Iranian Rial

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JCPOA paved path for boosting Iran-EU ties

News ID: 3920609 - Wed 1 March 2017 - 10:07

Politics

TEHRAN, Mar. 01 (MNA) – AEOI Spokesman Behrouz Kamalvandi, while pointing to EU’s effective role in the Iran’s historic nuclear deal, said the JCPOA formed a firm basis for further Iran-EU relations.

Spokesman for the Atomic Energy Organization of Iran (AEOI) Behrouz Kamalvandi made the remarks on Tuesday in Brussels while addressing a joint seminar between representatives of Iran and the European Union entitled 'International Nuclear Cooperation: Expectations and Responsibilities'.

Iran’s Kamalvandi opened his remarks by expressing satisfaction towards timely holding of the joint seminar. He further went on to read the message of Head of the Atomic Energy Organization of Iran (AEOI) Ali Akbar Salehi.

The full text of Mr. Salehi’s message is as follows:

“It is an honor to observe fruitful outcomes of the nuclear deal between the Islamic Republic of Iran and the 5+1 group of countries once such instance being development of scientific and technical cooperation with the European Union. The EU played an influential role in reaching the historic deal. We appreciate the constructive role played by the EU in this regard and also thank continuous efforts of EU Foreign Policy Chief Federica Mogherini and Secretary General of European External Action Service (EEAS) Helga Schmid. I take the opportunity to appreciate precious cooperation of EU’s Energy Commission in line with expansion of bilateral relations following the agreement. In the meantime, shaping a comprehensive framework comprising various plans for deepening mutual ties in the field of nuclear technology, which covers a vast area of research and development as well as nuclear safety, is promising of a bright future in a variety of arenas as regards peaceful nuclear technology. I am deeply pleased about holding of the joint scientific and technical session proposal of which was raised during my earlier visit to Brussels. Undoubtedly, firm determination of the Islamic Republic of Iran and the European Union for taking the right path of bolstering mutual collaborations is an indication of a fruitful measure for both sides. I ask God for further success and prosperity of the organizers of the strategic seminar.”

Kamalvandi later stated “despite being brief, Mr. Salehi’s message contained headlines and foundations of today’s meeting.”

“The seminar revolves around elevation of international cooperation in the field of nuclear energy with an emphasis on two components of ‘Expectations’ and ‘Responsibilities’ which provide us with tangible parameters for pursuing the process of mutual collaborations. We need to exchange views in the true sense of the word in aa bid to define the path and its requirements in the light of common targets and goals,” he continued.

AEOI spokesman said Mr. Salehi was right to stress that numerous venues have emerged for meeting interests of both parties as a result of the opportunities offered by the Joint Comprehensive Plan of Action (JCPOA).

He emphasized that the historic nuclear deal, above and over all other issues, debunked the false claims on the nature and purpose of Iran’s nuclear activities and reassured the world that Iran’s nuclear program is exclusively of a peaceful disposition.

“In a broader scope, the nuclear deal works conjunction with Iran’s long-term plan for development and the country’s foreign policy which is based on collaboration with the whole world,” noted the official stressing that the deal could provide grounds for scientific exploitation of existing opportunities.

He further criticized lack of balance in the amount of commitment shown to the deal by both parties asserting “despite Iran’s full commitment to the JCPOA, some countries have had breach of promise.”

“We merely seek elevation of international cooperation in various fields including nuclear technology,” underscored Kamalvandi calling for expansion of bilateral relations in advanced atomic technology.

He further pointed to Iran’s intention to develop clean energy sources both at national and international levels via joint partnership with other countries.

The AEOI official deemed the European Union as a trustworthy partner in the field of new technologies asserting “you are familiar with the volume of Iran’s infrastructure and economic activities and well as its growing potential in modern technologies.” “What we need, however, is exchange of views for implementing joint projects.”

He said Iran will require to produce 100 thousand megawatts of electricity 12% of which are expected to be supplied through nuclear power plants.

“In order to fulfill all objectives, we require necessary resources,” stressed the official highlighting that apart from nuclear power plants, the two sides could also launch partnership in creation of radioisotopes required for healthcare centers.

Behrouz Kamalvandi underlined that the JCPOA offered capacities to facilitate cooperation in various fields with which Iran and the EU could take practical steps towards elevation of effective cooperation by relaying on previous experiences.

