service: Iran

Envoy: Austrian bank to open branch in Iran

Austrian banks are ready to broaden cooperation with Iranian banks and establish branches in Iran in the near future.

Fars News Agency quoted Austrian Ambassador to Iran Friedrich Stift as saying on Monday, "Austrian banks intend to return to Iran. An Austrian bank has already voiced its readiness to establish branch in Iran."

Stift, who was addressing a conference on developing Iran-Austria trade cooperation, underlined that the establishment of Austrian banks in Tehran will also help broaden economic relations between the two countries.

Pointing to Iran-Austria economic relations over past years, he said, "In the past, trade between the two countries reached €800 million with Austria importing goods worth €400 million from Iran. But now this has declined."

In early June, Iranian Economy Minister Ali Tayyebnia and Director General of the Austrian Control Bank Rudolf Scholten in a meeting in Vienna discussed ties, particularly in the economic sector.

Scholten voiced his readiness to cover the implementation of different projects and issuance of the guarantees.

Tayyebnia, pointed to his earlier meetings which resulted in the removal of the problems related to the arrears, and underlined the need for expediting the implementation of relevant projects.

The Iranian minister pointed to the measures taken in Iran to combat money-laundering, fight financial support for the terrorist groups and the relevant approvals by the Iranian Parliament, and said the economy ministry is ready to cooperate in all financial and banking areas.

KeyWords

IranDaily

branch

Austria

Comments

Comment

Name:

Email:

Comment:

Security Key:

screwball · November 8, 2016

Publish Date: Mon, 07 Nov 2016 18:46:11 GMT

Service: Iran

Turkey open to expanding banking ties: Minister

Turkey's economy minister confirmed on Monday that three Iranian commercial banks were interested in starting operations in Turkey.

During an official visit to Tehran, Nihat Zeybekçi told Anadolu Agency that the banks: Bank Pasargad, Saman Bank and Parsian Bank were considering Turkey as a site for new branches.

"Although these three banks have not yet make an official application to the Banking Regulation Supervision Agency [Turkey’s banking watchdog] there is no barrier to them operating in our country on condition of meeting the necessary criteria," said Zeybekçi.

Turkey's Halkbank already operates in Tehran.

Zeybekçi also stated that in negotiations with Iranian officials, a proposal had been made to increase the number of products covered by a preferential trade agreement (PTA) between the two countries to 200.

According to an existing PTA, Turkey offers tax reduction to Iran on 145 goods while Iran offers a discount on 125 products to Turkey.

The Turkish minister said the issue of using national currencies in bilateral trade was also discussed.

"In case an agreement is reached, Turkey would make payments for natural gas in Turkish lira which Iran can use to get construction or different services from Turkey," he added.

KeyWords

Turkey

bank

Iran

Comments

Comment

Name:

Email:

Comment:

Security Key:

Freedomwish · November 8, 2016

I should be the last person to chat about politics, but my nerves are suddenly rattled for what's to come after tonight regarding our investment....like, I'm not even sure if whiskey will help me right now lol....oh boy :lol: :cheesehead: :facepalm:

millionaire in training · November 8, 2016

41 minutes ago, Freedomwish said:

I should be the last person to chat about politics, but my nerves are suddenly rattled for what's to come after tonight regarding our investment....like, I'm not even sure if whiskey will help me right now lol....oh boy

Im feeling your pain..... :facepalm: I woke up this morning at 4:00 am thinking" Dear God we need you on this one".We need divine intervention with this election. Please , please let it be your will for the good of the people. So we wait and see. With a glass of red wine in hand as Im typing this....... :cheesehead:

screwball · November 9, 2016

xport tariffs will be imposed on unprocessed iron ore shipments as of the next Iranian fiscal year (to start March 20, 2017), announced deputy minister of industries, mining and trade, Jafar Sarqeini, on Sunday.

“The exact amount of the introduced tariff rates has not yet been specified,” the official told Bourse Press.

According to Sarqeini, the move is aimed at boosting domestic steel production and creating more added-value for the economy.

Government officials and miners have been locked in a heated debate over the issue of unprocessed mineral exports, especially iron ore for years. Lawmakers contend that Iran’s rising steelmaking capacity, which is expected to reach 55 million tons by the end of 2025, requires a steadily increasing feedstock of iron ore and that exporting the industrial material is against the industry’s interests.

This is while Iranian iron ore miners, many of whom belong to the private sector and suffered during the 2015 commodity market recession, argue that now is the right time for iron ore exports.

