World  Business and Economic Analysis 

Iran,

  • NICO, Total to sign oil swap contract

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    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.

  • NIOC official calls for foreign investment to develop joint fields


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    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.

  • NIOC, Repsol seal oil sale contract

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    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.”

  • Oberbank to ink deal with Iran on Sept. 21


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    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.

  • OFAC latest update of the FAQ's relating to the lifting of certain US sanctions on Iran

     

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    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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  • OFAC Provides Wind-Down Measure in Case of Snapback

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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.

  • oil export contract with Turkey’s largest refinery extended

     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.

  • Oman Remains Iran’s Key Economic Partner

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    The Sultanate of Oman is one of Iran’s key economic and political partners in the Middle East.
    While many other Middle Eastern states kept their distance from Iran during years of western sanctions, Oman kept company with its longtime trading partner. Now with an end to the anti-Iran sanctions regime, the two countries are now set to reap the benefits of their time-tested ties as they move ahead with large-scale joint economic initiatives.
    A long-planned $60 billion undersea gas pipeline project has been revitalized in the post-sanctions era. The pipeline, which is expected to be laid by 2019, will supply 28 million cubic meters a day of natural gas from Iran to Oman under a 25-year contract.
    Iran has been pushing for the gas contract since 2014 with the aim of capitalizing on Oman’s untapped LNG production capacity of 1.5 million to 2 million tons per annum, but the deal was thwarted time and again due to financial and trade embargoes.
    The deal would bring in close to $2 billion annually, according to Iran’s Oil Minister Bijan Namdar Zanganeh.
    Plans for another major bilateral project are also coming to fruition. A new memorandum of understanding, which will lead to an investment of $200 million in a new production facility in the Persian Gulf littoral state, will see the country produce its first car at home.
    The MoU was signed by Oman Investment Fund, Iran’s leading car manufacturer Iran Khodro and an Omani investor during Iran’s second exclusive exhibition in the Omani capital, Muscat, in early February.
    The plant, which is expected to produce 20,000 cars in two years, is set to become operational next year, with the bulk of output destined for neighboring markets, including Yemen, Sudan and Ethiopia.
    The expansion of bilateral ties was also underlined recently when Oman’s central bank granted its approval for Bank Muscat, the sultanate’s largest lender, to open a branch in the Iranian capital, making it one of the first foreign banks to enter Iran following the removal of sanctions.
    Referring to Oman’s housing sector as a great opportunity for Iranian investors, Mehdi Borhani, the founder of Gulf Muscat United, told our sister newspaper Donya-e-Eqtesad that unlike Iran, in which the construction sector is heavily battered and demand for construction materials such as steel is at an all-time low, Oman’s housing sector is thriving, mostly due to the falling oil prices and the sultanate’s efforts to diversify its economy.
    “Iranian construction material producers can easily find their place in the 4 million-strong Omani market,” he said, noting that the market is currently dominated by either high-cost European goods or cheap Chinese products, leaving the middle ground uncontested.
    “Oman can act as a gateway to Yemen’s 25 million and East Africa’s 300 million markets,” he added.
    “Given Oman’s strategically important position at the mouth of the Persian Gulf, its long coastlines alongside the Arabian Sea and Sea of Oman, the sultanate can be Iran’s best route for exports to Africa,” Borhani concluded.

  • Over 1,700 companies to attend Iran Oil Show


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     Tehran will host 1,787 domestic and foreign companies in the 21st International Oil, Gas, Refining and Petrochemical Exhibition of Iran (Iran Oil Show 2016), which will be held from May 5 to 8, said an official with the National Iranian Oil Company (NIOC).

    “Some 996 domestic companies and 634 foreign ones from 35 countries, as well as 157 representatives of foreign companies in Iran will take part in the event,” NIOC public relations director Mohammad Nasseri said, hailing the return of prominent international companies to Iran, the IRNA news agency reported on Wednesday.

    “This is the country’s first oil show in post-sanction era and number of foreign participants has notably increased,” he underlined.

    As he added, China, South Korea, Turkey, Germany, Spain, Italy, France, Austria and Finland are among the countries that plan to set up their special pavilions in this show, which will be held at Tehran Permanent International Fairground.

    On February 9, Oil Minister Bijan Namdar Zanganeh said that $200 billion investment is required to develop the country’s oil industry.

    “Internal resources are not enough to meet such need, therefore we should attract foreign investment”, the minister noted.


  • Over 30 foreign firms to attend 8th Iran Air Show

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    Over 30 foreign companies will take part in the upcoming Iran Air Show 2016 slated for November 16-19 in Kish Island.


    Director of State Aviation Organization's Public Relations Department Reza Jafarzadeh said that the companies are representing Germany, Italy, Russia, Japan, Singapore, Malaysia, Poland and Ukraine.

    He further noted that the air show is of high significance due to the presence of academic and research centers and knowledge-based companies as well as considerable presence of foreign companies following the nuclear agreement reached between Tehran and Group 5+1.

    More than 100 foreign firms have so far registered to take part in the event, he said, adding that diverse aerial maneuvers will be carried out in Kish Airport every day.