 The official went on to point to the need for existence of political determination; “you certainly share the view that strengthening of ties in the field of nuclear energy will improve bilateral relations in economic and industrial fields which will bring about welfare of other regional countries.”

He further maintained that the positive trend in Iran’s ties with EU members indicated that both sides were on the correct track saying “we need to consolidate bilateral achievements and practical steps towards the future and enhance our cooperation to a high level. We are required to compensate and repay the time and opportunities lost over the past decade, we need to accelerate the process of bilateral cooperation.”

“It is clear that both sides will benefit from creating a strong relationship based on mutual respect and thereby, the international community will also enjoy positive outcomes of the collaboration,” said Kamalvandi urging all parties spare no effort to ensure realization of the positive result results and outcomes.

 

this has euro written all over it...and they think the euro will rebound in later part of this year!

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12 minutes ago, WheresmyRV? said:

Less than three weeks to go! 

 

Yep hunting for news....two weeks either side for me...and if not then by may

[Freedomwish]

7 hours ago, screwball said:

Yep hunting for news....two weeks either side for me...and if not then by may

Or anytime this year would be nice too!! 

mOrE wHiSkeeEEEeeY!!! 

[screwball]

Twas the night before Christmas, when all thro' the house. Not a creature was stirring, not even a mouse

[jaman]

On 2/28/2017 at 10:16 PM, sandfly said:

S b I'm ready to get drunk 

sorry sandfly...didn't you get the memo...? were're at the preDrunk Party..send my your e-mail address 

[Freedomwish]

9 hours ago, screwball said:

Twas the night before Christmas, when all thro' the house. Not a creature was stirring, not even a mouse

Work continues being done behind closed doors eh brother Screwball?  More whiskey tonight, cheers my friend!! 

[screwball]

2 minutes ago, Freedomwish said:

Work continues being done behind closed doors eh brother Screwball?  More whiskey tonight, cheers my friend!! 

Yes things are very quite....as always I expect News to filter out Sunday through to Tuesday as parliament sits on the Sunday seams to be day for decision making and we don't see good news articles until Monday or Tuesday 

[Freedomwish]

2 hours ago, screwball said:

Yes things are very quite....as always I expect News to filter out Sunday through to Tuesday as parliament sits on the Sunday seams to be day for decision making and we don't see good news articles until Monday or Tuesday 

Looking forward to it.....either both sober or feeling nice and toasty lol  Thanks!

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State Bank of Pakistan, Central Bank of Iran soon to sign agreement: Pakistan

Islamabad, March 4, IRNA – Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra says Pakistan government has approved an agreement between the SBP and Central Bank of Iran (CBI) that would soon be formally signed, Pakistan's state news agency APP reports.

 

He said the agreement would allow Pakistani and Iranian exporters to settle their claims through the State Bank of Pakistan and Central Bank of Iran, respectively.

He was speaking at Lahore Chamber of Commerce & Industry (LCCI).

The SBP Governor said, “Trade with Iran is very close to my heart. I am pursuing since my appointment without wasting any moment”.

The agreement between the State Bank of Pakistan and Central Bank of Iran would help boost mutual trade volume, he added.

Speaking on the occasion, LCCI President Abdul Basit called for establishment of banking channels between Pakistan and Iran to ensure documented trade.

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Bank Sepah’s foreign exchange transactions have reached $4.2 billion and are expected to exceed $5 billion by the end of the fiscal year on March 20, said the CEO of Bank Sepah.

“In terms of resources, Bank Sepah has been successful as its growth rate in the current year shows a significant increase over the last three years,” Mohammad Kazem Choghazardi was also quoted as saying by Bank Sepah’s official website.

Hossein Qazavi, the deputy economy minister for banking and insurance affairs, said “since sanctions imposed on Iran have been lifted after years, banks should pay special attention to their foreign branches and procure their need for software, hardware and personnel”.

The official noted that banks should generate profits since they guarantee their survival, adding that the capital buffers of public-sector banks seem to have improved.

“Following amendments to the budget law in the current fiscal year to increase the capital of public-sector banks, the capital adequacy ratio of some of these banks has improved to 8%,” he said.

In a session presided over by President Hassan Rouhani in mid-January, the Ministry of Economic Affairs and Finance was obliged to allocate 200 trillion rials ($5.2 billion) of excess funds to increase the government’s capital in state-owned banks.