The spot iron ore price is up 60% this year, as Chinese iron ore futures climbed to their strongest level in more than two years on Friday, reflecting firm demand for the steelmaking material as steel prices stretched gains along with coal to multi-year highs.

Trading in the physical iron ore market was largely brisk this week, pushing the 62% spot benchmark to $64.50 per ton on Thursday, up 0.2% from Wednesday and the strongest since April 29, according to the Australian Financial Review.

Also, 60% of Iranian iron ore CFR China stood at $58.32 on Thursday, up 9.42% compared to the day before.

The Iranian Iron Ore Producers and Exporters Association intends to boost iron ore exports to 15 million tons by the end of the current Iranian year (March 20, 2017) before the new regulations take effect, according to the head of IROPEX, Qadir Qiafeh.

In 2015, Iran exported 14.8 million tons of iron ore, down 35% compared to 21.8 million tons in 2014 and was ranked the world’s 11th leading exporter of the steelmaking material.

Most of Iran’s iron ore exports were to China. In 2015, exports to China decreased by 40% from 2014 to 13.2 million tons owing primarily to prevailing low global iron ore prices.

means Internatiinal before March!

screwball · November 9, 2016

http://www.irna.ir/en/services/162/

too oto many to post...lol all great

screwball · November 9, 2016

Banking ties key to trade with Iran: Hong Kong Min.

Tehran, Nov 8, IRNA – Hong Kong Secretary of Finance John Tsang Chun-Wah said on Tuesday that banking ties are the key to establishment of trade relations with Iran.

He made the remarks in a meeting with Governor of Central Bank of Iran Valiollah Seif.
In the meeting, Seif talked about historical background of positive cooperation between the two countries and expressed hope that in the post-JCPOA era the two countries can use existing capacities to expand economic ties.
He called visit of Hong Kong Secretary of Finance to Iran as a turning point in bilateral relations.
Seif reminded that banking relations could be a prelude to economic cooperation.
He expressed hope that banking delegations of the two sides would prepare the ground for expansion of cooperation between the two countries.
Brokerage relations are necessary for expansion of banking cooperation between Iran and Hong Kong and added that brokerage ties is a precondition for formation of banking relations.
He proposed Hong Kong banks begin brokerage relations with Iranian state trade banks as a start up to the activities.
Governor of the CBI said economy of the two countries is complementary to each other and are related to each other.
Iran is located in MENA region (Middle East and North Africa) with a vast market of around 750 million population, which could be an appropriate consumption market for supplying and selling products.
Meanwhile, stability and security in Iran is one of advantages of the country in comparison with other countries of the region.
Seif said the CBI has good relations with the International Monetary Fund (IMF) and is using its technical assistances.
He said annual report of the IMF concerning Iran's economy had been positive in the past years.
Tsang said that banks prepare the ground for financial infrastructures and important of the pre-needed elements for trade exchanges.
He recalled his visit to Iran 16 years ago and said compared with 16 years ago, Iran has gained noticeable progresses.
He noted that 16 years ago he had noticed capacities of Iran's market.
He said that banking standards including Basel III and FATF have been executed in Hong Kong, so the two cou ntries can share experience in that concern.
Secretary of Finance of Hong Kong said that Iran's Chamber of Commerce is active in Hong Kong and there is hope for expansion of activities between the two countries.
1391**1420

screwball · November 9, 2016

Germans eye economic boost with Iran

News ID: 3819176 - Tue 8 November 2016 - 18:23

Economy

TEHRAN, Nov. 08 (MNA) – Minister of Economy in German state of Lower Saxony, Olaf Lies, met with trade and economy delegation of Iran’s Eastern Azerbaijan Province on Tuesday.

“The bilateral ties between Iran and German nations are beyond economic relations and the JCPOA has paved the way for broadening and deepening the relations between the two countries and these opportunities for cooperation should be seized,” said Minister of Economics, Labour and Transport in German state of Lower Saxony, Olaf Lies, at a meeting with economy delegation of Iran’s Eastern Azerbaijan Province on Tuesday.

He maintained that the Islamic Republic of Iran was one of the economic powers of the Middle East which had expansive trade ties with Germany and Lower Saxony before the imposition of anti-Iran sanctions.

“We are eager to continue and develop the trend of relations with Iranian companies and this feeling is reciprocal as the Iranian partners are also willing to cooperate with German companies,” asserted the Lower Saxony's State Minister for the Economy, Labour and Transport, “

Mr. Lies articulated that the victory of the JCPOA has created high expectations and the consequential merits of the deal should be taken advantage of.