    Giving examples for the air show, he said that two acrobatic teams and five Sukhoi 27 airplanes and L39 airplanes from Lithuania, Iran's Mig 29 airplanes and Sukhoi 22 will perform air show.

  • Park on landmark visit to Tehran, economy high on agenda


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     South Korea President Park Geun-hye arrived at Tehran on Sunday evening, coming under the spotlight in domestic and international media outlets.

    President Park’s three-day visit assumes both political and economic significance, considering that Iran is emerging from years of sanctions.

    Politically, Park is the first South Korean president visiting Iran, showing political maturity, without which the trip might have been delayed to a much later time.

    Also, back in November 2015, South Korean Foreign Minister Yun Byung-se met in Tehran with his Iranian counterpart Mohammad Javad Zarif, where the two sides highlighted stronger ties between Seoul and Tehran.

    From an economic angle, there are quite strong signs, indicating that Seoul and Tehran are bent on opening a new chapter in already robust bonds.

    A strong sign is the 236-strogn delegation accompanying President Park, the largest team ever dispatched to a foreign country.

    The lucrative market of Iran is so tempting to ignore and South Koreans know this well. They have been present in the Iranian market long before.

    Now with removal of sanctions against Iran, South Korean companies are even thriftier to win ventures in the country.

    There are at least three reasons for this: A drop in bilateral trade due to the sanctions imposed on Iran internationally and unilaterally by Seoul, lifting of sanctions against Tehran after the nuclear deal, and finally, the slowing global economy which has influenced the South Korean economy.

    The sanctions regime shrank trade to as low as $6.1 billion much lower than $10 billion in 2011. The trade is meager, according to people familiar with the matter, given the two countries’ great capacities in different technological and industrial sectors, to name only few.

    In a meeting with Iranian Energy Minister Hamid Chitchian in Tehran on Saturday, the Korean Minister of Land, Infrastructure, and Transport Kang Ho-in said his country is determined to enhance trade with Iran to $30 billion.

    There are many fertile grounds for the potential to flourish, including energy, technology, industry, transportation, and infrastructure.

    Just before the arrival of President Park, more than 17 contracts between the two countries were inked in gas, water, and electricity sectors.

    However, South Koreans should bear in mind that trade with Tehran is not a one-way street. Stronger ties with Tehran can help South Korean companies cushion against negative impacts of the slowing global economy.

    According to Iranian Ambassador to Seoul Hossein Taherianfar, the export-oriented economy of South Korea has been negatively influenced by the sagging global economy and given this, South Korean companies are looking for foreign markets.

    In such situation, Iran can be a golden opportunity, Taherianfar said.

     

    Given the background, there is no doubt that closer relations between Tehran and Seoul are in the interest of both and this requires presidential-level visits.

  • Payments Iran 2016


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    Understanding the Iranian Opportunity

     
    Most financial and economic sanctions against Iran have now been lifted

     
    Iran will be able to trade more freely with the rest of the world, making it one of the biggest new market opportunities
     

     

    Key facts:

    • 80m population with 17m in Tehran
    • 35 banks with 20 being retail banks
    • 20,000 branches
    • 45,000 ATMs with big growth expected
    • Currently 4.2m POS terminals, expected to be 5m by end of year
    • Cash is still king
    • EU trade with Iran currently stands at around $8bn and is expected to quadruple in the next 2 years
    • Hungry for payments, banking and authentication solutions to help diversify and innovate it’s economy

     
     

    The future is about collaboration and connecting the Iranian cards and payments ecosystem with their international peers to enhance both citizen and consumer experience.

    The event will bring together the entire ecosystem to develop partnerships, share knowledge, collaborate and do business.

    Creating an Iranian market place where sales are made, leads are generated and new ideas are rich and flowing.

    Iran is the biggest growth market for payments in the Middle East and international vendors need to get in there now or face being too late.



    The Payments Iran conference will be where the C-suite, influencers, leaders and disruptors from Iran and across the globe will assemble to debate, deliberate and explore the future of the payments industry.

     

    The conference format has been designed to enable Iranian banks, government, telecom operators, vendors and Fintechs to learn from the champions of the payments industry from around the world.

     

    Learnings will come from international visionary keynotes, in-depth CEO panel discussions and 20 minute case study presentations from those at the forefront of change.
     

    At Payments Iran you’ll discover how to:

        Connect Iran with the world and develop a truly interoperable payments network
        Create attractive seamless omnichannel payments experiences
        Use predictive analytics to do more than simply collect transaction data
        Handle security, risk and fraud in the digital age
        Maximise on mobile payments
        Harness blockchain technology and new digital currencies
        Embrace new innovative FinTech technologies
        Integrate loyalty into the payments experience

     



     

  • Post sanctions, this is a country with much going for it

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    Fifty years ago, he had just attended a conference in Tehran. He loved it — as did his fellow delegates. In a note afterwards, he wrote of their “surprise with the striking contrasts” all over the city, noting the “watermelon stalls on one side of the road” with “new factories for assembling Leyland lorries and Mercedes ‘buses’ on the other”.