Majlis Research Center earlier published a report late January, declaring that the minimum capital adequacy ratio should be 8%. The research arm of the Iranian Parliament also announced that capital adequacy ratio of Bank Sepah is at 2.46%, which was the second-lowest among the seven public-sector banks mentioned in the report.

Choghazardi said Bank Sepah has allocated “more than 12 trillion rials ($312.9 million) to small- and medium-sized enterprises in line with the goals of Resistance Economy” principles outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to foster the non-oil sector of the economy.

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Foreign currency loan defaulters will see some restrictions lifted, if they were to repay a portion of their debts, the Cabinet ministers have decreed.

President Hassan Rouhani's ministers approved that debtors, who have defaulted on their loans, will no longer be denied bank services, provided they pay back at least 25% of their debts, IBENA reported.

Foreign currency loan defaulters are prohibited from opening letters of credit, receiving any form of loans in rial or foreign currency and opening current accounts.

These changes have been incorporated as appendants to the Law on Removing Hurdles to Competitive Production.    

In accordance with appendants signed by First Vice President Es’haq Jahangiri, debtors have until the end of the third month of the next fiscal year (June 21) to repay 25% of their debts and until the end of the next fiscal year (March 20, 2018) to clear the total amount of their dues.

“Dates set in this directive will not be extended under any circumstances and if the receivers of loans do not move to clear their debts within the set timeframe, they must do so in accordance with the guidelines of foreign exchange reserve account,” reads the directive.

Furthermore, benefits of the directive will be extended to all debtors who have so far cleared their debts as per the directive’s conditions.

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MasterCard does not have any direct links with Iran due to the primary sanctions still in place, said the Central Bank of Iran’s head of Communications and Information Technology Department. “Although the US-based company provides no services in Iran, negotiations are underway with non-US international companies to offer international credit cards to Iranians, which will come to fruition next year,” Nasser Hakimi was also quoted as saying by ISNA. Following reports about issuance of MasterCard in Iran, the company’s spokesman, Seth Eisen, said in August that “MasterCard does not have any activities in Iran, as sanctions remain in effect for US-based companies”. The removal of sanctions started a new phase of international cooperation in various communication fields and consequently, Iranian banks are seeking a way to offer international credit cards to Iranian citizens.

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n-France Economic Meeting held in Paris

1. Economy

March 4, 2017

 

TEHRAN- The first round of Iran-France Economic Meeting (Rencontres Economiques Franco-Iraniennes) was held in Paris with participation of Iranian Ambassador to France Ali Ahani, ISNA reported on Thursday.

The Thursday meeting was also attended by the Mayor of Issy-les-Moulineaux (the southwestern suburban area of Paris) Andre Santini, Mayor of the Boulogne-Billancourt Commune of Paris Pierre-Christophe Baguet, economic attaches of the Iranian embassy in Paris, economic experts from Paris district and some representatives from the French private sector.
The event was a part of Iran- France economic forum and meetings between Iranian and French companies organized by Issy-les-Moulineaux Municipality, economic hub of west Paris and Iran-France Technical Cooperation Agency (ACTIF).
The second session of this meeting will be consequently held in France with participation of Iranian and French companies.

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Kazakhstan to develop banking ties with Iran

News ID: 3922215 - Fri 3 March 2017 - 23:47

Economy

TEHRAN, Mar. 03 (MNA) – The Vice-Governor of Iran’s Central Bank for Foreign Exchange Affairs, Gholamali Kamyab, met with Kassymbek, the Kazakh Minister of Investment and Development on Thursday in Astana.

Gholamali Kamyab, the Vice-Governor of Iran’s Central Bank for Foreign Exchange Affairs, who is visiting Kazakh capital city of Astana, met with Zhenis Mahmudovich Kassymbek, the Minister of Investment and Development of the Republic of Kazakhstan on Thursday. The two sides stressed on developing banking cooperation between the two countries.

During the meeting, Mr. Kassymbek described the Islamic Republic of Iran as a strategic partner of the Republic of Kazakhstan and underlined the will to remove the barriers obstructing development of bilateral ties especially in the areas of economy, trade, and banking.

Mr. Kamyab, who made the trip to Astana after the invitation of the Kazakhs, stressed on devising ways to expand bilateral relations in areas of trade and currency transactions. He also highlighted the importance of doing banking balances in trade via the national currencies of the two countries.

The two sides agreed to follow up the proposals made and the solutions offered in the meeting through a joint commission of experts and banking officials from both countries.         

