The Italian company of Carlo Maresca S.p.A. is to build a 50-megawatt solar power plant on the southern Iranian island of Qeshm due to its signed agreement with the Qeshm Free Zone Organization, ISNA reported on Sunday.

The deal was signed between Fabio Maresca, the chairman of the Italian company, and Hamidreza Mo’meni, the head of Qeshm Free Zone Organization, on the sidelines of Italian Prime Minister Matteo Renzi’s visit to Iran.

Underlining the new round of bilateral economic relations between Iran and Italy, Mo'meni noted that the government seeks to improve the southern island via expanding macro-economic activities there and reinforcing its infrastructure including construction of the intended solar power plant.

Maresca, for his part, vowed that his company will complete this project in eight months.

Heading a 250-strong political and economic delegation, Renzi arrived in Tehran in last Tuesday, making him the first Italian official in such capacity to visit Iran since 2001.

Parts of the delegation were Italian ministers of infrastructure and transport; economic development; and agriculture, food and forestry policies. Businessmen and personalities from Italy’s public and private sectors were also accompanying Renzi in the visit.

Representatives from Italy’s private sector signed several memoranda of understanding with their Iranian counterparts, boosting ties in various sectors including textile, oil, energy, steel, telecommunications, aviation, medicine, and etc.

Iran is poised to build new oil refineries and petrochemical plants, now that it has been freed from international sanctions. Experts warn that investing in the Middle Eastern country is still risky, in part due to sectarian tensions with neighbors such as Saudi Arabia. Yet companies are leery of another risk, too -- missing out on huge opportunities.

Yoshihiro Shigehisa

     JGC, Japan's leading plant builder, is one company looking at ways to capitalize on this potentially lucrative market. The Nikkei spoke with Yoshihiro Shigehisa, JGC group's chairman emeritus, about the business outlook in Iran.

Q: What are your expectations for post-sanctions Iran?

A: This is an opportunity to tap a big, promising market. Iran has one of the largest populations in the Middle East, with nearly 80 million people. It has said it will raise its crude oil output in two stages, by 1 million barrels a day. We pulled our employees out of the country because of the sanctions, but we plan to station one or two in Tehran by spring. We expect growing demand for plants, and we hope to strike some deals by the end of this year.

     There are opportunities for other Japanese businesses, not just ours. Due to the sanctions, the government has limited funds for new projects. For large endeavors, Tehran will seek to secure loans or work out other financial arrangements with its partners.

Q: Are you interested in other fields of business in Iran, besides the resource sector?

A: We want to invest in ways that will help the country to develop. Nothing has been decided yet, but we may consider investing in hospitals and agriculture, along with power plants.

Q: Earlier this year, Saudi Arabia cut diplomatic ties with Iran. Are you worried about the deepening religious conflict?

A: My sense is that the bilateral relationship will not deteriorate further. Falling crude oil prices are hitting both economies. They should be aware that this is not the time for them to confront each other.

     But it is also true that we should be cautious when making deals with Iran, to avoid compromising our relationship with Saudi Arabia. I recently visited a Saudi customer I have known for years. Although this customer might not welcome us doing business with Iran, the impression I got was that they would accept it. 

An official at KB Kookmin Bank said they are negotiating with major banks in Iran in order to be ready, just in case they will be able to do trade with Iranian counterparts using the yen or the euro. “We have also established a new team that will specifically work on the two countries’ trade-related issues,” the official said, Korea JoongAng Daily reported.  Moreover, the Korean government announced that it will do its best to help local companies and financiers enjoy doing business in Iran. Korean President, Park Geun-hye is in Iran accompanied by a large trade delegation.  “Major sanctions targeting Iran were lifted more than three months ago,” Choi Sang-mok, a vice finance minister, said at a meeting held with major companies and financiers. “But Korean companies entering the new market are not doing as well as they had expected.”

The Law on foreign investment in Iran under the name of “Foreign Investment Promotion and Protection Act” (FIPPA) was ratified by the parliament in 2002.

Some specific enhancements introduced by FIPPA for foreign investment in Iran can be outlined as follows:
1-Broader fields for involvement by foreign investors including in major infrastructure,
2-Broader definition given to foreign investment, covering all types of investments from FDI to different types of project financing methods including :Civil Participation, Buy –Back arrangements, Counter trade and various BOT schemes;
3-Streamlined and fast track investment licensing application and approval process;
4-Creation of a one stop shop called the “Center for foreign investment Services” at the organization for investment for focused and efficient support for foreign investment undertaking in Iran,
5-More flexibility and facilitated regulatory practices for the access of foreign investors to foreign exchange for capital transfer purpose

Law on Foreign Investment Promotion and Protection Act (English)

Application form to enjoy Foreign Investment and protection act in Iran  (FIPPA)

If you need Free Investment consultancy on investing in Iran Special Economic Zones please send your questions  to: This email address is being protected from spambots. You need JavaScript enabled to view it.  