    He was impressed by Iran’s firm sense of nation, its pride in its ancient civilisation, and the “the stability and continuity provided by the personality of the Shah”. He noted Iran’s steadily improving relationship with the Soviet Union and eastern Europe and the growing ease with which companies — and car companies in particular — could do business in Iran.

    Tehran, he reported, was a “Mercedes museum” in that “almost every model ever produced was on the streets”. Leyland had “established a strong and flourishing bridge head”; British double-deckers looked “surprisingly at home under the blue skies of Tehran”; and a new factory was being set up to produce 7,000 Rootes Group saloons a year (Rootes was a UK car manufacturer that had disappeared into Chrysler by the end of the 1960s).

    Anyone who thought that Iran was “ripe for revolution” was just wrong, said Mr Bruce-Gardyne. He even dared to hope that “the example of Persia’s prosperity through stability might even prove infectious” in the region.

    Forecasts made about the Middle East tend to be even riskier than those made about regions elsewhere. And Mr Bruce-Gardyne was of course wrong on every single point.

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    Since the country approved its theocratic-republican constitution in 1979 there has been less “prosperity through stability” than anyone at the 1966 convention might have expected. But could it now return? The end of the sanctions against Iran (at least by the EU and the UN) and the results of recent elections show the reformers have made gains.

    Interest in the country has soared: there are conferences aplenty both here and there — including one hosted by the Financial Times in London this week — and the talk is all of prosperity and stability once more.

    I listened to Michael Axworthy of Exeter University speaking at an event held by Scottish-based fund manager MacInroy & Wood last week. His positive case for Iran is hugely compelling. Iran has a young and highly literate population, 60 per cent of which is aged under 35 (no pension problems there) with a wealthy, entrepreneurial and still interested diaspora.

    Rouhani brings hope that this time it might be different in Iran
    The snow capped peaks of the Alborz mountain range stand beyond buildings and rooftops on the city skyline in Tehran, Iran, on Wednesday, Nov. 25, 2015. Iran will encourage foreign partners and investment as sanctions are lifted and the country seeks to boost its economy after July's nuclear agreement with the world powers, President Hassan Rouhani said. Photographer: Simon Dawson/Bloomberg

    The coalition should be better placed to enact the economic reforms the country desperately needs

    The literacy rate is over 85 per cent, with 68 per cent of university entrants being women and some 234,000 new engineers graduating every year. The young are also very “IT savvy”, says Mr Axworthy. Think of an interesting IT firm in the west and you can be sure it is already replicated in Iran.

    A chat with Iran specialist Dominic Bokor-Ingram of Charlemagne Capital cemented the image. He reckons that Iran can grow its GDP at 6-8 per cent for the foreseeable future. It has all the things it needs to do so. Certainly, sanctions have left plenty of spare capacity — Iran currently uses only 42 per cent of its generating capacity. It has the right sort of population. It has very low debt: net government debt to GDP is a mere 4 per cent (this is the kind of figure that George Osborne fantasises about) and its companies and consumers are all but debt free too.

    It has a good starting point — Iran’s economy is already bigger than Australia’s and it is also surprisingly diverse. You might think Iranian prosperity is likely to be based on the fact that it has some of the largest oil and gas reserves in the world (fourth-largest oil reserves and the largest gas reserves of all). You’re wrong, says Mr Bokor-Ingram. Despite all this underground sun, the oil and gas industry made up only 10 per cent of GDP in 2014.

    There around 30 other sectors listed on the stock exchange: there may be no Rootes left, but the car industry remains Iran’s second-biggest contributor to GDP (look up Iran Khodro — I wouldn’t mind one of their four wheel drives). You might also think that much GDP is devoted to military spending. Again, wrong. It’s 2.7 per cent.

    Sounds good doesn’t it? There are risks. Lots of them. There is the risk that the reformers’ progress is shortlived — that religious hardliners take back control. And that the result of that is the thing investors in Iran most fear — “snapback,” or the automatic reimposition of sanctions.
    "There are risks. Lots of them. There is the risk that the reformers’ progress is shortlived — that religious hardliners take back control. And that the result of that is the thing investors in Iran most fear — “snapback,” or the automatic reimposition of sanctions"

    There are many geopolitical tensions: Iran is fighting a good few proxy wars. Mr Axworthy also points to nasty signs of family breakdown, gender discrimination and drug addiction (Iran takes a hard line on drugs but is also home to 2.4m heroin addicts) and high levels of corruption. Then there is oil. It might be only 10 per cent of GDP but revenues from it make up some 30 per cent of government income. So oil at $20 rather than $60 does matter.

    Still, I’m prepared to overlook most of these risks. Why? Price. The Iranian stock market has risen 20 per cent since the end of sanctions but that still puts it on a 2016 price/earnings ratio of 5.5 times with a dividend yield of 13 per cent (Mr Bokor-Ingram’s numbers). The Mobile Telecommunications Company of Iran has 6.5m subscribers and trades on a price/earnings ratio of 3.5 times. Buy it today and you’ll get a 12 per cent dividend. All this discounts the kind of political and economic disasters that look increasingly unlikely (note that Russia, which I am also prepared to hold on the basis of cheapness is on over seven times) — and makes very little allowance for the improvements that look increasingly likely.