Also, in the recent visit of President Rouhani to Astana in January, the two president agreed to eliminate the obstacles ahead of banking relation between the two countries.

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Tehran, Tokyo launch €2bn oil talks

News ID: 3922478 - Sat 4 March 2017 - 10:39

Economy

TEHRAN, Mar. 04 (MNA) – An NIORDC official has reported on talks between Iran and Japan over implementation of a two-billion-euro project for upgrading Abadan Oil Refinery.

Managing Director of Abadan Oil Refinery Company Esfandiar Daemolzekr informed reportes about the latest development status of and the plan to reduce fuel oil production in the oldest oil refinery of the Middle East saying “in partnership with China’s Sinopec, the plan to equip, develop and upgrade Abadan refinery will kick off as of the new Iranian calendar year (to begin March 21).”

The official recalled that the second development contract was inked with the Chinese side following implementation of the Joint Comprehensive Plan of Action (JCPOA) asserting “the initiative aims to boost profitability and reduce fuel oil production form the current 40% to less than 20 per cent.”

He emphasized that the refinery project required three billion dollars of investment adding “desalination units and those for purification of diesel and kerosene will be also expanded.”

On the third development phase of Abadan refinery, Daemolzekr said about 40 per cent of crude oil is currently turned into fuel oil due to ageing distillation units though reduction of fuel oil output has been put on the agenda.

He underlined that 8000 jobs will be created during five years of developing phase two of the Iranian refinery highlighting that for expansion of Abadan complex phase 4, talks are underway with a Japanese firm and a contract will be inked soon.

He referred to the held negotiations with Japan’s JGC JGC Corporation Engineering company for carrying out the fourth development phase of Abadan Oil Refinery maintaining “the project will require nearly two billion euros of financing and it will reduce fuel oil output to less than 10 per cent.”

The official at National Iranian Oil Refining and Distribution Company (NIORDC) went on to stress that Abadan Oil Refinery began operation about 107 years ago with an initial output of 2700 barrels though its production figure has fluctuated over years.

“The refinery is currently supplying 25 per cent of the country’s gasoline demand,” noted Daemolzekr concluding “Abadan Oil Refinery is presently yielding seven million liters of Euro-4 gasoline and 100LL avgas per day.”

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Euro? Nice!

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Asenior lawmaker has criticized the latest public statement issued by the Financial Action Task Force concerning Iran, saying it would be "unacceptable" for the country to stay on the organization's blacklist.

"The conditions of FATF action plan have been defined, but if they reckon for any reason that Iran is not cooperating and put the country on its blacklist again, it would be unacceptable," Mohammad Reza Pour-Ebrahimi, who heads the Majlis Economic Commission, was quoted as saying by IBENA.

The intergovernmental FATF, which is the global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT), issued a public statement on February 24.

It noted that in June 2016, it welcomed Iran's adoption of and high-level political commitment to an action plan to address its strategic AML/CFT deficiencies and its decision to seek technical assistance in the plan's implementation.

This led to the suspension of countermeasures for 12 months to monitor Iran's progress in implementing the action plan, but "if the FATF determines that Iran has not demonstrated sufficient progress in implementing the action plan at the end of that period, FATF’s call for counter-measures will be reimposed".

However, "If Iran meets its commitments under the action plan in this period, FATF will consider next steps in this regard".

Pour-Ebrahimi said "if FATF wishes to threaten Iran, it will be illogical and unacceptable".

He added that if the organization continues to treat Iran in this manner, the parliament would likely decree that the country must end its cooperation with FATF.

In its public statement, the organization points out that "until Iran implements the measures required to address the deficiencies identified in the Action Plan, FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system".

The body, therefore, has called on its members to continue to advise their financial institutions to apply "enhanced due diligence" to business relationships and transactions with natural and legal persons from Iran.

While the task force has urged Iran to fully address its AML/CFT deficiencies, "in particular those related to terrorist financing", Pour-Ebrahimi said measures undertaken by the country in line with these values are still underway "with a clear procedure and are being followed up ".

Recent Progress

Iran has always taken effective measures to combat financial corruption, the official said, pointing to approved AML/CFT measures.

Hossein Qazavi, deputy economy minister for banking and insurance, had noted last week that Iran is still considered a non-cooperative country or territory by the organization because of "political factors".  

"Countries at odds with Iran have surely tried to ensure that it remains on the list," he had said. "But it is necessary that with the same firm language, we should inform them about our anti-money laundering and counter-terrorism financing infrastructures."