Dear Esteemed politicians in all over the world

In the name of Humanity

I do not know who you are and where are you located. Please look following poem:

Human beings are members of a whole

          In creation of one essence and soul

Les êtres humains (les enfants d'Adam) sont les parties d'un corps

Ils sont issus de la même essence

             If one member is afflicted with pain           

            Other members uneasy will remain           

Lorsqu'une de ces parties est atteinte et souffre

Les autres ne peuvent trouver ni la paix ni le calme

            If you've no sympathy for human pain           

            The name of human you cannot retain          

Si la misère des autres te laisse indifférent

Et sans la moindre peine ! Alors

Il est impensable de t'appeler un être humain

The politician did not let us to know each other. Many years ago Iranian poet said this :

 We are not politician who play with words and deceive others. We are human beings. We have been created to respect each other, understand each other, and sympathize with your pain.

Human being has been suffered from many wars which only million people killed, many abandoned their country and many children become without parents.

Please look out all wars which have been happened in recent years in Iraq,Libya,Afghanistan ,Iran.

Who are victim of this war? The only answer is people.

Where is Georg Bush ,Saddam Hussein,Moammar Ghadafi and many others who make this war?

Many people in these countries killed, disabled.

Why we threaten each other with words, wars, technology, and weapon of mass destruction?

What is the fault of children in this unwanted war?

What is the fault of students in this unwanted war?

Please just for sake of our children and our future generation respects our difference in religion, culture.

Iranian people like to Interact with other different cultures .Please do not take serious some media fake stories .Iranian are kind.

Iran Despite Iran's rocky relations with the U.S., both Iranian president Mohamed Khatami^[26][27][28] and Supreme Leader Ali Khamenei condemned and denounced the attacks and the terrorists who carried out the attacks. Iranians who gathered for a soccer match in Tehran two days after the 9/11 attacks observed a moment of silence. There was also a candlelight vigil. Huge crowds attended candlelit vigils in Iran, and 60,000

Lukoil  company has expressed interest in re-entering the Iran market with the terms of the International Petroleum Contracts (IPCs), likely to be unveiled by October, the company’s CEO was quoted as saying to Iranian media.

 Vagit Alekperov added that Iran could also pass a law allowing foreign companies to invest in Iranian projects by the end of the year.

"Based on the latest meetings I had in Vienna during OPEC, it is around September or October this year. It is mostly agreed on, according to my information, but there are minor details left. But as a rule, those details are always where the problems hide," he added.

"We are working on studying Iran, there are territories that are attractive to us, there is preliminary agreement. But Iran today has no law allowing investors to invest in Iran's territory. It has been discussed for nearly three years now, we hope it will be passed at the end of this year, so that we could evaluate it and start working on it," Alekperov said.

"We have two memoranda on zones of interests that we're analyzing. At this point we're just analyzing the data. Of course we are interested in returning to the Anaran project that we used to work on with Statoil," he said.

Lukoil worked at Iran's gigantic onshore Anaran Block along with Norway's Statoil prior to international sanctions imposed on Tehran over its nuclear programme, the report said.

"We today consider exploration projects and projects that require rehabilitation — those that have been launched but haven't reached the planned production level. We are capable of investing today to increase those projects' [flow]," Alekperov said.

Maryam Mirzakhani, a Stanford University professor who was the first and only woman to win the prestigious Fields medal in mathematics, has died. She was 40.
 
Maryam Mirzakhani: 'The more I spent time on maths, the more excited I got'

Mirzakhani, who had breast cancer, died on Saturday, the university said. It did not indicate where she died.
In 2014, Mirzakhani was one of four winners of the Fields medal, which is presented every four years and is considered the mathematics equivalent of the Nobel prize. She was named for her work on complex geometry and dynamic systems.
“Mirzakhani specialized in theoretical mathematics that read like a foreign language by those outside of mathematics: moduli spaces, Teichmüller theory, hyperbolic geometry, Ergodic theory and symplectic geometry,” the Stanford press announcement said.
“Mastering these approaches allowed Mirzakhani to pursue her fascination for describing the geometric and dynamic complexities of curved surfaces spheres, doughnut shapes and even amoebas – in as great detail as possible.”
Her work had implications in fields ranging from cryptography to “the theoretical physics of how the universe came to exist”, the university said.
Mirzakhani was born in Tehran and studied there and at Harvard. She joined Stanford as a mathematics professor in 2008. Iran’s president, Hassan Rouhani, issued a statement praising Mirzakhani.
“The grievous passing of Maryam Mirzakhani, the eminent Iranian and world-renowned mathematician, is very much heart-rending,” Rouhani said in a message that was reported by the Tehran Times.
Iran’s foreign minister, Mohammad Javad Zarif, said her death pained all Iranians, the newspaper reported.
“The news of young Iranian genius and math professor Maryam Mirzakhani’s passing has brought a deep pang of sorrow to me and all Iranians who are proud of their eminent and distinguished scientists,” Zarif posted in Farsi on his Instagram account.
 
