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Iranian Rial


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1 hour ago, tigergorzow said:

Freedomwish, Agree.....President DJT is pressuring many countries to up their game in all aspects security, economics, currency manipulation, etc.  We are definitely in a "Good Place" right now at this moment in time IMHO.  

WE are in the hot seat....primed and pumped ready to go!

Edited by screwball
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Washington Imposes New Sanctions on Iranian Individuals, Entities 

News ID: 1314445 Service: Economy 
 February, 04, 2017 - 00:23 
ترامپ

TEHRAN (Tasnim) – The United States on Friday added more Iranian individuals and entities to its anti-Iran sanction list in a new hostile move against Tehran by President Donald Trump administration. 

In a statement, the US Treasury Department announced that it has published a list of 13 Iranian figures and 12 entities facing new sanctions.

The entities include companies based in Tehran, the United Arab Emirates (UAE), Lebanon and China, the statement noted.

The move came as US National Security Advisor Michael Flynn threatened on Friday that the Trump Administration will no longer tolerate what he described as “Iran's provocations that threaten our interests.”

"The days of turning a blind eye to Iran's hostile and belligerent actions toward the United States and the world community are over," Flynn said in a White House statement.

Also, senior US administration officials had told Reuters news agency that sanctions imposed against Iran were only the "initial steps in response to Iranian provocative behavior."

"Today's action is part of Treasury's ongoing efforts to counter Iranian malign activity abroad that is outside the scope of the JCPOA," the Treasury said in the statement, referring to the Iran nuclear deal reached between the Islamic Republic and the P5+1 group of countries, including Washington, in 2015.

Iran and the five permanent members of the UN Security Council plus Germany has reached a landmark nuclear agreement in 2015, under which Tehran agreed to limit some aspects of its nuclear program in exchange for the removal of nuclear-related sanctions. The two sides began implementing the deal, dubbed the Joint Comprehensive Plan of Action (JCPOA), on January 16, 2016.

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SATURDAY
February, 04 2017
 
Total has pledged to lift gas output from Phase 11 to more than 50 million cubic meters per day in 20 years.
Total has pledged to lift gas output from Phase 11 to more than 50 million cubic meters per day in 20 years.
  1. Energy
Saturday, February 04, 2017

Total Returns to Iran With Mega Gas Field Project

Phase 11 is deemed as one of the least developed of the South Pars field that is shared between Iran and Qatar
 
 

Patrick Pouyanne, the chief executive officer of Total S.A. said on Thursday the French energy major is not worried about its gas deal with Iran amid reports that Total has resumed operations in Iran's South Pars Gas Field megaproject.

"The project is not jeopardized. Total respects international laws. If there is a change in the deal that was signed, we will be obliged to obey, but as of today, we are moving ahead." Pouyanne said, Reuters reported.

A senior official at Iran's Oil Ministry said on Thursday that Total has officially started the development of South Pars Phase 11 in the Persian Gulf, effectively resuming operations in an Iranian energy project after a seven-year hiatus. 

"Total has begun work on South Pars Phase 11," said Gholamreza Manouchehri, the deputy for development and engineering at the National Iranian Oil Company, IRNA reported on Thursday.

The supermajor sealed a preliminary agreement in November, worth $4.8 billion, to develop Phase 11 of the South Pars at the head of a consortium that includes China National Petroleum Corporation (CNPC) and Petropars, a subsidiary of the NIOC.

Phase 11 is deemed as one of the least developed of the South Pars field that is shared between Iran and Qatar. Based on the agreement, production is expected to begin 40 months after the start of operations.

Total was active in developing Iranian energy projects for more than 20 years, including in South Pars. But it ceased operations in 2010 following disagreements over contract terms as well as pressure from the French and US governments over oil and trade sanctions against Tehran.

Based on the agreement, Total has a majority stake of 50.1% in the project. CNPC and Petropars hold a 30% and 19.9% share respectively. Petropars has played a role in developing South Pars phases 4-8, Phase 12 as well as Phase 19, according to the company's website.