The Ministry of Economy recently published a report on the country's interactions with the task force at the time, 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.

In its latest report on Iran's economy this week, the International Monetary Fund acknowledged that Iran has made progress in strengthening the AML/CFT framework.

In March 2016, the Iranian Parliament adopted a CFT law and expressed a high-level political commitment to implement an action plan. Iranian authorities have requested a fund assessment of the AML/CFT regime against the FATF standards, which will take place late 2018. They also became an observer to the Eurasian AML/CFT group.

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Many countries have dispatched economic delegations to explore the Iranian market after Iran’s nuclear agreement with world powers.

Iran’s moderate forces—a coalition of progressive politicians, intellectuals and pragmatic conservatives, headed by President Hassan Rouhani, which advocates reintegrating Iran into the global market—are encouraging foreign partners and investors to invest in Iran, reads a report published by American bimonthly magazine The National Interest. Excerpts follow:

Both Iran and international companies harbor doubts about economic rapprochement and foreign direct investment. Although similar concerns exist in economic relations between investors and investees in any other country, they have unique characteristics in Iran.

First, interest groups that control the pulse of Iran’s economy are wary of foreign investment. They believe that, when foreign investment occurs, foreign businesses will access capital, rivals will be excluded and, given the weakness of domestic competition, foreign investors may achieve a local monopoly, consequently leading to a loss of these interest groups’ power and position.

In other words, they argue that giving more access to foreign firms will lead to a loss in terms of both their economic independence and their political power.

Secondly, interest groups fear that foreign investors may pull out in times of crisis, leaving the country vulnerable. A clear example of this was when countries and individual companies recently steered clear of business with Iran after a threat of US sanctions. As a result, a stream of major international corporations announced a departure from the Iranian market.

For instance, the French company Total withdrew from developing the South Pars Gas Field. China National Petroleum Corporation replaced the French company. However, after two years of delays in starting development at South Pars, CNPC pulled out as well, and withdrew all its experts and workers from Iran’s Asaluyeh region.

Consequently, Iran lost $11 billion due to delays in gas extraction from South Pars. Other instances are Vitol and Trafigura, two key global oil brokers, as well as Total, Shell and British Petroleum, which stopped delivering refined gasoline to Iran. To many inside Iran, these examples confirm that Iran cannot rely on foreign investors.

On the other hand, foreign investors have their own fears and uncertainties. Although there are always risks when investors enter host countries, Iran poses unique risks.

First, foreign investors do not know who they are dealing with. They are uncertain whether they are negotiating with a trustworthy party—to maximize the safety of their investments—or a faulty one.

Second, as some economic analysts suggest, investing in a country with Iran’s political and economic system is not as simple as doing so in a western country. The Iranian economy is riddled with conflicting interests, they say, and those in power are typically interested in obtaining foreign capital without giving up power.

Third, the prospect of new sanctions could also scare off foreign investors. Even if the United States were to waive nuclear-related sanctions, which is unthinkable under US President Donald Trump, non-American companies that seek to do business in Iran run the risk of incurring significant penalties if they inadvertently violate other US sanctions (such as sanctions for ballistic-missile tests,) that remain in effect.

Companies that deal with Iranian designated entities could be cut off from US banks, or would be barred from doing business in the United States—a significant risk to international firms whose investment Tehran hopes to attract.

Moreover, Iran has started working on replacing the traditional “buyback contract” scheme, which offered international companies investment opportunities in the energy sector over short periods in return for a fixed amount of production, with the new “integrated petroleum contract” model, which would entitle foreign investor to a percentage share of oil production.

Economic analysts doubt whether this approach would attract foreign investors, because if the price of oil falls, investors’ losses will be huge.

Last but not least is Iran’s foreign-investment law. Attracting foreign investment, like all other economic activities, entails regulations to facilitate entry and retention. For example, Qatar offers loans of up to 50% without interest for foreign investors, while Turkey offers tax cuts for foreign investors.

In Iran, however, there is no exemption for foreign investors in excess of what is already given to domestic business. Even Iran’s Constitution stipulates that foreigners cannot receive more concessions than locals. The country has passed several laws to protect international investment.

Due to its rich natural resources and growing consumer market, Iran is a very tempting country for foreign investors.

However, as institutional theory points out, “companies make their strategic choices based on the interaction between institutions and the organization itself, and attempt to obtain institutional legitimacy in terms of the host country’s rules and regulations”.

