World Business and Economic Analysis
World Business and Economic Analysis
Iran is capable of conducting aluminum projects outside the country, Managing Director of Iran Aluminum Company (IRALCO) Majid Pour Attar said.
Talking in a gathering of Aluminum industry owners here , He pointed to five decades of aluminum industries in Iran especially producing aluminum bars and said the country certainly has the capacity to build these kinds of factories abroad.
He said the registration process of an international technical and engineering company is underway.
He noted that Iran is the first and top producer of aluminum in the Middle East, adding IRALCO is a member of London Metals Exchange.
The official had earlier said that IRALCO is working with China’s NFC in an aluminum project in Kazakhstan which meant export of technical and engineering services.
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.”
Iran paid its debt to the German Euler Hermes credit institution, Islamic Republic’s ambassador to Berlin said, IRIB news reported on Sunday.
“There are no more barriers on the way of German banks and companies’ cooperation with Iranians,” Ali Majedi said, “and the company will offer insurance to Iran as of Tuesday.”
As reported, Iran owes Germany about €500 million ($578.90 million) under so-called Hermes covers.
Hermes cover is a common way of referring to an export credit guarantee (ECG) by the German government. These guarantees are an important part of German foreign trade policy and protect German companies in the event of non-payment by foreign debtors. The export credit guarantees of the Federal Republic of Germany offer an array of insurance options which are mainly targeted at exports to developing countries and emerging markets.
Iranian banks and companies faced difficulties for transferring money during the sanctions’ era and foreign credit insurance agencies had to cover Iranian banks’ and companies’ due payments and now the government has to settle all the outstanding debts to foreign firms.
Debts to foreign insurers like Sace and Coface and Hermes had stopped them from opening new credit lines for Iran.