Total has pledged to lift gas output from Phase 11 to more than 50 million cubic meters per day in 20 years, Manouchehri added.

According to a statement on Total's website, the Phase 11 project will be developed in two parts. The first, with an estimated total cost of $2 billion, will consist of 30 wells and two well head platforms connected to existing onshore treatment facilities by two subsea pipelines.

The second part, involving the construction of offshore compression facilities, will be launched subject to reservoir conditions.

The latest published data show that Iran is now drawing more than 500 mcm/d of gas from South Pars. 

The volume is expected to reach 550 mcm/d by March  when the present fiscal year ends, and close in on the 700 mcm/d-mark by March 2018 -- the volume that Qatar is reportedly pumping from the shared field.

South Pars is the world's largest gas field, shared between Iran and Qatar, covering an area of 3,700 square kilometers of Iran's territorial waters in the Persian Gulf. The megaproject is being developed in 24 phases.

The field is estimated to contain 14 trillion cubic meters of gas and 18 billion barrels of gas condensate. It adjoins Qatar’s North Field, which measures 6,000 square kilometers.

--- Boosting Cooperation

Manouchehri says Total is keen to expand its footprint in Iran's emerging petroleum industry.

"We are discussing upstream projects and production of oil and gas equipment as well as drilling and offshore services," said the NIOC deputy. "Collaboration between Iranian and French companies will lead to boosting the pace and quality of drilling operations and manufacturing of equipment."

The latest round of talks with Total was reportedly held during the visit of French Foreign Minister Jean-Marc Ayrault to Tehran this week who headed a 60-member delegation of French executives and officials.

Marzieh Shahdaei, managing director of the National Petrochemical Company, said on Wednesday that NPC and Total's senior executives discussed a petrochemical project this week for production of ethylene and polyethylene.

"Negotiations are expected to result in signing an agreement soon," she said without providing details.

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ran takes reciprocal measures against new US sanctions

Fri Feb 3, 2017 7:34PM
  1. Home
  2. Iran
  3. Politics
The file photo of the Iranian Foreign Ministry's building in Tehran
The file photo of the Iranian Foreign Ministry's building in Tehran

Iran has slammed as illegal the recent US sanctions over Tehran’s defensive missile program and spiritual support for Yemen's Houthi fighters, saying that the Islamic Republic will deliver a "proportionate and reciprocal" response to the move.

“The Islamic Republic of Iran with the backing of the wise participation and support of the great Iranian nation, will respond proportionately and reciprocally to any move that targets the interests of the Iranian people,” the Iranian Foreign Ministry said in a statement on Friday.

It added that Iran’s missile power is only aimed at defensive purposes and meant to carry conventional weapons and would never be used other than in legitimate defense.

The foreign ministry said Iran’s missile program is the undeniable and inalienable right of the Iranian nation according to international law and the United Nations Charter.

The statement added that any foreign interference in this regard is a violation of international law and outside the jurisdiction of any country or organization.

The ministry said the recent US sanctions are also inconsistent with US commitments and at odds with the spirit and text of UN Security Council Resolution 2231.

“Just as in reaction to the Islamophobic move of the US government and the temporary prevention of the entry of Iranians, the issuance of visas was suspended for US citizens within the framework of a special mechanism, in response to the new US measure, the Islamic Republic of Iran will move to impose legal restrictions on a number of American people and entities who are involved in founding and assisting extremist terrorist groups in the region or contributing to the carnage and suppression of defenseless people in the region,” the Foreign Ministry said.

It added that the names of the banned American people and entities would be announced later.

The statement reiterated that the security of the Islamic Republic is not open to any compromise or negotiations, stressing that the naive and injudicious measures of the US government would not prevent Iran from following through with its principled policy of safeguarding peace and security in the region and combating terrorism and extremism.