    At this price, Iran has to be one of the best opportunities in the investment world right now — even if the “E” in the PE equation isn’t 100 per cent accurate. The bad news is that I’m not the only one to have noticed. Charlemagne Capital held a conference that included Iran this week: it was packed and I was getting texts from excitable rich friends in the audience by coffee time.
    Twitter


    And it isn’t easy for ordinary investors to get in: there are technical problems (with foreign exchange and with custodians) and the US sanctions make it hard for US banks to do much. And of course the whole idea is rather new — foreign buying is a mere 1 per cent of the market.

    Charlemagne has the only fund I know (with its Iranian partners) — the Turquoise Variable Capital Investment Fund. Unfortunately, to get in you need to invest $125,000, pay high fees, and not mind there being no liquidity if everyone piles in and then tries to get out again (almost inevitable with newish markets like this). But if you can cope with all of that, Iran is definitely worth a look.

  • President Zuma will lead state visit to Iran

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    PRESIDENT Jacob Zuma will lead a high-level delegation on a state visit to Iran from Sunday to Monday.

    The Presidency says the visit will serve to cement the strong fraternal relations between the two countries, which originated during the apartheid era when Iran "refused to oil the apartheid machinery and cut ties with apartheid South Africa".

    Mr Zuma will be accompanied by various cabinet ministers and a high-level business delegation.

    In 1994‚ with the advent of freedom and democracy in South Africa‚ Iran lifted all sanctions and the two countries re-established diplomatic ties. Since then‚ the two countries have enjoyed mutually beneficial‚ fraternal and strategic relations.

    "The re-establishment of bilateral relations brought about an increase in trade relations between the two countries. The imposition of nuclear-related sanctions against Iran impacted negatively on trade relations between the two countries.

    "At the end of 2011‚ South Africa imported one third of its domestic oil requirements from Iran‚ however by June 2012 South Africa could no longer import crude oil from Iran. Overall‚ South African exports to Iran declined from R1.27bn in 2008 to R270m in 2014‚" said Presidency spokesman Bongani Majola.

    He added that the forthcoming visit was taking place during an opportune moment‚ following the strong momentum in bilateral relations‚ including the constructive outcomes of the official visit to Iran by Deputy President Cyril Ramaphosa‚ the 12th Joint Commission meeting in Iran in May 2015‚ the sixth Deputy Ministerial Working Group visit to Iran in August 2015 and other high-level Ministerial and Deputy Ministerial visits to Iran and South Africa in 2015.

    "Furthermore‚ the lifting of nuclear-related sanctions against Iran provides immense potential for closer commercial and investment co-operation between the two countries.

    "The state visit of the president to Iran is an important structural catalyst in elevating bilateral and economic relations into a substantive strategic partnership and serves as evidence of the friendly relations between South Africa and the Islamic Republic of Iran, based on mutual respect‚" Mr Majola said.

    TMG Digital

  • Private Banks to Cut lending Rates


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    The head of the Association of Private Banks and Credit Institutions, Kourosh Parvizian, has sent a letter to Central Bank of Iran governor, Valiollah Seif, informing him about private lenders’ decision to lower their one-year deposit rates from 18% to 15%.
    The letter, published by Tasnim News Agency on Saturday, notifies Seif that the banks will implement the rate cuts from June 21. The move comes after the Money and Credit Council– the top monetary decision-making body – failed to discuss the issue of interest rates at its last meeting on Tuesday, giving banks space to set rates as they see fit.  
    “CEOs of private banks and credit institutions, in a meeting on June 12, agreed to offer a maximum 15% interest on one-year deposits which will provide the basis for also setting rates on short-term deposits,” Parvizian said.
    The letter, however, does not mention any plans for lowering the lending rates which have hovered around 20%, raising concerns that the gap would hurt the business landscape and small investors.
    Earlier this week Bank Pasargad Iran became the first lender to announce that it has lowered its one-year deposit rates to 16%. Hossein Motamedi, ENbank’s CEO, also announced that his bank will offer lower deposit rates and several other banks said they would follow suit.   

     Businesses Concerned  
    Failure to address lending rates has raised concern among businesses. Cheap loans seem to be vital for boosting production and trade in the country. Currently, bank Loans hover between 20-22%.
    Economy Minister Ali Tayyebnia has stressed that there needs to be a logical 2-3% or a maximum of 3-4% margin between deposit rates and lending rates.
    Meanwhile, the CBI said on Friday that the Money and Credit Council will have to review the ‘economic trends’ report before making the final decision about lowering deposit and lending rates. The report is set to be handed to the council in a month, according to CBI vice-governor, Akbar Komeijani.
    Addressing banks’ plan for lowering deposit rates from next week he said, “Banks can make their own decisions. [But] I hope they will also make the final decision to cut lending rates as well before the MMC  intervenes,” Fars News Agency quoted him as saying.
    “Interest rates are a key issue for the CBI and it has always been monitoring it,” the senior banker added.