Fields Medals 2014: the maths of Avila, Bhargava, Hairer and Mirzakhani explained
Read more
“I do offer my heartfelt condolences upon the passing of this lady scientist to all Iranians worldwide, her grieving family and the scientific community.”
Mirzakhani originally dreamed of becoming a writer but then shifted to mathematics. When she was working, she would doodle on sheets of paper and scribble formulas on the edges of her drawings, leading her daughter to describe the work as painting, the Stanford statement said.
Mirzakhani once described her work as “like being lost in a jungle and trying to use all the knowledge that you can gather to come up with some new tricks, and with some luck you might find a way out”.
Stanford president Marc Tessier-Lavigne said Mirzakhani was a brilliant theorist who made enduring contributions and inspired thousands of women to pursue math and science.
Mirzakhani is survived by her husband, Jan Vondrák, and daughter, Anahita.

Maryam Mirzakhani has become the first woman to win the Fields Medal, the most prestigious prize in mathematics. Mirzakhani, 37, is of Iranian descent and completed her PhD at Harvard in 2004. Her thesis showed how to compute the Weil-Petersson volumes of moduli spaces of bordered Riemann surfaces. Her research interests include Teichmüller theory, hyperbolic geometry, ergodic theory, and symplectic geometry. She is currently professor of mathematics at Stanford University, and predominantly works on geometric structures on surfaces and their deformations.
What are some of your earliest memories of mathematics?

As a kid, I dreamt of becoming a writer. My most exciting pastime was reading novels; in fact, I would read anything I could find. I never thought I would pursue mathematics until my last year in high school. I grew up in a family with three siblings. My parents were always very supportive and encouraging. It was important for them that we have meaningful and satisfying professions, but they didn't care as much about success and achievement.

In many ways, it was a great environment for me, though these were hard times during the Iran-Iraq war. My older brother was the person who got me interested in science in general. He used to tell me what he learned in school. My first memory of mathematics is probably the time that he told me about the problem of adding numbers from 1 to 100. I think he had read in a popular science journal how Gauss solved this problem. The solution was quite fascinating for me. That was the first time I enjoyed a beautiful solution, though I couldn't find it myself.
What experiences and people were especially influential on your mathematical education?

I was very lucky in many ways. The war ended when I finished elementary school; I couldn't have had the great opportunities that I had if I had been born 10 years earlier. I went to a great high school in Tehran – Farzanegan – and had very good teachers. I met my friend Roya Beheshti during the first week of middle school. It is invaluable to have a friend who shares your interests, and it helps you stay motivated.

Our school was close to a street full of bookstores in Tehran. I remember how walking along this crowded street, and going to the bookstores, was so exciting for us. We couldn't skim through the books like people usually do here in a bookstore, so we would end up buying a lot of random books. Also, our school principal was a strong-willed woman who was willing to go a long way to provide us with the same opportunities as the boys' school.

Later, I got involved in Math Olympiads that made me think about harder problems. As a teenager, I enjoyed the challenge. But most importantly, I met many inspiring mathematicians and friends at Sharif University. The more I spent time on mathematics, the more excited I became.
Could you comment on the differences between mathematical education in Iran and in the US?
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Read more

It is hard for me to comment on this question since my experience here in the US is limited to a few universities, and I know very little about the high school education here. However, I should say that the education system in Iran is not the way people might imagine here. As a graduate student at Harvard, I had to explain quite a few times that I was allowed to attend a university as a woman in Iran. While it is true that boys and girls go to separate schools up to high school, this does not prevent them from participating say in the Olympiads or the summer camps.

But there are many differences: In Iran you choose your major before going to college, and there is a national entrance exam for universities. Also, at least in my class in college, we were more focused on problem-solving than on taking advanced courses.
What attracted you to the particular problems you have studied?

When I entered Harvard, my background was mostly combinatorics and algebra. I had always enjoyed complex analysis, but I didn't know much about it. In retrospect, I see that I was completely clueless. I needed to learn many subjects which most undergraduate students from good universities here know.

I started attending the informal seminar organized by Curt McMullen. Well, most of the time I couldn't understand a word of what the speaker was saying. But I could appreciate some of the comments by Curt. I was fascinated by how he could make things simple and elegant. So I started regularly asking him questions, and thinking about problems that came out of these illuminating discussions.

His encouragement was invaluable. Working with Curt had a great influence on me, though now I wish I had learned more from him. By the time I graduated I had a long list of raw ideas that I wanted to explore.
Can you describe your research in accessible terms? Does it have applications within other areas?