The ministry also stressed that the Islamic Republic would not allow the ominous realization of the dangerous plots and delusions of the Zionist warmongers and their supporters.

The statement came after the US Treasury Department said on Friday that Washington has imposed sanctions on 13 individuals and 12 entities as part of bids to ratchet up pressure on Iran.

5e21234d-3380-4d11-9515-b2546c517772.jpg US President Donald Trump shows an executive order directing the Treasury secretary to review the Dodd-Frank financial oversight law in the Oval Office of the White House in Washington, DC, on February 3, 201. (Photo by AFP)

The move against Iran is the first by the US government since President Donald Trump took office on January 20.

A senior US administration said the new sanctions were an “initial step” in response to Iran's "provocative behavior,” adding Tehran would face more measures if it “does not curb its ballistic missile program and continues support for Houthi militia in Yemen.”

Washington claims that a recent missile test by Iran violated UN Security Council Resolution 2231 that endorsed the 2015 nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), reached between the Islamic Republic and the P5+1 group of countries, including the US.

Iranian Defense Minister Brigadier General Hossein Dehqan said on Thursday that Iran’s “successful” recent ballistic missile test had breached the neither deal nor the resolution.

"Iran's missile tests are not, and have never been, in violation of the JCPOA or Resolution 2231,” Dehqan added.

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The Iranian government will no longer use the US dollar in official statements or for financial reporting, local media has reported.

The governor of the Central Bank of Iran, Valiollah Seif, made the announcement on Friday, adding that the country would switch to another common foreign currency or a basket with a ‘high degree of stability” for all financial and foreign exchange reports.

The decision will go into effect at the beginning of the new fiscal year in March.

Iran has already taken the “reciprocal measure” of cancelling all future visas for visiting American citizens. 

Relations were further tested by confirmation that Iran conducted a mid-range ballistic missile test over the weekend, which Iran’s foe Israel called a on the US to ensure “did not go unanswered.”

The country’s Defence Minister Hossein Dehghan reiterated on Wednesday earlier claims that the missile was not designed to carry nuclear warheads and therefore did not breach the terms of the 2015 nuclear deal.

Iran does hardly any trade with the US thanks to decades of economic sanctions. The rial saw record lows against the dollar after Mr Trump’s election victory, plunging to 41,600 to the dollar at the end of December. 

It is unclear whether the Central Bank will now pick up the Euro or currencies of trade partners China, Russia, Turkey, Azerbaijan or Iraq. 

Iran’s most important export - oil - is priced in US dollars, which could complicate the proposed changes. Exchanging currencies on expected oil revenues of $41 billion (£32 billion) this fiscal year could jeopardise earnings, analysts have said. 

 

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1 hour ago, screwball said:

 

The governor of the Central Bank of Iran, Valiollah Seif, made the announcement on Friday, adding that the country would switch to another common foreign currency or a basket with a ‘high degree of stability” for all financial and foreign exchange reports.

 

This is awesome !!

pp

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Old but relevant

Iran has switched to euro in its foreign oil trade, in a bid to cut reliance on the US dollar. After the removal of sanctions, Tehran would also want to recover in euros some of its previously frozen assets.

 

 
Iran has turned away from the US dollar in oil trade and is denominating in euros all new and outstanding oil contracts with companies, including French oil and gas giant Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia’s Lukoil, a source at National Iranian Oil Co told Reuters.

 

"In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the source said.

Lukoil and Total declined to comment, and Cepsa did not respond to a request to comment.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than US dollars.

The source explained that Iran’s central bank adopted a policy to carry out foreign trade in euros while the country was under sanctions.

"Iran shifted to the euro and cancelled trade in dollars because of political reasons," the source underscored.

 

 
 
Iran was allowed to recover some of the funds frozen under US sanctions in currencies other than dollars, including the Omani rial and UAE dirham.

 

According to US officials, nearly $100 billion of Iran’s assets were frozen abroad, and around 50 percent of them Tehran was able access after the removal of sanctions.