  • Privatization in Iran is booming

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    Privatization in Iran making good progress. State-run company should privatized and it seems huge amount of money will injected to Economy. There are excellent opportunity for foreign investor to buy governmental companies or make joint-venture with Iranian partners to set-up investment in Iran.


    By governmental  assignments envisioned in “The law of Enforcing of General Policies of Article 44 of the Constitution”, its relevant rules and regulations, and approvals of the Divesture Board, hereinafter the Board, the Iranian Privatization Organization, hereinafter the Organization, intends to transfer stocks/assets of the following enterprises with the terms and conditions as mentioned in this advertisement. Tender documents and other transferring conditions are accessible via the official website of the Organization at the following addressess: www.ipo.ir. The applicants are highly requested to consider the condtions mentioned in the bid proposal form and transferring contract.

  • Purpose-Driven


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    How to invest in Iran ?
    An Interview with Karen S. Lynch,
    President, Aetna

    Editors’ Note

    Karen S. Lynch joined Aetna in 2012 as Executive Vice President and Head of Specialty Products. In 2013, she assumed management of Local and Regional Businesses. Prior to joining Aetna, she held executive positions at Cigna and Magellan Health Services, where she served as President. Lynch began her career with Ernst & Young as a Certified Public Accountant. She has been recognized for her leadership by numerous organizations and publications, including the National Association for Specialty Health Organizations, Business Insurance, the Stevie® Awards for Women in Business, and Insurance Networking News. Lynch earned her bachelor’s degree in accounting from Boston College and an M.B.A. from Boston University. In 2015, she was presented with an honorary doctorate degree of humane letters from Becker College.

    Company Brief

    Aetna (aetna.com) is one of the nation’s leading diversified healthcare benefits companies, serving an estimated 46.5 million people with information and resources to help them make better informed decisions about their healthcare. Aetna offers a broad range of traditional, voluntary, and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid healthcare management services, workers’ compensation administrative services, and health information technology products and services. Aetna’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, healthcare providers, governmental units, government-sponsored plans, labor groups, and expatriates.

    What has been the secret to Aetna’s success?

    Our success is the result of being a purpose-driven company with employees who have a passion for delivering quality healthcare and building a healthier world.

    I get up every morning knowing that 20-plus million people count on us for their overall healthcare needs. This is part of what makes Aetna unique and special. We are driven by a higher purpose – to build a healthier world, one person at a time, one community at a time.

    That purpose has many components to it. How do you define that and how do you measure the impact when you’re looking at that type of an objective?

    There are a number of ways we measure our impact on the people we serve. We start by asking ourselves, “Are we improving access, affordability, and quality in the healthcare system?” “Are we helping people achieve more healthy days?”

    Another way we measure it is by understanding the engagement level of our employees. We know that engaged employees interact with our members in a very unique and caring way, and that type of personal connection with members is critical in the new consumer marketplace. We constantly explore how we can improve the engagement and happiness of our employees to positively impact our members’ lives.

    Healthcare, in the way I think about it as a leader, is not just about insurance – there is an emotional connection. We communicate this to our employees and work to create an environment where our employees can really help people achieve their best health.

    How challenging is it to show differentiation in a business like this?

    I believe there is great opportunity to differentiate in today’s changing healthcare landscape. Healthcare is getting more local and more personal. To address the changing needs, we’re driving to consumer-centricity by putting our members and the people who count on us every day at the center of everything we do.

    We’re moving from a business-to-business company to a business-to-consumer company. For 163 years, we have been thinking about employers, but the world is changing. People are demanding more with the introduction of technologies and social media, and just-in-time service, so we’re focusing more on the experience consumers have with us. I sometimes call it “healthcare on the go” – we can provide technology and information that can help individuals not only improve their day-to-day wellness, but also address more serious conditions like diabetes or cancer.

    This is what is differentiating us in the marketplace – it’s marrying up our consumer focus with the technology to support people on their personal healthcare journey.

    As you do that, how critical is it that it’s communicated to the employees and that you engage them as you go through unsettling change?

    We have demonstrated time and again how important communication is to achieving our mission. When we acquired Coventry Healthcare, I was responsible for the integration of the two companies. One of my top priorities in leading this work was to make sure I continuously communicated with our employees about the changes we were making and how they would be impacted. I personally connected with 10,000 of the 14,000 Coventry employees, welcoming them to Aetna and establishing the honesty and trust needed to achieve our broader goal of building a better company to serve our customers.

    I think having that open, frank, and honest dialogue with employees made it easier for them to embrace that change and therefore remain focused on delivering great service to our members.

    Would you talk about how much emphasis was put on culture during the integration and have you been happy with how the cultures have meshed?

    The Coventry integration was very successful. A big part of that success can be attributed to the time we spent early on talking about the cultures of Aetna and Coventry, and how we build a new culture to accomplish our combined goals.

    In retrospect, I think the emphasis we put on culture right from the start removed many of the barriers that can trip-up an acquisition. A guiding principle of the integration was to preserve the best of each company and blend the two, and we accomplished that.

    For a company of Aetna’s size and scale, where do you see your growth coming from?

    Growth opportunities exist everywhere, but we need to have a disciplined approach, and execute on that strategy effectively.