Most problems I work on are related to geometric structures on surfaces and their deformations. In particular, I am interested in understanding hyperbolic surfaces. Sometimes properties of a fixed hyperbolic surface can be better understood by studying the moduli space that parameterises all hyperbolic structures on a given topological surface.

These moduli spaces have rich geometries themselves, and arise in natural and important ways in differential, hyperbolic, and algebraic geometry. There are also connections with theoretical physics, topology, and combinatorics. I find it fascinating that you can look at the same problem from different perspectives and approach it using different methods.
What do you find most rewarding or productive?

Of course, the most rewarding part is the "Aha" moment, the excitement of discovery and enjoyment of understanding something new – the feeling of being on top of a hill and having a clear view. But most of the time, doing mathematics for me is like being on a long hike with no trail and no end in sight.

I find discussing mathematics with colleagues of different backgrounds one of the most productive ways of making progress.
What advice would you give those who would like to know more about mathematics – what it is, what its role in society has been, and so on?

This is a difficult question. I don't think that everyone should become a mathematician, but I do believe that many students don't give mathematics a real chance. I did poorly in math for a couple of years in middle school; I was just not interested in thinking about it. I can see that without being excited mathematics can look pointless and cold. The beauty of mathematics only shows itself to more patient followers.

Mittal Steel has signed a contract worth €1 billion to produce iron in southern Iran.


Global industrial giant Mittal Steel on Tuesday signed a contract worth €1 billion to produce iron in southern Iran.

The contract that has been signed with Mahan Industries and Mines Development Company – a subsidiary of Iran’s Tourism Financial Group – envisages extracting iron and the establishment of a processing plant in the country’s southern province of Kerman.     

Mahan has not specified which specific iron mine will be the subject of the deal with Mittal but it owns a major mine near Sirjan which is considered to be one of the largest in the country with a reservoir of about 1.2 billion tons.  The company last year won a deal to extract 24 million tons of iron from the same mine for 14 years.

Mittal Steel is also based on the same deal expected to take charge of managing Mahan’s Bonab steel production complex in northwestern Iran for a period of five years.

Located near Tabriz, the capital of East Azerbaijan province, Bonab complex has an annual production capacity of over 3.5 million tons and is considered the biggest private sector steel production project in Iran.

Tourism Financial Group – a major holding that controls a chain of banks, financial institutions, tourism enterprises and industrial firms – has announced in a statement that it expects the deal with Mittal to help transfer the technical knowledge in the steel industry to Iran.  

It has also said it expects the deal to help Iran export steel products to regional and international markets through partnership with Mittal.  

EU's high representative for foreign affairs, Federica Mogherini, said on Monday she will visit Iran next month to build on a deal she helped negotiate to end nuclear sanctions against Tehran. Mogherini last visited Iran in July shortly after world powers agreed to lift sanctions in return for Tehran accepting constraints on its nuclear program. "My next visit will take place on April 16," she said as she went into a meeting of EU foreign ministers in Brussels.

 Iran’s national digital banking document has been drafted, the deputy economy minister for banking and insurance, Abbas Memarnejad, said during a Post Bank meeting in Tehran.

“Today, the world focuses on digital banking rather than electronic banking and the document is based on smart economy,” he noted, IRNA reported on Wednesday.

Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet, he explained.

“There is no banking system but a banking ecosystem, which is possible through emerging technologies.”

Fintechs, startups and regulatory companies are the members of these banking ecosystem, he explained.

“In addition to new technologies, the new processing technologies also considered in digital banking.”

“We urged banks to announce their digital transformation mapping road according to which, we assess their services afterward,” he said.

The Iranian banks should provide their business plans according to digital banking system and provide services on smart phones, he added.

Digital transformation possible through banking, insurance

The digital transformation in businesses would be possible through banking and insurance systems, the information and communication technology (ICT) minister announced during the meeting.

Mohammad Javad Azari Jahromi said that the banks should invest in venture capitals (VC), which is very important in development of startup ecosystem and digital transformation.

The insurance companies should use the capacity of startups for their services.

“The insurance companies can provide different ranges of services to different startups which has different types of members,” he said.

According to fivedegrees.com, digital banking contains a full transformation to a digital environment — frontend and backend and anything in between — for both customers and employees. Digital banking relies on big data, analytics and embracing all new technologies to improve the customer’s experience. You will only be considered a digital bank if you have digitized all the functions you have — from product development to customer service.Iran’s national digital banking document has been drafted, the deputy economy minister for banking and insurance, Abbas Memarnejad, said during a Post Bank meeting in Tehran.

“Today, the world focuses on digital banking rather than electronic banking and the document is based on smart economy,” he noted, IRNA reported on Wednesday.

Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet, he explained.

“There is no banking system but a banking ecosystem, which is possible through emerging technologies.”

