World Business and Economic Analysis
World Business and Economic Analysis
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."
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.”