    For instance, we have seen strong growth in our government businesses, Medicare and Medicaid. But that growth didn’t happen by accident; it was the result of a relentless focus on improving the quality and affordability of the services we provide to these customers. We see similar growth potential in the individual exchange business. However we recognize that this marketplace is still maturing. So our strategy is more measured and focused on long-term growth.

    We also look for ways to accelerate our strategy. The Humana acquisition is a perfect example. Humana is the ideal complement to our government businesses and will give us the opportunity to drive affordability and improve the quality of healthcare across the industry.

    How critical is the emphasis that needs to be placed around wellness to really manage costs and, for Aetna, how important has it been to drive that conversation?

    In terms of prevention and wellness, we are all personally accountable for our own health. As a company, I see it as our responsibility to provide our customers with the information, tools, and support they need to take better care of themselves and their families with regard to things like exercise and nutrition. Also, the positive results of Aetna’s well-being programs for our own employees show how meaningful they can be.

    We also recognize that people do get sick. When that happens, we need to make sure they have access to high-quality, affordable services. We do this by working with providers in a different way than we have in the past. We are partnering with doctors and hospitals with a shared purpose of helping the patient and their family achieve the best possible outcome.

    Our changing relationship with providers is another differentiator for us. Working together toward one common goal, improving the good health of people over time, is the foundation of the healthcare system of tomorrow. The more we can build these new relationships with providers, and the more technology we can enable our providers and consumers with, the more outcomes will improve and result in better health.

    Is the message out about the critical role that companies like Aetna play and about how dynamic this industry is?

    Our industry is seeing a historic rate of change and that level of change creates new opportunities for us to tell our story and demonstrate the value we deliver. But it’s more than just telling our story; we need to demonstrate to the industry how we are innovating and how our customers ultimately benefit.

    This work starts with the next generation of talent coming up through the ranks. Once we talk to them about how we intend to transform the healthcare experience, we can feel their excitement and they are inspired by that sense of purpose that I mentioned before.

    The message is out, but we will never be done telling our story. That’s exciting because we’re continuing to talk about innovation and how we are working to build a healthier world. It’s a noble and audacious goal; people can really rally behind it and we’re seeing that every day.

    Behind that employee base, you’ve also put diversity and inclusion at the forefront. How critical is it that your consumer profile is mirrored within the workforce?

    It’s one of the most important elements of our talent strategy. All healthcare is local and we’re building a healthier world one community at a time. To do this, we need to represent the communities we’re working in and we need to build the diversity to effectively support the communities we serve. We’re very focused as a company on attracting diverse talent and we have disciplined talent strategies around attracting and retaining the people we need to drive our strategy. I view diversity across the spectrum; it’s not just ethnic or gender, but it’s diversity of thought and ideas as well.

    I’m proud of the fact that we were one of the first healthcare companies to really recognize the LGBT community and we were one of the first companies to develop products and marketing around that community. It’s a great example of how our talent strategy is driving business results.

    Are the opportunities there today for women within the insurance industry and what do you tell young women coming in about the careers this industry offers?

    As the first woman president in Aetna’s 163-year history, I think the healthcare industry offers limitless opportunities for women. I remind women who are coming up through the ranks that 94 percent of healthcare decisions are made by women. With that as the backdrop, there is no better gender to understand our marketplace. We can walk in the shoes of those individuals who are buying healthcare.

    I also talk to women about the diversity of experiences offered through a healthcare career because they can learn all aspects of the business, from underwriting to finance to marketing. A healthcare career offers a diversity of experiences that one might not get in other businesses or industries.

    I also think it’s important to recognize the value of sponsorship. I sponsor many women at Aetna. Across my team, there are many women running P&Ls, both small and large, and that’s how we build the bench strength we need to lead a world-class organization.

    Corporate responsibility
    is also a big part of our
    purpose-driven culture.

    How critical is it for a company today to have a commitment to corporate responsibility from leadership on down?

    In an evolving consumer marketplace, corporate responsibility is more important than ever. People want to feel good about the companies they do business with.

    We know that actions speak louder than words, and we encourage our leaders and all employees to give back to the community. Our Aetna Foundation has given more than $427 million to local communities. Our employees have contributed 2.5 million hours of volunteer work across the United States since 2003. So we live corporate responsibility every day.

    Corporate responsibility is also a big part of our purpose-driven culture. When our employees see leaders giving their time and committing to volunteerism and community, they want to engage, they want to make a difference.

    When I came to Aetna, I signed-on to serve as an executive sponsor for the Komen Connecticut Race for the Cure. I started with a small goal: get 100 employees to commit to raise funds and help find a cure for breast cancer. Three years later, our team has grown to more than 600 employees.

    Not only is corporate responsibility the right thing to do; it’s been infectious in our organization and it drives us to do more.

    What excited you about coming to Aetna and made you feel it would be the right fit?

    I’m a change agent, and the opportunity to be part of a company that was leading industry change was really exciting. I knew that Aetna had a very strong mission and was purpose-driven, and I felt I could contribute in a meaningful way to help make a lasting change in peoples’ lives.

    Is it hard to not become so engaged when you see something done differently than how you would do it, and do you have to take a step back?