To minimize obstacles on the road to foreign investment in Iran, a joint effort is needed to remove causes of mutual concerns.

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The Iranian National Tax Administration collected 720 trillion rials (over $19 billion) in tax during the 11 months to February 18, registering a 26% increase compared with the corresponding period of last year, according to INTA Chairman Kamel Taqavinejad. “The figure meets 90% of the revenues we had projected for the current Iranian year (March 2016-17),” the official was quoted as saying by IRNA. The budget for the upcoming Iranian year (starting March 21, 2017) projects that the government will earn 1.13 quadrillion rials ($29.89 billion) from taxation, which is 21% more than the current year’s figure.

 

big increase for the new financial year...21%

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aturday, March 04, 2017

No EU Market Access for UK Banks After Brexit

 

UK banks trying to keep access to European Union markets after Brexit will have to set up full-scale operations in the bloc, European Central Bank Executive Board member Sabine Lautenschlaeger said.

“I do not see the ECB issuing banking licenses to empty shell companies,” she said in a speech at the London School of Economics on Thursday, Bloomberg reported.

“I would certainly not accept banks’ booking all exposures with the euro area entity while having their risk management and internal control systems outside the euro area.”

The remarks give further insight into the ECB’s thinking about how to cope with regulation when Britain leaves the European Union. Lautenschlaeger said the UK banks would lose so-called passporting rights in the case of hard Brexit, in which Britain withdraws from the single market for goods and services as well as the political elements of the EU.

When asked what would constitute a shell company, Lautenschlaeger told reporters after the event that it would be evaluated on a case-by-case basis.

Lautenschlager said she wouldn’t accept a “race to the bottom” in supervision and regulation after Brexit, echoing remarks last month by Bundesbank Executive Board member Andreas Dombret.

“Securing continuous market access will be the most pressing issue for UK banks—there’s no doubt about that,” Lautenschlaeger said in the speech. “We know that some of them have already started to address this issue. And yes, time is of the essence.”

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Iraqi vice-speaker, Iranian MPs discuss bilateral ties in Baghdad- 6 hours ago

Zarif: Iran, commonwealth countries can establish world energy capital- 6 hours ago

Pakistan-Iran brotherly ties can never be compromised at any cost: Army Chief- 7 hours ago

US not in a position to assess countries' human rights status: FM spox- 7 hours ago

Comdr: World admits Iran's military power- 8 hours ago

All News

March 04, 2017

 

 

 

 

 

Code: 82451586 (5867421) | Date: 04/03/2017 | Time: 13:37|

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Oil MoUs to turn into agreements in months: Oil official

Tehran, March 4, IRNA – A senior oil official announced that Iran’s oil MoUs with the international companies will turn into agreements in the Iranian month of Khordad (May 21, June 20, 2017)

 

Amir Hossein Zamaninia, deputy petroleum minister for international affairs made the remarks at a national ceremony on Saturday, saying Iran has inked 25 oil MoUs with the international companies. 

Speaking at the national ceremony on the Joint Comprehensive Plan of Action (JCPOA) and the Economy of Resistance, Zamaninia said the European Union (EU) foreign policy chief Federica Mogherini has recently declared that the new US administration will be fully committed to the JCPOA.

“I was reassured by what I heard in my meetings on the intention to stick to the full and strict implementation of the agreement in all its part,” France 24 quoted Mogherini as speaking to reporters during her first visit to Washington on Feb 10 since the new US President Donald Trump took office.

So, the oil official added, there would be no major problem in the areas of oil and gas. 

Talking of Iran’s oil exports, the official said the exports of the country’s oil and gas condensate will go up to over 2.630 million barrels per day.

After the July 2015 JCPOA, exports of Iran’s oil doubled and the income earned from the country’s oil exports and gas condensate has been about 34 billion dollars during March 20, 2016, up to now.

Iran’s international oil MoUs are valued at about 80 to 85 billion dollars after being turned into agreements, Zamaninia noted. 

About cooperation with Total, the official said the French oil and gas company has made about 20-million-dollar investment in Iran in recent months.

Total, he went on to say, is making its projects ready to be operational in Iran.

Zamaninia concluded his remarks by pointing to gas exports to Iraq, saying the value of Iran’s gas exports to that neighboring country will be 1.4 billion dollars in a year.