Fintechs, startups and regulatory companies are the members of these banking ecosystem, he explained.

“In addition to new technologies, the new processing technologies also considered in digital banking.”

“We urged banks to announce their digital transformation mapping road according to which, we assess their services afterward,” he said.

The Iranian banks should provide their business plans according to digital banking system and provide services on smart phones, he added.

Digital transformation possible through banking, insurance

The digital transformation in businesses would be possible through banking and insurance systems, the information and communication technology (ICT) minister announced during the meeting.

Mohammad Javad Azari Jahromi said that the banks should invest in venture capitals (VC), which is very important in development of startup ecosystem and digital transformation.

The insurance companies should use the capacity of startups for their services.

“The insurance companies can provide different ranges of services to different startups which has different types of members,” he said.

According to fivedegrees.com, digital banking contains a full transformation to a digital environment — frontend and backend and anything in between — for both customers and employees. Digital banking relies on big data, analytics and embracing all new technologies to improve the customer’s experience. You will only be considered a digital bank if you have digitized all the functions you have — from product development to customer service.

The head of Iran's petroleum contracts committee said on Thursday the government has approved a model for new contracts, but it was still being processed by a commission.
Asked when the final draft of the contract will be ready, Seyyed Mehdi Hosseini told an oil summit in Paris that the committee he chairs was hoping for June or July, Reuters reported.
"We are doing our best to do something in June or July," Hosseini said, adding that the Iranian government has approved the model for the new contract.
Hosseini later told reporters that bidding and negotiations for Iran's oilfields will start in June or July.
"The fields that will come for bidding are mostly big fields," he said, adding that some common fields it shares with other countries would also be open to bidding.
Hosseini added that the National Iranian Oil Company may also carry out negotiations for some individual projects.
One such project is Farzad-B Gas Field in the Persian Gulf. According to reports, India is close to securing development rights for develop Farzad-B, which has been excluded from the long list of Iran's oil and gas projects.
He invited international oil companies to "start sending their interests" on potential projects. Iran hopes to attract international oil companies to invest in its oil sector and boost production through the new contracts.
Iran also plans to hold a conference next month to unveil more details of its oil and gas projects under its new contractual framework.
The conference—a follow-up to an international event in Tehran last year—was scheduled to be held in London in February, but was postponed to May because of what Iranian officials blamed on: complications in getting visas.

Swedish Energy Minister Expected



Meanwhile ,Sweden's Energy Minister Ibrahim Baylan is slated to arrive in Tehran on Saturday to explore grounds for cooperation with Oil Minister Bijan Namdar Zanganeh. This will be the second and final leg of Baylan's Middle East tour after visiting Turkey earlier in the week. The ministers are expected to discuss energy efficiency programs, renewables and petrochemical projects and production of equipment and machinery in oil and gas industry, Shana reported. Another area of talks can be drilling projects in the Caspian Sea, a particular point of interest for Swedish firms who want to operate in Iran's energy industry after sanctions against it were dropped in January. Tehran and Stockholm took one of the first steps to expand energy cooperation in the post-sanctions era in a December meeting between Zanganeh and Sweden's Enterprise and Innovation Minister Mikael Damberg in Tehran. In a statement ahead of his trip to Tehran, Baylan said Sweden must remain a leader in climate change adaptation and help make it easier for other countries to improve the efficiency of their energy use.

Iran’s Naftiran Intertrade Company Sàrl (NICO) and France’s Total S.A. Company have agreed on sealing an oil swap deal.
Naftiran Intertrade Company Sàrl (NICO), a Swiss-based subsidiary of the National Iranian Oil Company (NIOC), and Total oil company of France have agreed on inking a deal to swap crude oil from Caspian Sea littoral states.

Following the earlier contract between Iran and Franc over exports of 160 to 200 thousand barrels of crude per day, an oil swap deal is also expected to be inked in near future.

In addition to Total, two other oil giants, Vitol of Switzerland and England’s BP (British Petroleum), have also held successful oil swap negotiations with Iran’s NIOC.

So far in the post-JCPOA era, Total has signed a contract to purchase 160 thousand barrels of Iranian crude per day, a confidentiality agreement for development of South Azadegan oilfield as well as a Memoranda of Understanding (MoU) to construct a petrochemical complex in southern Iran.

Hassan Bagherian, Director of the Tehran Department of the Iranian Oil Pipelines and Telecommunications Company, has recently told a press conference that the refinery is prepared for swapping oil with northern neighbors of Iran by building the adjoining facilities.

“the facility can swap over half a million barrels of oil to these countries as well as two other Iranian refineries on a daily basis,” underlined the official adding “Tehran Refinery is ready to receive oil feeds from Kazakhstan, Azerbaijan and Turkmenistan as Iran is planning oil swap with the countries.”