“One of the big and important issues after the JCPOA is restoration of financial routines and banking transactions which need joint cooperation and endeavor to be resolved,” said Olaf Lies of Germany’s Lower Saxony, “Both of us, the two sides, are after proving the benefits of the way undertaken for brokering the JCPOA and the valuable results of it.”

YNG/IRN8229961

Facebook Twitter Google+Share

Related News

Comment

*Name

Email or Website

*Your Comment

*Please enter the correct answer

6 + 7 =

screwball · November 9, 2016

TCCIM calls for expansion of Tehran-Vienna ties

News ID: 3817844 - Mon 7 November 2016 - 16:36

Economy

TEHRAN, Nov. 07 (MNA) – TCCIM 1st vice chairman, while pointing to the currently low trade turnover between Iran and Austria, called for expansion of Tehran-Vienna ties.

Speaking at the Joint Iran-Austria business forum, First Vice Chairman of Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIM) said “mutual relations between the two sides have been always kept at a satisfactory level over the past five centuries though the need is felt for them to become bolstered.”

Despite the age-old history of ties between the two parties, the volume of trade turnover between Tehran and Vienna stood at about 324 million dollars in 2015; “even after the Joint Comprehensive Plan of Action (JCPOA) was implemented, no noticeable growth has been observed in trade relations of both sides.”

Mehdi Jahangiri underlined that activities of Iran’s private sector have become reinvigorated following the removal of unfair sanctions saying “in the meantime, numerous foreign delegations, the number of which exceeds 200, have travelled to Iran as well as that trade and economic collaborations have been initiated with 17 foreign states in all areas.”

“As regards foreign investment in industry and mining sectors, over 80 Memoranda of Understanding (MoUs) worth more than four billion dollars have been inked of which 60 have led to contract signing and more than 30 have been made operational,” he continued.

He said Austria’s foreign investment volume totals 360 billion dollars; “any investment, with a long-term cooperation outlook and based on technology transfer, would lead to sustainable trade and economic relations.”

TCCIMA first vice chairman deemed lack of cooperation by international banks and financial institutions as the main barrier to expansion of ties adding “these monetary institutions, under the pressure imposed by global political powers, still hold concerns over one-way sanctions and the issue has impeded cooperation between Iran and the world economy.”

Jahangiri expressed hope that resumption of cooperation and expansion of banking ties will increase the volume of trade turnover between Tehran and Vienna.

“Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIM) has so far received several economic delegations from various Austrian states aiming to bolster economic ties between its members and the private sector of the European country,” underscored the official.

HA/3817574

screwball · November 9, 2016

https://financialtribune.com

under business and market three articles, interesting titles no content! This is a first.,

screwball · November 9, 2016

Talks have been held on plans by three Iranian commercial banks to open branches in Turkey, the country's economy minister said.

Ankara’s economy minister confirmed on Monday three Iranian commercial lenders are interested in starting operations in Turkey. During an official visit to Tehran, Nihat Zeybekci told Anadolu Agency the banks -- Bank Pasargad, Saman Bank and Parsian Bank – are considering Turkey as the site for new branches.

"Although these three banks have not yet mad an official application to the Banking Regulation Supervision Agency [Turkey’s banking watchdog] there is no barrier for them operating in our country on condition of meeting the necessary criteria," said Zeybekci.

Turkey’s Halkbank operates in Tehran.

Zeybekci also stated that increasing the number of products covered by a preferential trade agreement (PTA) between the two neighbors to 200 had been suggested during meetings with Iranian officials.

According to an existing PTA, Turkey offers tax reduction to Iran on 145 goods while Iran offers a discount on 125 products to Turkey.

The Turkish minister said the issue of using domestic currencies in bilateral trade was also discussed.

"In case of reaching an agreement, Turkey would make payments for natural gas in Turkish lira and, with that money, Iran may get construction or different services from Turkey," he was quoted as saying.

Focus on Investment, Banking at Iran-EU Forum

The 3rd Banking and Business Forum Iran Europe will be held in Frankfurt on Nov. 16-17.

Billed as a "major event on opportunities in investment, banking and finance in Iran" it will take place in the context of the 19th Euro Finance Week Conference, a major European banking and finance event.

The privately-owned Saman Bank is co-sponsoring the forum, reports the bank's official website.