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me: 20:28|

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Minister: Iran ready to purchase shares of South African refineries

Tehran, March 4, IRNA -- Petroleum Minister Bijan Zangeneh on Saturday expressed Iran’s readiness to purchase shares of South African refineries.

 

Speaking to reporters after a meeting in Tehran with South African Energy Minister Tina Joemat-Pettersson, Zangeneh said that Iran’s plan to purchase the shares of South African refineries is aimed at guaranteeing long-term oil exports to the country.  

Iran’s conditions are not proper enough for making investments in new projects abroad, but purchasing shares can be put on the agenda, the minister said. 

He, however, noted that purchasing shares should be made by the private sector with the help of National Development Fund. 

Zangeneh said that National Iranian Oil Company and National Iranian Oil Refining and Distribution Company should not be involved in this process.  

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- 3 hours ago

Minister: Iran ready to purchase shares of South African refineries- 3 hours ago

Official: US unauthorized to talk about human rights issues- 3 hours ago

AEOI spokesman: Iran capable of producing power plant fuel- 3 hours ago

Zarif: Iran keen to broaden trade ties with Sri Lanka- 5 hours ago

Iraqi vice-speaker, Iranian MPs discuss bilateral ties in Baghdad- 6 hours ago

Zarif: Iran, commonwealth countries can establish world energy capital- 6 hours ago

Pakistan-Iran brotherly ties can never be compromised at any cost: Army Chief- 7 hours ago

US not in a position to assess countries' human rights status: FM spox- 7 hours ago

Comdr: World admits Iran's military power- 8 hours ago

All News

March 04, 2017

 

 

 

 

 

Code: 82452088 (5868225) | Date: 04/03/2017 | Time: 18:39|

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Zarif: Iran keen to broaden trade ties with Sri Lanka

Tehran, March 4, IRNA – Foreign Minister Mohammad Javad Zarif said on Saturday that Iran's private companies are interested in the expansion of trade exchanges with Sri Lanka.

 

Speaking during a meeting in Tehran with Sri Lankan Parliament Speaker Karu Jayasuriya, Zarif said that the Iranian companies are ready to make investments in technical and engineering sectors of Sri Lanka.  

Referring to longstanding relations between the two countries, the Iranian foreign minister called for further enhancement of relations between Iran and Sri Lanka in different political, parliamentary and economic areas. 

The Sri Lankan parliament speaker, for his part, said that the lifting of the western sanctions on Tehran has paved the way for further improvement of relations between the two countries. 

Jayasuriya said that his country is eager to promote relations with Tehran in all areas. 

The two sides also discussed transfer of technology, exports of Iranian oil to Sri Lanka, agricultural cooperation as well as cooperation in international bodies.  

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State Bank of Pakistan, Central Bank of Iran soon to sign agreement: Pakistan

Islamabad, March 4, IRNA – Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra says Pakistan government has approved an agreement between the SBP and Central Bank of Iran (CBI) that would soon be formally signed, Pakistan's state news agency APP reports.

 

He said the agreement would allow Pakistani and Iranian exporters to settle their claims through the State Bank of Pakistan and Central Bank of Iran, respectively.

He was speaking at Lahore Chamber of Commerce & Industry (LCCI).

The SBP Governor said, “Trade with Iran is very close to my heart. I am pursuing since my appointment without wasting any moment”.

The agreement between the State Bank of Pakistan and Central Bank of Iran would help boost mutual trade volume, he added.

Speaking on the occasion, LCCI President Abdul Basit called for establishment of banking channels between Pakistan and Iran to ensure documented trade.

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State Bank of Pakistan, Central Bank of Iran soon to sign agreement: Pakistan

Islamabad, March 4, IRNA – Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra says Pakistan government has approved an agreement between the SBP and Central Bank of Iran (CBI) that would soon be formally signed, Pakistan's state news agency APP reports.

 

He said the agreement would allow Pakistani and Iranian exporters to settle their claims through the State Bank of Pakistan and Central Bank of Iran, respectively.

He was speaking at Lahore Chamber of Commerce & Industry (LCCI).

The SBP Governor said, “Trade with Iran is very close to my heart. I am pursuing since my appointment without wasting any moment”.

The agreement between the State Bank of Pakistan and Central Bank of Iran would help boost mutual trade volume, he added.

Speaking on the occasion, LCCI President Abdul Basit called for establishment of banking channels between Pakistan and Iran to ensure documented trade.