News

		German chemical firms first to fund Iran petchem projects 2016/feb/2
		Managing director of Iran”s National Petrochemical Company (NPC) said two leading German chemical companies have expressed their readiness to invest €4 billion-€8 billion in petrochemical projects making Germany the first post-sanctions partner of the sector in Iran Abbas Sha”ri-Moqaddam said the two firms are yet to finalize the amount of investments in Iran but are currently conducting studies on investment potentials in Iran”s petrochemical sector, Shana reported. He said NPC is in talks with investors from Germany, Spain, Japan and Italy, adding that foreign investors are waiting for the finalization of feedstock pricing formula and the full implementation of the Join Comprehensive Plan Of Action (JCPOA). "With the acquisition of land, the two German firms will start building petrochemical plants in Assaluyeh, south of Iran," the NPC chief added. Iran has dozens of incomplete petrochemical projects which, once operational, will double the country”s current annual petrochemical production capacity of 60 million tons.


2016/feb/2

		Austrian bank to reopen Tehran office 2016/feb/2
		A member of Austria”s Raiffeisen Bank International (RBI) board of directors said the banking group plans to reopen its office in the Iranian capital in the wake of the recent termination of anti-Tehran sanctions. RBI is in “intensive talks” with Iranian banks to re-launch its office in Tehran as soon as possible, Peter Lennkh told the Austrian newspaper Wirtschaftsblatt, Reuters reported on Monday. He added that Iran must first rejoin the international system, which can take months. RBI is the only Austrian bank with a presence in both the world”s financial centers and via branches and representative offices in Asia — the group”s geographical area of focus. In total, more than 54,500 employees service 14.8 million customers through over 2,850 business outlets, the great majority of which are located in Central and Eastern Europe. The move by the Austrian bank came after the implementation of a nuclear deal between Tehran and world powers was officially started on January 16. Based on the agreement, which was finalized in July 2015, all nuclear-related anti-Iran sanctions were removed.


2016/feb/2

		Iran, Italy to set up joint mining company 2016/Jan/31
		Iran and Italy plan to set up a joint mining company in the port city of Chabahar, in Sistan-Baluchestan Province, a senior trade official announced on Saturday. "A contract worth $2 billion has been signed between Iran”s IMIDRO and Italy”s Danieli mining companies to establish a mining enterprise named Persian Metallic with 60 and 40 percent of investment respectively," Chairman of the Iran-Italy Joint Chamber of Commerce Ahmad Fallahpour said, reported Fars News Agency. According to him, the company will have its headquarters in the southern Iranian port city of Chabahar. Iran and Italy signed trade deals worth billions of dollars last Monday during President Hassan Rouhani”s visit to Europe to rebuild his nation”s ties with the West after the sanctions. The two sides signed deals valued at up to €17 billion ($18.4 billion) in the energy, infrastructure, steel, shipbuilding, mining, agriculture, modern technologies, travel and tourism sectors. Among the deals struck were a pipeline contract worth between $4 billion and $5 billion for oil services group Saipem, up to €5.7 billion in contracts for Italian steel firm Danieli, and up to €4 billion of business for infrastructure firm Condotte d”Acqua.


2016/Jan/31

		Iran, France to cooperate on ports, exchange of container 2016/Jan/31
		Managing Director of Iran Shipping Organization said on Saturday that the deal signed between the Iranian institute and French shipping company CMA-CGM will help promote mutual cooperation in the field of sea transport. According to the organizations” Public Relations Department, Mohammad Saeedi said that based the deal, the two countries will cooperate in the field of sharing information between the vessels. The deal was signed by Saeedi and Managing Director of CMA-CGM Jacques R. Saadé on the sidelines of President Hassan Rouhani”s visit to France. Rouhani and his accompanying delegation”s visit to Italy and France took place from January 25-29. Establishing joint services in different international routes and exchanging containers on the ports which will be beneficial for both sides are among the other areas of cooperation between the two companies, he said. Rouhani returned home Friday morning at the end of his 5-day official visit to Italy, France and Vatican. (irna)


2016/Jan/31

		$50b investment by 2021 anticipated 2016/Jan/31
		The sixth five-year national development plan, which ends in 2021, has envisaged some $50 billion investment in the country, said Mohammad Baqer Nobakht, the government spokesman as well as the head of the Management and Planning Organization. Based on the plan, $12 billion in foreign direct investment, $20 billion in finance, and $18 billion in joint investment would be made in the country, Khabaronline reported. Gross domestic product is projected to rise from currently 2.12 quadrillion rials (about $60 billion) to 3.12 quadrillion rials (about $90 billion) in the final year of the plan, he said, adding, “Annual economic growth of 8 percent, job creation, and single-digit inflation are the most important objectives of the plan.” Meanwhile, the inflation rate, which is currently around 12.4 percent, is projected to fall to 8.9 percent in 2021, he noted. The plan has also seen the unemployment rate to decline from 10.7 percent to 7 percent, the official said. The sixth five-year national development plan comprises of 80 provisions and is based on three pillars: resistance economy, progress in science and technology, and cultural excellence. Resistance economy is a notion introduced by the Supreme Leader. It stresses minimum reliance on foreign resources in running the country in order to reduce the country”s vulnerability in the face of foreign threats


2016/Jan/31