    To be an effective leader, one needs to have an open mind and be willing to hear new ideas. Being open to new ideas and different perspectives has helped me achieve success.

    I like to create change and execute on that change, but in my view an effective leader is willing to listen to other people’s ideas before charging down the path of change. I have a great team around me, and I make it a point to share my success with them.

    Why isn’t the message about the value of insurance better understood?

    It is frustrating at times because I get to see the great things we do every day. Part of it is my responsibility to do a better job of talking about what we’re trying to accomplish. But I also recognize that we’re not perfect and sometimes we make mistakes. We’re constantly striving to get it right for the people who depend on us, and we have an opportunity to tell some of the stories about what we’re doing to help people on their personal health journey. When I get the letters from members telling me about our employees, who are on the front lines and what they’re doing every day to help others, that is what makes it all worth it.

    For you personally, are you able to reflect on the wins?

    I do recognize and celebrate the successes of the people who work for me, but I’m personally always looking forward. That’s who I am. I’m never satisfied because I know we can always do more to help people achieve their best health.•

  • Real Life in Iran ,Love paves the way, Instagram shows the way

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    Welcome to the world of nice frames and happy life! Instagram mesmerizes visitors with colors and shots. As the most favorite social network in Iran, surfing Instagram is one of the funs Iranians spend their free time with.

    Young Iranian couple Aida Pouryanasab and her husband Azad Motahhari follow a different lifestyle while traveling to remote villages to help needy people by sharing photos and experiences through their Instagram account.

    Aida, 28, and Azad, 39, began their new lifestyle two years ago.

    “Love paved the way for us from the very beginning,” Aida said.

    “Actually we are good companions since we believe that life is a way to be paved. We should be good friends and supportive [to each other] in ups and downs,” she explained.


     
    Life is dynamic!

    “The difference between us and other people is that the life for us is dynamic. In fact, we avoid stillness and habitual work. When we begin our journey, we don’t know about the destination and we just, in fact, don’t want to indulge in one place. We just turn to the first sign of village we see and this is the love which guides us,” she explained.

    “We do love traveling and since many years ago we have been traveling to different parts of Iran. As we were active in the food industry and cooking, we visited households, trying their local food and asking about their rituals and unseen attractions of the place,” she said.

    “However, we began helping the underclass when we visited a village in Gilan province, northern Iran,” she said.

    Aida and Azad have previously operated a fast food restaurant in Tehran and now they have an online confectionary, Aizafood, through which they have employed breadwinner women in different parts of the country.

    “A family had neither TV nor refrigerator. They wore shabby dresses. So, the idea of helping came to our mind and we collected some second-hand clothes for them after we returned from our journey,” she said.

    Through their Instagram account, the couple have collected money for the Iranian Thalassemia Society branch in the underprivileged city of Zahedan and also for children suffering from Epidermolysis bullosa (EB) disease.
     
    “We organized some InstaMeets and asked our followers to bring their second-hand clothes. Gradually, helping needy people in remote places became a priority for us,” she said.

    The couple is travelling for half of a month and they do not define any destination before beginning of the trip.

    “Our parents have their own concerns about our lifestyle, however, they respect and accept it,” Aida explained.

    Aida is now a PhD student of technology management. Moreover, she composes songs. Azad is a music arranger, singer, and guitarist.

    The main source of their income is their online cooking shop. “We have recently established handicraft workshops for breadwinner women in different parts of Iran through which they sell their products to big shops in Tehran and earn revenues as well,” she explained.

    “When we return to our busy life in Tehran, we get engaged in tasks which are favorable to us as much as traveling but they are postponed because we are not at home.

    One of them is music. We begin our musical activities as soon as we feel refresh. Azad plays guitar and recite poems composed by me and arrange them, we love music,” she said cheerfully.

    “We read books together and I work on my thesis. We visit our parents and if we have time, we paint on canvas and cook confectionaries. You know music, travel and cooking are our favorites,” she added.

    “We do love this kind of lifestyle, you know, the important thing is this love. It means that we have a very different kind of life in comparison with others. Maybe others do not love to live this way.”

    She talked about nights they had to spend in a rural house, in a tent, or even under the sky. She said that sometimes they had to walk a long distance but this is the way they want to live!

     Instagram before and after!

    “I had an Instagram account before we began our village tour and it had different usages for us in different periods of time,” Aida explained.

    “At first, the account was a pictorial diary for me through which I shared my daily life with my friends. Then I began to show my artworks, lovely moments of our life through my page with my friends,” she said.

    “We are not alone with the help of Instagram. In fact, our followers accompany us in each travel. We do our best not to share our difficulties and unpleasant incidents we experience but to show them the better life of people after receiving help from other people,” she said.

    Aida said that Instagram was influential in her own lifestyle as a place which “connects people to each other visually.”  

    “For us it is a medium to inform people of those who live in different places and to share the joy of a better life provided for them through the help of people,” she said.

    Aida explained that they face different issues due to living in different geographical places, having different customs and eating different foods.

    “Sometimes we face problems encountering rural people in different areas. That is hard to convince them of some certain standards in medical and welfare necessities,” she concluded.