International Bankers Forum president Nader Maleki and Iran's ambassador to Berlin Ali Majedi will preside over the meeting on "banking and finance – insights on the current situation."

Valiollah Seif, governor of the Central Bank of Iran will deliver the keynote speech with a focus on Iran's nuclear accord in a segment titled "new opportunities for Iran and the EU: Implementation of the Joint Comprehensive Plan of Action". Joining Seif will be senior EU diplomat Helga Schmid who is the secretary general of the European External Action Service.

Rudi Bonte, Marcus Pleyer, Will Newton and Rolf M. Zollner are among the speakers. Bonte, a senior advisor to the Deloitte Banking Union Center in Frankfurt, will detail a European perspective on the need for financial sector reforms.

Pleyer who is head of the German Financial Action Task Force delegation and member of the FATF Steering Committee, will take up the subject of intergovernmental organizations and its relation with Iran.

The issue of Iran's membership in the anti-money laundering task force has emerged as a controversy in Tehran over the past few months with political conservatives claiming the measure would expose sensitive financial data to hostile foreign powers.

Newton, the head of strategic advisory affairs of Financial Institutions Group will reflect on the problem of non-performing loans and Zollner, a business developer with Technical Due Diligence will speak on investment in technology.

Representing Bank Saman, Vali Zarrabieh, the executive chairman of the bank's board will be part of the session that will focus on reconnecting Iran to the international payment world.

On the second day of the forum subtitled "Investment Opportunities in Iran", the Iranian ambassador will deliver welcome notes. Director of the Monetary and Banking Research Institute (MBRI) Ali Divandari and head of the German-Iranian Chamber of Industry and Commerce Omid Yaraghi will attend.

The minister of the State of Hessen, a specialist on Iran at the Woodrow Wilson School of Princeton University and the CEO of Germany Trade and Invest (GTAI) will deliver keynote speeches on the second day of the meeting.

Executives from several German companies will share their insights on the current status of investments in and exports to Iran as part of two separate panels

screwball · November 9, 2016

The central bank governor says negotiations will be held with the European Central Bank as part of Iran-EU talks in Brussels.

"Iran's banking talks with Europe will be held tomorrow [Wednesday]," Valiollah Seif was quoted as saying by banker.ir on Tuesday in reference to European banks and their efforts to accelerate the process of reestablishing ties to Iran.

He was speaking after a meeting in Tehran with Hong Kong's Financial Secretary John Tsang.

Since the removal of international banking restrictions in January, Tehran has secured links with only a limited number of smaller banks as US sanctions remain in force and large foreign institutions still fear potential fines.

Banks remain nervous after US penalties including a $9 billion fine on France's BNP Paribas in 2014, partly for violating financial sanctions imposed in 2012 to pressure Iran to abandon its nuclear program.

Major global lenders like HSBC have reiterated they have no intention of doing any new business involving Iran, questioning why the United States is encouraging them to do so when US financial firms are restricted.

"Negotiations in Europe will be held in line with realizing the goals set in the JCPOA," Seif said pointing to the nuclear accord signed by the six world powers.

Speaking of what he called "shortcomings stemming from the United States", he said Europe is striving to create an atmosphere in which Iran's banking relations with major European lenders could be developed with more speed.

The second phase of high-level talks on a string of issues will be held in Brussels and will be led by Iran's Deputy Foreign Minister for European and American Affairs Majid Takht-e-Ravanchi and the Secretary General of the European External Action Service (EEAS), Helga Schmid

The two sides are to explore a variety of issues, including closer collaboration between Iran and the 28-nation bloc in politics, economy and the fight against terrorism as well as regional crises.

Iranian and EU diplomats will also exchange views on human rights. A representative from Iran’s High Council for Human Rights is scheduled to accompany the Iranian delegation.

The first phase of the meeting between Iran and the EU was held in Tehran between Takht-e Ravanchi and Schmid in February. The two sides exchanged views on bilateral cooperation in energy, trade, banking, the environment and campaign against terrorism and extremism.

According to the central bank head, Iran has prepared incentive plans that will serve to attract investments from Hong Kong. He also said his talks with Tsang on developing bilateral ties were positive.

Seif noted that Hong Kong is a world-class player when it comes to monetary services, saying these traits coupled with Iran's capabilities "can lead to economic, and especially banking, advancement in both countries."

Share This :

Short URL : https://goo.gl/sg3bKK

screwball · November 9, 2016

he 3rd Banking and Business Forum Iran Europe will be held in Frankfurt on Nov. 16-17.