Economic Business News

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Bartholomew Lloyd
6 years ago
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1 No. 46 Economic Business News Repsol, Shell Renegotiating Iran Gas Deal Spain's biggest oil group, Repsol, and British-Dutch peer Royal Dutch Shell are renegotiating their participation in a multi-billion dollar natural gas project in Iran, a Repsol source has said. "Repsol and Shell are currently negotiating with the government a change" in their participation in the development of the project at Iran's huge South Pars gas field, she told AFP on Monday. Japanese TV: India Defies US over Gas Cooperation with Iran Japanese National Television reported that Iran and India sustain their joint efforts at reaching an agreement over the construction of gas pipeline despite US pressures. In his meeting with Indian Prime Minister, President Ahmadinejad stressed both countries commitment in bilateral cooperation in the area of energy. Swiss President: Iran, Europe s Major Trade Partner The Swiss president has announced that he will support the gas deal between Iran and Switzerland ignoring the U.S. pressure to discourage his country from entering into the deal. Pascal Couchepin underlined that Iran is rich of oil and gas reserves and is regarded as one of the major economic partners of the European countries and Switzerland is not an exception.

2 Italy, Iran s Biggest Trade Partner with 6 billion Euros Italy's Prime Minister Romano Prodi has said that Italy is Iran's biggest European trading partner. Prodi (68) made the disclosure during an interview with the New Delhi-based English daily The Hindu. Iranian Autos Export to 39 Countries The managing director of Iran Khodro, a leading auto manufacturing group, announced that the new model of Peugeot 206SD sedans will be exported to 39 countries including Russia, Turkey and Algeria. Moghan Exploration Contract Signed, 141 million Euros INA-INDUSTRIJA NAFTE, d.d. signed in Teheran an exploration contract with the National Iranian Oil Company (NIOC) for exploration on the Moghan 2 block in Iran worth of 141 million Euros. The contract was awarded after the NIOC's invitation to tender for exploration and development of 17 exploration blocks. INA-INDUSTRIJA NAFTE, d.d. submitted its tender for one block, Moghan-2. Iran Invests US$ One Billion in Sri Lankan Oil Refinery Projects Iran will increase its investment in the expansion project of an oil refinery in Sri Lanka up to US$ one billion, Petroleum and Petroleum Resources Development Minister A.H.M. Fowzie said. Imam Khomeini International Airport Capacity Up 6.5 million passengers The newly-built Imam Khomeini International Airport, the largest in Iran, sprawls over an area of 13,500 hectares. Presently the airport has the capacity to handle 6.5 million passengers per annum, and 3 million people have useed the airport by March 19. Given the eight percent growth in flights, it is estimated that IKIA will have moved five million passengers by March 2009.

3 US Companies Defy US Sanctions President George W. Bush's campaign to turn Iran into an economic pariah is being rebuffed from Spain to Malaysia as countries and companies pursue longterm agreements to tap into the world's second-largest reserves of oil and gas. Iran, Oman to Sign US$ 7 billion Gas Deal Iran and Oman signed a deal on Monday to jointly develop the Kish gas field in the Persian Gulf, Iran's Mehr News Agency said. 'The document signed on the joint investment for the development and exploitation of this gas field is valued at $7 billion which can rise up to $12 billion,' Iran's first vice president, Parviz Davoudi, was quoted as saying after the signing ceremony in Tehran. Shanghai Hosts Investment Opportunities in Iran Conference Managing Director of National Petrochemical Company Mohammad Hadi Rahbari said on Saturday that Iran s petrochemical exports to China are expected to reach one billion dollars during the current year. Rahbari, who is in China to attend the first seminar on Investment Opportunities in Iran in Shanghai, told IRNA that Iran s petrochemical exports to China stood at $90 million n 1998 and the figure increased to $700 million in It is expected to touch one-billion-dollar mark this year. Asian Development Bank Ready to Finance Peace Gas Pipeline Sources in Pakistan s Petroleum Ministry have claimed that the Asian Development Bank (ADB) has assured Islamabad to provide financing for materializing the billion dollars Iran-Pakistan-India (IPI) gas pipeline project. ADB country director Peter L Feden reportedly gave this assurance to Pakistan Petroleum Minister Khawaja Asif at a meeting last Friday, said the sources. 6 Foreign Banks to Open Branches in Iran

4 The secretary general of Central Bank of Iran (CBI), announced that six foreign banks will open branches in Iran. Mahmud Bahmani said the start off of these banks is being negotiated. There is no limitation for the banks presence in Iran, the official noted, voicing CBI s preparedness to cooperate with the banks. Land Sale Contract Signed with Chinese Overseas Technical Overseas Technical Service of China, a subsidiary to Chinese national Oil Company signed a land deal with Kish Free Trade Zone Organization in which a piece of land in an area of 20 thousand square meters in Industrial Town III in Persian Gulf Kish Island. Pak Prez Enters Talk with China on Iran Gas Pipeline Herald Tribune reported on the talks with Chinese by President Parviz Musharaf on the construction of the Iran-Pakistan gas and oil pipeline. He is quoted as stressing China s pressing energy needs and expressing his country s readiness to make that happen. Iran s GDP to reach US$ 41 billion Business Monitor Institute s report puts Iran s nominal GDP in 2007 at US$ 246 billion and 300 million which is expected to reach 41 billion by March 21, French Total: No reason to divest from Iran Total Middle East Deputy Director says there are currently no laws and regulations prohibiting them from investing in Iran. He further added that his company has a long term plan to stay in Iran. IranKhodro Receives Orders from French Peugeot Irankhodro public relations office said they have received 36 thousand orders for 206 SD from French Peugeot for export to 39 countries. He further added that