    Source:Tehran Times

  • Renault Iran Sales Up 161% in Q1

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    French automaker Renault has registered a rather unprecedented increase in sales in Iran in the first quarter of 2017

    Renault Group said sales in Iran rose by 161.5% in the first quarter of this year.

    The group now has hold over 9% of the Iranian market, up 4.9 points, thanks to the success of its new models being sold at low prices compared to several other brands competing in Tehran and all major cities. This is up 0.6% since the 2016 figures were released.

    Renault, in a press release, reclaimed its position as a major player in the saturated market last year, with increasing imports of fully built vehicles and also through partnership deals with the Industrial Development and Renovation Organization. The Paris-based firm also benefitted from the production of its latest Sandero and Sandero Stepway models in conjunction with Iran Khodro Group, the biggest carmaker in the country.

    Renault’s proposal for the local market includes imports of fully built vehicles for bigger spenders, including the latest models available in all big markets. These include the upgraded Koleos large SUV, large Talisman models and range of Megane models (dubbed Scalia) in Iran.

    Meanwhile the company plans, as part of its joint venture with IDRO, to produce three new models for the domestic market by the end of 2017 or early 2018.

    These include the low-cost Kwid crossover and new models of Symbol and Duster.

    A prelude to Kwid sales in Iran is in the Indian market, where the car was originally released. In the first quarter of that market Kwid registered 27,000 sales up 9.9%

    The joint venture is due to produce 150,000 cars per year.

    It was previously reported that Saveh, a city in Markazi Province (southwest of Tehran), would be the production center for the joint project.

    Renault used to sell 10,000 cars in Iran market every month till 2013 before the international sanctions were tightened in 2011 and 2012.

     Global Sales

    Groupe Renault (including Lada) worldwide registrations increased by 15.8% in the global market y/y.The group’s share of the world market now stands at 3.8%, up 0.4 points on 2016.

    The Renault and Dacia brands set new sales records for the first quarter. Renault Samsung Motors (South Korean Joint Venture) sales increased by 56.3% and those of Lada by 7%.

    In Europe, the group’s share of the PC + LCV market increased 0.2 points to 10.1%. Sales grew 10% to 478,706 vehicles.

    Renault’s own-brand continued to progress, with a 10.1% rise in registrations.

    The market share for this brand reached 7.7%, up 0.1 points. Sales of ZOE electric car rose 57% and reinforced the group’s leadership with a 28% share of the electric vehicle market.

    Source:Financial Tribune

  • Renewable Energy Finance Forum Africa

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    IJGlobal are delighted to announce the launch of the Renewable Energy Finance Forum Africa to be held in London in March 2017. After the successes of REFF events in New York, San Francisco, Scotland and Dublin, we are expanding coverage to reflect a higher level of interest in African renewables. The two-day event will unite investors with project developers and senior executives from across the renewable energy and technology sectors, to provide delegates with cutting-edge insight as well as unparalleled networking opportunities.

    With a higher level of government support across the continent to achieve green targets, investors are seeing a higher potential in this promising sector. After the triumphs of large scale projects such as Lake Turkana Wind in Kenya and Noor Solar Plant in Morocco, as well as micro-grids across sub-Saharan Africa, hear about what the future holds from leaders in the industry.

    Hear from top banks, governments, developers, multilaterals, advisors and service providers about how Africa is coming together to provide a sustainable model for to finance green energy generation.

     

     

     

     
    REFF Africa will bring you:

        Quality content:Our REFF series has been providing the hottest industry debates, financial forecasts from industry leaders, and insights into the future of the market for the past two decades.
        A diverse audience:Past REFF conferences have seen representation from across the world, with delegates coming from over 30 different countries.
        Top- notch speakers: We pride ourselves in the quality of the speakers we attract to debate, explain and enlighten our audience. Top level industry executives bring their vast experience and expertise to the conference, which no other conference in the industry can rival.
        Networking with industry leaders: Majority of the delegates have traditionally been C, D and V level executives.
        Dynamic conference format: Interactive roundtable discussions to increase delegate participation; case studies; developer focused panels; specific market focus sessions - there's plenty to keep you busy.

     
    Key speakers include:

        Johan Grayling, Head of Infrastructure, Utilities & Renewables, Sub-Saharan Africa, Macquarie Capital
        Thierry Deau, Founding Partner and CEO, Meridiam
        Marco Angelino, CFO, Enel Green Power South Africa
        Marc Immerman, Principal, LerekoMetier
        NanditaParshad, Director, Global Head of Power & Energy Utilities, EBRD
        BinnyPrabhakar, Infrastructure Consultant, World Bank
        Eric Kaleja, Vice-President Energy, Africa, DEG
        David Donaldson, Head, Sub-Saharan Africa InfraVentures, IFC

     
    Key themes include:

        The attributes of a bankable renewable energy project in different regions of Africa
        Exploring the challenges of different programmes designed to reduce the energy deficit in Africa
        Government support for RE across Africa
        The role of DFIs and multilaterals in providing financial guarantees
        Appetite from the private sector in investing in African renewables

کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

Investment Consulting &Project Finance

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