Hamidreza Shahdoust, a local Iranian Oil Terminals Company (IOTC) official in the city of northern city of Neka, had said earlier that Neka Oil Terminal enjoys a total storage capacity of 120 thousand barrels per day in its 12 tanks; “moreover, the project to increase oil swap capacity to 2.5 million barrels per day has kicked off,” he had noted.

Oil Minister Bijan Zanganeh, while pointing to Iran’s readiness for oil swap with Russia, had earlier noted “the Russian side has also voiced willingness for swapping a portion of its oil production through Iran’s route and relevant negotiations are underway.”

“The capacity exists for a maximum swap of 150 thousand oil barrels per day,” underlined Zanganeh stressing “the process would boost Iran’s market share since the replacement is delivered to customers in the Persian Gulf.”

A key player in Iran's energy sector, NICO is a general contractor for the oil and gas industry which also handles trading and swaps operations on behalf of NIOC.

Iran eyes swap arrangements with Azerbaijan, Turkmenistan, and Kazakhstan, under which it ships crude from the Central Asian producers to its Caspian ports. In exchange Iran delivers the equivalent barrels of crude on behalf of the three Central Asian producers to their customers in the Persian Gulf.

Director of the International Affairs Department of National Iranian Oil Company (NIOC), Mohsen Qamsari, said on Monday that Iran needs foreign investment in development of joint fields.


'Any delay in development of joint fields will leave irreparable damage on the country,' Qamsari said.

Minister of Petroleum Bijan Zanganeh briefed Majlis closed-door session on Sunday on new model of oil contracts.

He said that the Oil Ministry has taken to account 15 points the Supreme Leader required to observe in foreign contracts.

Experts warn that any delay in signing contracts for foreign investment will hinder development of joint fields and will help the neighboring states to plunder Iranian oil reserves.

Qamsari said oil industry needs 100 billion dollars to be channeled to development projects in the form of investment.

Iran’s oil exports to Spain have climbed by three million barrels per month upon signing short-term contracts with Cepsa, Respol as well as BP oil industry companies.

According to Mehr News agency The National Iranian Oil Company (NIOC) and Spain’s Repsol S.A. have inked an agreement to deploy a one-million-barrel shipment on a monthly basis turning Repsol into the second Spanish buyer of the Iranian crude after Cepsa.

The new contract, which follows an earlier one signed with Cepsa (Spanish Petroleum Company), had doubled Iran’s oil export volume to the European country.

In addition, NIOC has sealed a separate agreement with BP (British Petroleum) in the form of spot contracts to export a total of one million barrels per month.

Signing of three contracts to sell oil to Cepsa and Repsol of Spain and well as BP, the volume of Iran’s crude exports has tripled as compared with the figure during sanction years.

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyed Mohsen Ghamsari had earlier confirmed the talks with BP saying “in case of reaching an agreement, crude will be sold to BP in order to supply one of its refineries in South Africa or in other parts of the world.”

Deputy Oil Minister Roknodin Javadi had also noted that a separate round of talks has begun with the English company over oil sale resumption; “BP has so far expressed willingness to expand a number of Iran’s oil fields.”

On Iran’s new plans to construct refineries in foreign countries, Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi had underlined "we have proposed to construct crude oil refineries within the framework of equal shares and partnership in Spain"; “NIORDC mainly undertakes the technical feasibility and economic justifiability of the project while NIOC remains as the key decision maker.”

Austria’s Oberbank will sign a deal with the Central Bank of Iran (CBI) on September 21 to finance Austrian projects in Iran, the bank’s chief executive has said.

“I think we are the first European bank (to reach such an agreement),” Franz Gasselsberger told Reuters, adding that he was relying on information from the Iranian authorities.

“Evidently some Germans and Italians are also negotiating,” he said, adding that a Danish bank was also in talks. He declined to name any of those companies, but Denmark’s Danske Bank said in January that it was negotiating with the CBI.

Signing the deal at its headquarters in the city of Linz will make Oberbank, Austria’s seventh biggest lender, among the first European lenders to do so since sanctions were eased against Iran.

The Oberbank’s agreement with Iran covers projects by Austrian companies in Iran lasting more than two years, in areas that were previously under sanctions. Oberbank already finances exports to Iran in areas such as food, Gasselsberger said.

“We have very concrete projects in the fields of infrastructure, rail, health, hospital construction, factory building, photovoltaics, hydro power,” he added.

In a meeting with the former Iranian finance minister Ali Tayyebnia in Tehran on June 10, Austria’s Federal Minister of Finance Hans Jörg Schelling said that Oberbank would grant €1 billion for financing investment projects in Iran.

CBI Governor Valiollah Seif said in August that three European countries including Austria, Denmark and Italy are set to open €22 billion credit lines for financing projects in Iran which in addition to the €8-billion credit line to be secured by South Korea’s Eximbank the total value of loan deals will reach €30 billion after Iran’s nuclear accord in 2015.