Sanctions against Iran were lifted on January 16, by both the US and the European Union. The move came amid oversupply in the global oil market, with the Organization of the Petroleum Exporting Countries (OPEC) refusing to cut down its daily output.

It is not clear how much of the funds are oil dues that Iran wants back in euros. For instance, India owes Tehran around $6 billion for oil supplied during the sanctions years.

 

 
 
"Ditching the dollar, Iran and India have agreed to settle all outstanding crude oil dues in rupees in preparation to future trade in their national currencies. The dollar dues […] would be deposited in National Iranian Oil Co account with Indian banks," The Indian Expressrecently reported.

 

For many years, Iran has pushed to replace dollar with euro in international oil trade. In 2007, Tehran failed to persuade OPEC to switch away from the US dollar which then-president President Mahmoud Ahmadinejad called a "worthless piece of paper."

Switching oil sales to the euro makes sense for Iran since Europe is its major trade partner. In late January, The Wall Street Journal reported that Iran had agreed to lower price of its crude for Europe, following a similar move by Saudi Arabia. At the same time, Tehran increased crude prices for Asia.

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Now this is intresting

MIDDLE EAST
03:43 01.02.2017(updated 05:48 01.02.2017) Get short URL
337835575

After US President Donald Trump included Iran on a list of Muslim-majority countries facing a temporary immigration ban, Tehran responded by threatening to stop using the American dollar.

Iran would either introduce a new common currency, in place of the US dollar, or use a portfolio of various currencies in foreign exchange and financial reports, according to Valiollah Seif, governor of the Central Bank of Iran. 

Iranian media quoted Seif saying that the initiative would begin in March 2017, at the start of the fiscal year.

Trump signed an executive order on immigration last Friday, ostensibly to protect Americans from terror attacks. Under the order, immigrants from Iran, Iraq, Syria, Somalia, Libya, Sudan and Yemen will not be allowed to enter the US for 90 days. Additionally, the US refugee program is suspended for 120 days, and the acceptance of refugees from Syria is suspended indefinitely.

Trump told reporters, "It's working out very nicely…You see it at the airports. You see it all over. It's working out very nicely and we're going to have a very, very strict ban, and we're going to have extreme vetting, which we should have had in this country for many years." 

Massive protests cropped up at airports all over the country as a result, with demonstrators voicing their support for immigrants and refugees, as well as many professionals, including immigration lawyers, offering free consultations to those trapped in limbo.

Seif noted that the US dollar’s share in Iran’s foreign exchange is insignificant, and that its replacement should be suitable for trade with important partners like the United Arab Emirates, Russia, China and the European Union.

Agreements to stop using the dollar have been signed with Iran, Turkey, Iraq, Azerbaijan and Russia, although Seif pointed out that the agreements were not yet effective, as trade with those countries does not warrant the switch.

Some analysts have suggested that Tehran stands to make $41 billion in oil profits this fiscal year alone, and that switching from the dollar could pose a considerable financial risk. Iranian economic publication Donya-ye Eqtesad observed, however, that the dollar has already been largely replaced by other currencies in oil transactions, and that Tehran has been chiefly using it in official reporting.

 
 
 
...
 
 
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12 hours ago, pokerplayer said:

This is a key statement. Chances are large that a rate change will happen before going on the forex. :)

pp

I feel that this will happen too - so what that Iran is ditching the dollar, we'll simply covert the exchange into Euro or whatever currency form that would work out best.  Stash it in an account somewhere,  let it collect interest, and then figure out how to make another exchange into dollars via a different route that wouldn't impact these crazy sanctions.

I see that we all are gonna' be meeting up in either Dubai or Kish Island very soon. Yup.:cheesehead:

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S Korea opens €100mn LOC for Iranian producers

علی صالح ابادی
News ID: 3896318 - Sat 4 February 2017 - 19:32
TEHRAN, Feb. 04 (MNA) – EDBI head said South Korea had allocated a Line of Credit (LOC) worth 100 million euros for imports of raw materials manufactured in Iran.

