World Business and Economic Analysis
World Business and Economic Analysis
By Farhad Daneshvar – Trend:
Iran’s investment company Ghadir and Azerbaijan’s state oil company SOCAR will jointly put investment in oil and gas projects, Mohsen Pak Ayeen, Iran's ambassador in Baku, said Feb. 25.
An investment document was inked between the two companies to this end, he told reporters speaking about the 11 documents signed by Iran and Azerbaijan Feb. 23.
He added that Azerbaijani President Ilham Aliyev’s visit to Tehran was a historic event as a memorandum of understanding was signed for construction of the Khodafarin and Qizqalasi hydroelectric plants.
“Within the next six months, we will see major developments about Khodafarin. The sides will first construct a dam, and then construction of the power plant will start,” he explained.
Pak Ayeen added that a MOU was signed by the sides to establish a pharmaceutical factory in Azerbaijan’s Sumgait.
“The next week a delegation from Iran will come to Azerbaijan to discuss the pharmaceutical factory in the Sumgait Chemical Industrial Park,” he said.
The factory will be launched in three phases, he added.
The ambassador explained that at the first phase, Iranian medicines will be imported, at the second one the technology for drug production will be transferred.
At the final phase, drugs will be produced in Azerbaijan in five years.
Source:Trend
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A high-ranking Omani delegation, led by the country’s Foreign Affairs Minister Yusuf bin Alawi bin Abdullah and Minister of Commerce and Industry Ali bin Masoud al Sunaidy, met Iranian oil and trade ministers in Tehran on Sunday to bolster bilateral economic ties.
In a meeting between Iranian Oil Minister Bijan Namdar Zanganeh and the two visiting Omani ministers, the both sides emphasized the need to expand relations, especially in the fields of oil and gas, according to the Islamic Republic of Iran Broadcasting (IRIB).
*** Study on Iran-Oman gas pipeline complete by next 6 months
Building the planned Iran-Oman gas pipeline was the main subject of the meeting.
The Omani foreign affairs minister said study on the building of the pipeline will be finished by the next six months, according to the Shana news agency.
After the meeting, Zanganeh told reporters that his negotiations with the Omani officials have been fruitful, adding that Iran and Oman are keen to expand their economic ties and make joint investment, and are taking the necessary steps to do so.
He referred to making joint investment in refining, oil storage, and development of petrochemical industries in both countries as the other fields the both sides negotiated for the expansion of bilateral cooperation.
In March 2014, Iran and Oman signed a memorandum of understanding under which Iran will supply Oman with 10 billion cubic meters of natural gas per year in a 25-year deal valued at around $60 billion. Since then, however, the project pipeline has stalled over the imposition of West-engineered sanctions against the Islamic Republic.
The proposed pipeline is projected to transfer natural gas from Iran’s South Pars gas field to Oman’s Sohar port.
Oman last month said it expected speedier completion of the pipeline under the Persian Gulf now that sanctions on Iran have been lifted.
*** Facilitating visa issuance, making joint ventures
Also in a separate meeting between Iranian Industry, Mining and Trade Minister Mohammadreza Ne’matzadeh and the two ministers of Oman, the Omani officials said their country is serious in strengthening ties with Iran.
The Omani minister of commerce and industry referred to removing obstacles in expansion of trade ties between the two countries as the main factor to be noted.
He mentioned facilitation of visa issuance for Iranian and Omani traders, creating close ties through the ports, and making joint ventures as some areas for cooperation.
The Omani officials also pointed to importing copper from Iran and processing it inside Oman as the other field apt for cooperation.
“We also hope for importing Iranian gas and implementing some joint projects in the petrochemical sector”, he added.
Ne’matzadeh for his part stressed making joint investment in the fields of railway, air and maritime transportation as well as oil and gas.
He announced about starting the activity of an Iranian car manufacturing company in Oman in the near future and said, “We are also prepared to do the same job in other fields such as metals and petrochemicals”.
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The newly-appointed head of Iran's National Petrochemical Company (NPC) said maximizing petrochemicals production using hydrocarbon reserves — especially natural gas — will be the company's top priority under her leadership.
Marzieh Shahdaei, the first woman head of the company and deputy oil minister for petrochemical affairs, said in a ceremony to bid farewell to the previous head of the company that developing downstream industries and maximizing production of petrochemicals by tapping the country's massive oil and gas reserves will be the company's chief targets, Shana reported.
"Planning to create and develop required petrochemical infrastructure are top on NPC's agenda to materialize the goals of resistant economy," said the official.
She said facilitating foreign investments in the sector and upgrading the petrochemical industry with the latest technological developments are also on the NPC agenda.
"NPC is seriously trying to woo investment by leading international chemical firms and transfer of technologies and then localize them to promote the industry," she said
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