South Korea’s Eximbank signed a deal with the Iranian banks in Seoul on August 25 to secure an €8-billion credit line for finance various projects in the Islamic Republic. It was Iran’s biggest loan deal since its nuclear deal and marked a new opening in attracting foreign investment to the country.

World Business Year prepared OFAC latest update of the FAQ's relating to the lifting of certain US sanctions on Iran.
Please find attached file

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The US Treasury Department’s Office of Foreign Assets Control on Thursday revised its Frequently Asked Questions guidance that concerns the reimposition of sanctions in the event of a sanctions snapback under the Joint Comprehensive Plan of Action.

The amended FAQs convey OFAC’s general view that should the US reimpose certain sanctions pursuant to a JCPOA snapback, the US government would provide a 180-day wind-down period for payments related to contracts entered into and executed during the JCPOA period.

In addition, OFAC also issued License J-1, which authorizes the temporary reexport of certain aircraft involved in code-sharing arrangements.

That guidance, in the form of two amended Frequently Asked Questions (M.4 and M.5), also clarifies that, "the United States will not retroactively impose sanctions for legitimate activity undertaken prior to any sanctions snapback."

The previous versions of FAQs acknowledged that the United States has historically made efforts to work with companies, both foreign and domestic, to minimize the impact of newly imposed (or re-invoked) sanctions on legitimate activities that companies undertook prior to the imposition of sanctions, but did not provide any assurance that this would take place in the event of a snapback under the JCPOA, stressing that OFAC would provide guidance at that time on its website.

Now, however, OFAC has amended the FAQs to state affirmatively that, consistent with this past practice, the US would provide a 180-day wind-down period following any potential sanctions snapback under the JCPOA.

In addition, if a non-US, non-Iranian entity has either provided goods or services, or extended credit to an Iranian entity prior to a JCPOA snapback, that party would be permitted to collect such payment, provided that no additional goods, services or loans were extended to Iranian entities following a JCPOA snapback.

Any such payments, of course, would still need to be fully compliant with US sanctions, and therefore would not be permitted to involve US persons or the US financial system—or, effectively, US dollars.

This grant of permission for non-US, non-Iranian companies, conducting business outside the United States, and in currencies other than the US dollar, provides some comfort to companies and banks engaged in high-value transactions that might be covered by reinstated secondary sanctions targeting particular sectors of the Iranian economy.

More consequentially, the amended FAQs also contain language applicable to US businesses that have reentered the Iranian market under the authorization of general or specific licenses issued by OFAC.

Any such entity would also be entitled to a similar 180-day wind-down period following any potential sanctions snapback under the JCPOA, which would necessarily revoke any licenses that had been issued in favor of those businesses.

In addition to the wind-down period, US businesses would be permitted to receive payments owed them under the terms of a written agreement, but would not  be entitled to deliver any additional goods or services, or extend additional loans or credit to an Iranian counterparty following a JCPOA snapback.

Any such conduct could result in the imposition of US sanctions against that US business.

Renewed Assurances

According to Jdsupra.com, OFAC’s decision to add language specifically calling for a wind-down period and subsequent permissibility of collecting payment from Iran entities is likely related to the coming change of administration in the United States.

As noted, the previous FAQs themselves recognized OFAC’s past practice of minimizing the immediate impact on permissible activities undertaken by non-sanctioned entities prior to the imposition of new sanctions programs.

Here, however, OFAC—or its superiors in the current administration—may have felt it necessary to attempt to embed this practice to provide reassurance to companies both in the United States and elsewhere that any policy changes with respect to the JCPOA after 20 January will not, notwithstanding heated campaign rhetoric and promises, completely ignore commercial realities to the detriment of those companies that acted in reliance on the international agreement and its implementation by the US and other countries.

It is not a coincidence that US Secretary of State John Kerry issued a statement on the same day that OFAC amended the FAQs announcing the United States’ continued commitment to the JCPOA and waiving the sanctions imposed under the newly renewed Iran Sanctions Act.

 An NIOC official announced that the existing oil export contract with Turkey’s largest refinery has been extended.

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari discussed the latest status of crude oil sales to Turkey in the post-sanction era saying “oil export deal with Tüpraş, Turkey’s largest refiner, has become extended.”

The official said the volume of oil exports to Turkey remains equal to that of the year 2015 asserting “negotiations have kicked off with the neighboring country over increasing the sales figure.”

Ghamsari emphasized that oil sales to Turkey might experience fluctuations for certain periods of time though the average amount remains constant in the long run; “in other words, each company might vary its consumption or production under different circumstances.”

“The average amount of crude exports to Turkey remains at about 100 thousand barrels per day,” underlined the official stressing “Turkish Petroleum Refineries Corporation, known as TÜPRAŞ, is capable of purchasing oil from various countries.”

