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No. 57 8 Mordad 1388- July 30, 2009
Economic – Business News
Economic – Business News
· Iran-China Sign US$ 2.2 billion Oil Rig Construction Contract A Chinese consortium has signed an oil rig construction contract with Iran worth US$ 2 billion and 200 million. Xinhua Heavy Industries, ZPMC and ADHK comprise the consortium. The deal was signed in Shanghai in which the Chinese have committed to building 10 offshore and land oil rigs to be completed y July 2010.
· Iran, China Plan to Increase Commercial Exchanges to US$ 28bln in 2009
The President of Iran-China Chamber of Commerce Assadollah Asgaroladi said with economic stability the two countries will grow the volume of commercial exchanges to over 28 billion dollars in 2009. Fifty to 60 percent of the total amount belongs to Iran including 40 percent nonoil export to China. According to Asgaroladi with economic stability in the country, Iran would be able to increase the volume to 50 billion dollars at the end of the Fifth Five-Year Development Plan (2010-2015) comprising 20 billion dollar nonoil goods. Meanwhile, he continued, Iran seeks establishing 5 commercial centers in Shanghai, Beijing, Xinjiang, Hong Kong and Guangzhou.
· Iranian Carpet Export on the rise, Official The Director of the National Carpet Center said the export of hand-knitted carpets has increased 4.2 percent in the first three months of the Persian Calendar year (March 21). The director further said Russia, Mainland China, Hong Kong and Lebanon are new export destinations of Iranian carpets.
· Export Promotion Bank to Open 55 Worldwide Branches Bank Tose’e Saderat Iran (Export Promotion Bank of Iran) is planning to open 55 branches around the world to facilitate exports from the country.
· US$ 700 million Foreign Investment Approved Head of Iran’s Investment and Economic and Technical Assistance Organization says US$ 700 million investment has been approved with 20 million of which already made in Iran in the first quarter of the Persian Calendar year (March 21).
· 40% Rise in Attendance for Construction Industry Expo Secretary General of Iran’s Central Cooperative Chamber says attendance for the 9th international construction industry exposition has increased 40 percent compared to the figure last year.
· Total Privatization of Petrochemical Sector Petrochemical Holdings with net value of US$ 1.8 billion will be listed by October 2009, said Deputy Minister of Oil. He further added that by the end of the current Persian Calendar year (March 21, 2010), the whole industry will be privatized.
· Iran-Azerbaijan-India-Russia Transport Corridor Iranian ambassador and Russian Deputy Minister of Transport agreed to establish a transport corridor connecting Iran and Russia to India and Azerbaijan known as “North-South Corridor”.
· Iran, World’s 10th Developing Nation: IMF International Monetary Fund in its latest report has recognized Iran as the 10th developing nation in the world with US$ 344 billion GDP.
· 46 Oil Fields in Caspian Sea Discovered Forty-six oil exploration fields have been identified in the Caspian Sea, eight of which ready for exploitation said Iranian Minister of Oil said.
· Iran among Top 8 Producers of Garden Fruits Iran is one of the eight top producers of garden fruits in the world, said Agricultural Jihad Ministry Spokesman.
· 6 Iranian Women to Attend Malaysia World Bank Training Course Service: Economy The head of Iran’s Businesswomen Council of Tehran Chamber of Commerce Fatemeh Moghimi said six members of the council are to be dispatched to Malaysia to attend World Bank training course which is to kick off August 4, 2009.
· Russia Keen to Implement Oil, Gas Projects in Iran Russia voiced eagerness to contribute a role in the implementation of oil and gas projects in Iran. Also In a meeting with Iranian ambassador to Moscow, Russian Minister of Energy, announced his country’s readiness to enter joint deals with Iran to handle development and energy projects in a third country.
· Business Monitor Report on Iran Auto Industry In its latest report, Business Monitor forecast Iran auto industry would produce 1.35 million cars by 2013.
· Economist: Iran GDP to Grow 18% in 4 years June 2009 report by Economist says Iran Gross Domestic Products will reach US$ 9580 by 2013, an increase of 184 percent from the current US$ 5190.
· Turkish PM Wants Iran in Nabucco Project Turkish Premier Tayyip Erdogan says his government wants Iran to sell gas to Europe through the planned Nabucco gas pipeline when conditions allow.
· 10 Power Plants to Privatize Minister of Finance and Economic Affairs Minister announced that the country is to enlist ten power companies in the stock market.
· Permanent Persian Carpet Showroom to Open in Russia Iran National Carpet Center is planning to open a permanent exhibition of exquisite hand-knitted Persian carpets in the Russian Capital. Russia is Iran’s 7th largest trade partner purchasing 5 percent of Iran’s exported goods and supplies the country with steel and nonferrous metals, wood and machinery.
· Iran to Cut Crude Exports Iranian Oil Minister Gholam Hossein Nozari announced that the country aims to reduce its crude oil exports as a way to hike export of other oil products, terming it the strategy of the Islamic Republic. Noting that Iran plans to become the biggest producer of petrochemical products in the region, Nozari reiterated that the country is capable of producing 4.3 mln barrels of crude oil per day.
· Iran to Launch Rial-Based LCs in Afghanistan Head of Iran's Chamber of Commerce, Industries and Mines Mohammad Nahavandian announced that the country has started opening Rial-based Letters of Credit (LCs) in Afghanistan in a bid to facilitate trade for Iranian businessmen."Based on the negotiations held with the Afghan commerce minister, it was decided that the obstacles in the way of Iranian investors' activity, specially for the transfer of credits and Bank exchanges, be removed through opening LCs in Rials and establishing a direct link (line of credit)," Nahavandian added.
· Tehran, Baghdad Sign MoUs on Energy Cooperation Iranian and Iraqi officials inked two Memoranda of Understanding on energy cooperation, including management of joint oil fields. "We seek to preserve interests of the two countries and to have win-win negotiations," Head of the National Iranian Oil Company (NIOC) Seifollah Jashnsaz said. Given the two countries' rich energy reserves and potentialities, they plan to develop their oil and gas sections in a 10-15-year period, Jashnsaz added. He described the long borders with Iraq a strategic opportunity for both countries, and reiterated there are 85 oil and gas fields in Iraq which should be developed in 10 years. Iran is able to present exploration, digging and some extra services to Iraq.
· Iran to Hold Int’l Hand-Made Carpet Show Late September The 18th international hand-woven carpet exhibition of Iran will be held at the Tehran Permanent International Fairgrounds on September 23-29. Iran National Carpet Center will be the host to the show which is aimed at publicizing Iranian exquisite carpet and developing exports of the product. INCC has invited over 100 major merchants and carpet dealers from 60 countries to attend the event. The 17th edition of the carpet show was attended by 414 domestic and 150 foreign companies from Russian, Germany, Norway, Belarus, China, France, Italy, the U.S., Lebanon, and the United Arab Emirates. Iranian hand woven carpets are acknowledged internationally and always remain in high demand due to their exclusive designs and excellent craftsmanship.
· Mineral Exports Leading Non-oil Exports Deputy Minister of Industries and Mines says mineral products with the value of US$ 4.7 billion ranked first in non-oil exports for the year 2008.
· Iran First in Oil and Gas Exploitation Oil Ministry says Iran has over the past 2 years stood number one in terms of exploitation of gas and oil fields in the world with 15 oil and gas fields discovered.
· 82% Rise in Khorasan Saffron Export The head of Khorasan Razavi Province Trade Organization says the first quarter of the Persian Calendar year (March 21) has seen a rise of 82 percent in the export of the indigenous saffron.
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