5 more 22 thousand 206 SDs were exported from Iran after receiving quality certificate from Peugeot. Iran s First Mobile Operator Among World s Top 30 Iran s First Mobile Operator is among the world s top 30 active mobile telephone operators with more than 24.5 million users, GSM reported. Iran s Mobile Communications Company is 7 th in the world and 1 st in the Middle East region with 16 million 290 thousand permanent simcard users. Iran to Build Petrochemical Unit in India Deputy Minister of Oil for Energy said last week Iran and India have signed a Memorandum of Understanding for joint petrochemical projects. An Acid Acetic producing unit will be constructed in India, according to the MoU. Iran NOC & Russian Gasprom Ink MoU National Iranian Oil Company announced yesterday they have signed an MoU with Russian Gasprom that covers an array of issues such cooperation in areas of expansion of oil and gas fields, investment and feasibility studies. ADFIAP Summit Tehran Declaration Association of Development Financing Institutions in Asia and Pacific members attending the 12th Extraordinary Meeting of the General Assembly on April 29, 2008 in Tehran, Iran, have approved the issuance of the Tehran Declaration that embodies their hopes and aspirations for the Association in the near term. Following are the pronouncements: Declaration No. 1 Innovation and Sustainability Declaration No. 2 Governance and Sustainable Development Declaration No. 3 Investing in the Environment Declaration No. 4 DFIs and Sustainable Investments Declaration No. 5 Research and Capacity-Building Iranian Export to Increase by US$ 5 billion

6 Exports from Iran will reach over US$ 5 billion by March 20, 2009, highest in a decade, Economist projects. It also proves the economic growth of 5.2 percent in the current year as a sign of ineffectiveness of US Sanctions on the country. 80% of Iran s Oil Reserves Remain Intact Deputy Oil Minister for International Affairs says 80 percent of Iran s explorable oil reserves has remained intact and only 20 percent is currently being tapped. German Industries Hit Most by Iran Sanctions Conservative German daily, Devolt, reported that Iran sanctions have hit machinery industries severely at 4 billion Euros. Most German companies have been replaced by Chinese in Iran. Iranian Tycoon Talks Highly of His Revenues from Home Investment New York Times reported that an Iranian expatriate s plan to build the first Disneyland in the Middle East in Persian Gulf s Kish Island. Hossein Sabet is the owner of 11 hotels in Europe and Canary Island. He has built this island's fanciest establishment, the Dariush Grand Hotel, modeled after the Persian capital of Persepolis, which dates from 500 B.C. He claims his Hotel in the Persian Gulf has out-profited his other hotels. Iran s 5 th Exporter of Oil to EU Iran is the fifth exporter of oil to European Union with 12 billion Euros preceded by Russia (64 billion), Norway (32 billion), Libya (21 billion), Saudi Arabia (13 billion). OGEC, A Possibility The Deputy Director of International Organization of Energy says establishing an Organization of Gas Producing Countries (OGEC) is a possibility yet he

7 mentions his organization would not enter international gas market in 10 years. Russia, Iran, Qatar, Venezuela, Algeria and Nigeria are to discuss the establishment of OGEC at the 7 th summit of gas exporting countries in Moscow. 13 b. Export of Industrial and Mineral Goods Iran has exported around more than 13 billion Euros of mineral and industrial goods in the year 2007 which is a growth of 16.4 percent compared to the similar period the previous year. Iranian Shipping Line on Japan White Sheet In its annual report, Tokyo MoU has put Iranian Shipping Line on its white sheet which means upgrading its standing 4 degrees. Iran s First Iodine Factory Opens Iranian Minister of Industries and Mines opened the country s first iodine factory with the annual production capacity of 65 tons. Iran is among the nine countries that produce iodine namely Russia, Japan, Indonesia, Chile, USA, Turkmenistan and Azerbaijan. Revenues at 30 billion from Southern Pars Gas Field Pars Special Energy Zone Director General has put the revenues from Southern Pars Gas Field at US$ 30 billion since the get-go. Tehran Gas Producing Countries Summit Awes West Moscow Times reported the summit of gas producing countries in Tehran to study ways to set up an OGEC as a blow to the West s policies vis-à-vis Iran. Other News (Cultural, Tourism, ) D8 Countries Enjoy Visa-free Entry

8 Vice President for Cultural Heritage, Handicrafts and Tourism says nationals of D8 countries can will Iran without visa for 15 days. Egypt, Turkey, Nigeria, Pakistan, Bangladesh, Indonesia, Malaysia, and Iran comprise D8. 96% World Saffron Produced in Iran Calling Saffron, the century s miracle, Japan University scholar says Iran, producing around 96 percent of the world s saffron, can be considered a proper replacement for China as the country limits herbal exports. He also added that Saffron can be used to treat MS patients. Consulate General of the I. R. of Iran

Comperative DTTs of Pakistan

Comperative DTTs of Pakistan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 S. No. COUNTRY CONTINENT Republic/Dem ocratic/kingdo m/sultanate P.E. BUSINESS PROFIT SHIPPING AIR TRANSPORT DIVIDEND INTEREST ROYALITIES