NIOC executive director for international affairs recalled that the possibility exists for Turkey to buy crude oil from Iraq, Libya, Saudi Arabia as well as other countries; “nevertheless, the amount of cooperation between Iran and Turkey over oil sales remains at a satisfactory level.”

In 2015, Turkey imported a total of more than one million barrels of crude oil and other oil products per day.

The amount of Iraq’s crude sales to Turkey became twofold in 2015 to reach a total of 230 thousand barrels per day offering Iraq 43 per cent of Turkey’s oil market.

Iran managed to export a daily amount of 110 thousand oil barrels to Turkey in the previous year gaining a share of 22 per cent in the neighboring country’s market.

Countries like Saudi Arabia and Kazakhstan mark other large exporters of crude oil to Turkey.

Iran and Iraq have always had rivalry over development of joint fields and the removal of sanctions has triggered a fresh round of competitiveness between the two OPEC-member countries.

Oil Minister of Iran Bijan Namdar Zanganeh has reported on final talks with Turkey’s refineries over trebling the amount of oil exports in which case Iran’s crude sales to Turkey will increase from the current 100 thousand barrels to a total of 300 thousand barrels per day.

Qais Mohammad bin Yusuf, Oman's Minister of Trade, Industry and Investment met and talked with Seyyed Shamsuddin Hossein, the head of the Special Commission for Growth and Development of Production and Monitoring the Implementation of Article 44 of the Constitution of the Islamic Council, at noon (Monday, May 18).

At the beginning of this meeting, the head of the special commission for the jump and boom of production and the principle 44 of the Islamic Council assessed the closeness and strength of relations between FIMA as continuous and stable and said: "Iran and Oman have always had close cooperation and continuous relations with each other and all-out efforts The government and parliament of the two countries have led to the deepening and development of relations in the political and economic fields.

Hosseini pointed out: "The indicators of the cooperation between the two countries are moving forward, but the economic relations between the two countries have not progressed in accordance with the political relations, and the efforts of the two countries to improve the level of economic cooperation equal to the friendly and political relations are important."

The head of the Special Commission for Growth and Development of Production of the Islamic Council added in the continuation of this meeting: "The Islamic Republic of Iran is looking for convergence between regional and neighboring countries".

Referring to the developments in the region and Iran's cooperation agreement with some countries in the region, he said: "The Islamic Republic of Iran has always welcomed the development of cooperation with the Persian Gulf countries and the establishment of regional cooperation in the direction of peace and international stability."

Referring to the readiness of our country to cooperate with Oman in various fields, Hosseini pointed out: "Iran has made significant progress in various industrial fields such as energy, industry, medicine and medical equipment, and the field of technology, and the interaction with Oman in these fields has been successful. It will benefit both countries."

The representative of the people of Tunkabon and Ramsar in the Islamic Council called for the promotion of parliamentary relations, especially in the economic field, and considered the role of parliamentary interactions between Iran and Oman in strengthening the relations between the governments to be effective and to expand the parliamentary relations between the two countries. And he emphasized the readiness and support of the Islamic Council for the approval of the agreements signed by the governments of the two countries.

In this regard, he emphasized: "Parliamentary movements in the fields of joint and special commissions and chambers of commerce of the two countries will strengthen the level of bilateral relations."

Shamsuddin Hosseini stated the importance of improving the level of relations between Iran and Oman in line with the strategic goals and in the direction of advancing bilateral relations and supporting the government and people of the two countries and emphasized the need for the increasing development of economic cooperation.

Qais Mohammad bin Youssef, Minister of Trade, Industry and Investment of Oman, expressing his satisfaction with the warm reception he and his accompanying delegation received in the Islamic Council, called for the promotion of commercial and economic cooperation between Iran and Oman, and expressed hope that the level of bilateral relations in parliamentary affairs would improve. And the governments of the two countries should be strengthened even more.

By stating Iran's industrial, pharmaceutical and technological advances and achievements, he stated his country's serious determination to strengthen relations with Iran, and for the development of joint cooperation, he considered the industrial capacities of our country as a basis for promoting trade exchanges and deepening cooperation.

The Minister of Trade, Industry and Investment of Oman, while inviting the members of the Special Commission for Growth and Development of Production of the Islamic Council to Muscat, said: "Strengthening parliamentary relations and exchanges is the source of improving the level of commercial and economic relations and improving the level of interactions between the two countries. It will be opened between Oman and Iran.

It is worth mentioning that in addition to the president of the Chamber of Commerce and the Omani ambassador and the economic delegation of that country, Dr. Nouri Qazaljeh, Dr. Ali Akbar Karimi, Dr. Mohammad Rashidi, Dr. Reza Taqipour, other members of the commission were also present in this meeting.