Iran Sanctions Seen Lifted in Early 2016 by Nuclear Envoys

Source:bloomberg

Oil and financial sanctions on Iran will probably be lifted within the first three months of 2016, according to four western diplomats familiar with the nuclear monitoring process.

Under the terms of a July 14 accord between world powers and Iran, sanctions imposed internationally on the Persian Gulf nation will be lifted in return for restrictions on nuclear work. The Vienna-based International Atomic Energy Agency will assess when Iran has fulfilled the terms of deal, paving the way for the removal of restrictions.

The monitoring necessary for that to happen will probably be in place by January or February, according to three of the envoys. A fourth saw restrictions lasting as late as March. All of the officials have knowledge of the IAEA’s verification regime in Iran and asked not to be named discussing confidential estimates.

Iran, with the world’s No. 4 oil reserves, is preparing to ramp up production once sanctions are eased, and European business executives and politicians are already shuttling to Iran to lay the groundwork for investment and trade.

All four envoys dismissed assertions made by skeptics of the deal that it doesn’t give IAEA investigators enough access to suspect Iranian facilities. The agency has already begun to receive significantly more information, one person said. The IAEA declined to comment when contacted by phone on Monday.

The seven nation accord, already approved by the United Nations Security Council, will be officially adopted by next month and IAEA investigators will give their final assessment of Iran’s past nuclear activities by Dec. 15, according to the timeline. The U.S. Senate, which President Barack Obama has urged to back the deal, has until Sept. 17 to pass a resolution to block its implementation.

Iran plans to produce 3.8 million to 3.9 million barrels of oil a day by March, with output rising by 500,000 barrels a day soon after sanctions are lifted and by 1 million barrels within the following five months, Oil Minister Bijan Namdar Zanganeh said in a Sept. 2 interview. It’s currently producing 2.8 million barrels a day, its highest level in three years, and is exporting more than 1 million barrels a day, he said.

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Published: 07 September 2015

German firms seeking to help Iran’s industry, energy sectors: official
Tehran Times Economic Desk

German companies are seeking to help Iranian industry and energy sectors, according to Nils Schmid, the deputy prime minister as well as the minister of financial and economic affairs of Germany’s Baden-Wurttemberg State.

Schmid, who is in Iran on the head of a trade delegation of 68 representatives from a number of Baden-Wurttemberg’s companies, made the stamen in a meeting with Iranian Oil Minister Bijan Namdar Zanganeh in Tehran on Sunday, the Shana News Agency reported.

“There was some good cooperation between companies of Baden-Wurttemberg and Iranian firms before the sanctions were imposed against Iran. We intend to resume such ties when the sanctions are lifted”, the German officials sated.

He said the member companies of the visiting delegation are strong in manufacturing of machinery and also in engineering services. They can be of help to the Iranian industry.

“We believe in the large market of Iran”, Schmid said and expressed hope over continuance of ties with the Iranian companies.

Zanganeh, for his part, said Iranian and German companies can start cooperation talks before the sanctions release, so that they can seal the final contracts as soon as the sanctions are lifted.

He also explained potentialities available in Iran for attraction of foreign investment in different economic fields.

Referring to economizing on energy consumption as a field of cooperation interested by both countries, the minister said given that Baden-Wurttemberg is strong in car manufacturing; it can help Iran in manufacturing of fuel-efficient cars.

Germany was the first country that dispatched a trade delegation to Iran after Tehran’s nuclear deal with the world’s major powers.

Germany’s Minister for Economic Affairs and Energy Sigmar Gabriel, who visited Iran in July on the head of a trade delegation including representatives of some German industrial giants like Siemens, Mercedes and Volkswagen Group, said a new chapter has opened in economic ties between Iran and Germany.

German Ambassador to Tehran Michael Freiherr von Ungern-Sternberg says German companies are keen to boost links with Iran and directly invest in the country.

Two economic delegations from another two states of Germany are scheduled to visit Iran in the next 20 days, Amir-Hossein Zamaninia, the Iranian deputy oil minister for international and commercial affairs, said on Sunday.

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Published: 07 September 2015

Mega Methanol Project Operational by 2016

TEHRAN (FNA)- Iran is expected to become the world's biggest methanol producer as Kaveh mega methanol project, touted as the world's largest methanol unit and a rival to US shale gas, is expected to come online by 2016.

Having been 75% complete, the project is being implemented in the Persian Gulf city of Bandar Dayyer, and is funded by a consortium of Iranian banks of Tejarat, Mellat and Industry and Mine.

The plant is envisaged to process 7,000 tons/day (or two million tons of methanol per annum) of A-A grade methanol.

Earlier in February, deputy head of Iran’s National Petrochemical Company (NPC) Mohammad Hassan Payvandi said the plant's first phase will come online by August and its full operation would be in 2016.

“Given the high capacity of this project, there is good potential for the development of downstream industries,” he said.

Engineering, license and procurement services for the project have been provided by Switzerland’s Casale SA and Iran’s Petrochemical Industries Design and Engineering Company (PIDEC).

Iran is planning to raise its methanol output to 25mt/y within the next five years to gain a toehold in the international market as the biggest supplier of the product.

Tipped as an alternative fuel in ships, the fuel is already used in light aircraft and racing cars and its global demand is rising.

Methanol is seen as a green fuel while being more abundant and cheaper than diesel. It is even preferred over liquefied natural gas (NLG).

Iran currently has a capacity to produce 60 million tons of petrochemicals, which is expected to expand to 180 million tons in the coming years as a number of projects are coming on stream.

Officials say the country is on course to earn as much as $70 billion per year once the projects start production.

15:18 (Saturday, September 05, 2015)

TEHRAN Sept. 05(Shana)—Iran is expected to become the world's biggest methanol producer as Kaveh mega methanol project, touted as the world's largest methanol unit and a rival to US shale gas, is expected to come online by 2016.