World Business and Economic Analysis
World Business and Economic Analysis
An HOA (heads of agreement) was signed between NIOC and POGIDC within the framework of Iran’s new model for oil contracts called Iran Petroleum Contracts (IPC).
The newly-signed agreement marks the first IPC sealed following the implementation of the Joint Comprehensive Plan of Action (JCPOA)
Under the terms of the deal, the National Iranian Oil Company (NIOC) has put Persia Oil & Gas Industry Development Company (POGIDC) in charge of development of and implementation of Enhanced Oil Recovery (EOR) methods in Yaran, Marun and Kupal oilfields.
The first IPC, revolving around development of Yaran joint oilfield, was inked on Tuesday morning at the presence of Iran’s Oil Minister Bijan Zanganeh, chairman of board of directors of POGIDC Gholamhossein Nozari and President of the Headquarters for Execution of Imam Khomeini's Order (EIKO) Mohammad Mokhber.
The developmental contract, meanwhile, was signed by Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manuchehri and POGIDC Managing Director Naji Sadouni.
Persia Oil & Gas Industry Development Company (POGIDC) marks one of the eight Iranian firms who have been qualified by the Iranian Oil Ministry for conducting activities in the upstream oil sector is also commonly known as the exploration and production (E&P) sector.
Today, in addition to development of Yaran joint field, POGIDC was also entrusted with the task of increasing oil recovery in Marun and Kupal oilfields in the form of two separate contracts.
NIOC had earlier announced that Iranian companies active in E&P areas were allowed to take charge of small and medium-sized fields as well as to seek assistance from foreign firms if need be.
Yaran oilfield, which is being developed in two sections of North and South Yaran, remains as one of West Karun joint fields.
Under a buyback scheme, POGIDC is now developing the northern region of the field and the plan to produce 30 thousand barrels of crude oil per day is on the verge of operation.
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.
A delegation of European Union officials visited Iran from 11-14 July to discuss deeper cooperation in the fields of economic policy, trade, investment and finance. The European Union is the largest integrated market in the world, comprising over 500 million people and represents a major opportunity for two-way economic and investment flows.
The visit was led by Eric Mamer, Director at the European Commission Directorate General for Internal market, Industry, Entrepreneurship and SME's. Meetings were held with counterparts in the Iranian administration, including the Ministry of Industry, Mines and Trade; the Ministry of Economy and Finance; the Central Bank; the Customs Administration and the Iranian Chamber of Commerce. Members of the EU delegation also included officials from the Commission Services for Trade, Economy and Finance, Taxation and Customs, External Action Service and representatives from the European Central Bank and the European Investment Bank.
As recently stated by the High Representative, Federica Mogherini, at the time of the high level visit to Tehran on 16 April, the European Union actively supports Iran's integration in the world economy and its membership in the World Trade Organization.
During the current visit and as a follow up to the joint statement by the High Representative and Foreign Minister Zarif, it was agreed to initiate a broad based industrial dialogue to be launched on the occasion of a “European Economic Mission” to Teheran, planned for 17-19 October, to be led by EU Commissioner Elzbieta Bienkowska, together with representatives of European Business associations. This dialogue could cover a number of key sectors of mutual interest such as textile, automotive, raw materials, tourism and construction, but also horizontal issues like business environment and SME Development. In addition, a regular macro-economic dialogue is envisaged with the Ministry of Economy and Finance."