Ali Salehabadi, Managing Director of the Export Development Bank of Iran (EDBI), pointed to arrival of a cargo for equipment of Chabahar Port Phase one saying “Indians are extremely eager to make presence in the Iranian port and the Leader has also urged inclusion of sustainable development of Mokran Shores in the Sixth National Development Plan.”

“Cargos worth 350 million dollars have been received for development of Chabahar port in partnership with EDBI,” he added.

The official stressed that micro, small and medium-sized enterprises (SMEs) and industries had been provided with large amounts of export facilities.

He asserted that an MoU had been inked with Indonesia Eximbank (IEB) for exchange of information and cooperation; “a similar agreement has been signed with Hungary and an 18-million-euro credit line has been prepared for expansion of exports to Iraq.”

Salehabadi emphasized that EDBI held 100% of the shares among top exporters as well as that 82% of distinguished exporters were clients of the bank; “furthermore, the international ranking of Export Development Bank of Iran has improved by two spots over the past two years.”

“The ranking exerts effects on EDBI’s interactions with foreign banks as more credit can be obtained from them,” noted the official.

EDBI chairman said the bank was seeking to allocate LOCs in other countries so that foreign customers will be able to purchase Iranian products without facing payment difficulties; “presently, we hold euro credit lines with Russian and Armenia.”

Salehabadi also touched upon allocation of a 100-million-euro credit line by South Korea for imports of raw materials produced by Iranians saying “also, a deal with Turkey over a 75-miilion-euro LOC has been finalized.”

At the end of his remarks, EDBI managing director deemed Brazil as a target market for Iranian products concluding “brokerage relations have also been formed with six African banks.”

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ATR representatives due in Tehran today

ATR representatives due in Tehran today

Representatives of French-Italian aircraft manufacturer ATR will arrive in Tehran today, said deputy minister of roads and urban development.

Asghar Fakhrieh-Kashan told reporters on Saturday that ATR will deliver three or four passenger planes to Iran Air by March 20, IRNA reported.

The planes will be delivered to Iran following the finalization of the deal valued at $400 million for 20 passenger planes, the official said.

On January 11, Airbus also delivered the first plane to Iran under the deal between Iran and Airbus to purchase 100 passenger planes from the French manufacturer of civil aircraft, Fakhrieh-Kashan said.

He hoped that two other Airbus passenger planes would be delivered in March.

After the announcement of 'Implementation Day' of the Joint Comprehensive Plan of Action (JCPAO) between Iran and six major world powers on January 16, 2016, Iranian airlines started direct talks with global aircraft manufacturing companies.

The preliminary contract between Iran and France's Airbus for the purchase of 100 passenger planes was signed during a visit to Paris by Iranian President Hassan Rouhani in January 2016.

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12 minutes ago, Freedomwish said:

I feel that this will happen too - so what that Iran is ditching the dollar, we'll simply covert the exchange into Euro or whatever currency form that would work out best.  Stash it in an account somewhere,  let it collect interest, and then figure out how to make another exchange into dollars via a different route that wouldn't impact these crazy sanctions.

I see that we all are gonna' be meeting up in either Dubai or Kish Island very soon. Yup.:cheesehead:

As I said it's not a case of if , or when but where do we Cash in! Dubai or Asia is looking good!

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56 minutes ago, Freedomwish said:

I feel that this will happen too - so what that Iran is ditching the dollar, we'll simply covert the exchange into Euro or whatever currency form that would work out best.  Stash it in an account somewhere,  let it collect interest, and then figure out how to make another exchange into dollars via a different route that wouldn't impact these crazy sanctions.

I see that we all are gonna' be meeting up in either Dubai or Kish Island very soon. Yup.:cheesehead:

Freedomwish,  Iran is definitely fast tracking to get this done and I do believe Iraq is racing them to the finish line.  Come on git er done!!

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