World Business and Economic Analysis
World Business and Economic Analysis
Describing Iran as the most stable country in West Asia, Foreign Minister Mohammad Javad Zarif invited New Zealand investors to seize the opportunities in the Iranian market.
Zarif made the statement in an address to a meeting of New Zealand Business Council in Wellington on Monday, which was also attended by ambassadors of the two countries
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Also on Monday, Zarif held talks with a host of other New Zealand officials, including Prime Minister John Key, Trade Minister Todd McClay, Primary Industries Minister Nathan Guy and Labour Party Leader Andrew Little.
New Zealand’s trade with Iran could surpass pre-sanctions levels and tap into “vast possibilities”, the Auckland-based newspaper New Zealand Herald quoted Zarif as saying ahead of his meeting with John Key.
“We continue to buy butter and milk products from you, but we are interested in going beyond that and engaging in long-term economic relations with New Zealand,” he told Radio New Zealand on Monday.
He said new trade possibilities include investment in petrochemical products and high-tech areas such as geothermal, nanotechnology and biotechnology.
Iran was New Zealand’s fifth largest trading partner in the 1980s before sanctions hit Iran. Along with many western nations, New Zealand lifted sanctions against Iran last month.
New Zealand exporters describe the removal of sanctions as an opportunity to tap into new markets and renew the country’s relationship with an old trading partner, Radio New Zealand reported.
In his meeting with McClay, the two sides investigated obstacles to strengthening bilateral ties, particularly in the field of banking services, Mehr News Agency reported.
Zarif invited McClay to visit Tehran in the near future.
Earlier on Wednesday, the Iranian foreign minister met with his New Zealand counterpart Murray McCully to discuss trade and economic issues. The two ministers signed off on an arrangement between the Export Credit Office and Export Guarantee Fund of Iran, which McCully said would help give exporters more confidence in the trading arrangements.
“We are very pleased to welcome Minister Zarif to New Zealand. His visit is the first by an Iranian foreign minister in over 10 years and allows us to refresh the relationship between our two countries following the implementation of the Iran nuclear deal in January,” McCully said.
Later on Monday, Zarif was due to speak at an event for the Institute of International Affairs before leaving for Australia.
The Iranian foreign minister arrived in New Zealand early Saturday as the fifth leg of his Asia-Pacific tour, which started the previous Saturday and also took him to Indonesia, Singapore, Brunei and Thailand.
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Government commissioned report "Enabling PV Iran" sets out the guidelines for entry into the Iranian PV market for German companies.
Iran's energy minister Hamid Chitchian (third from left) revealed the country's plans to increase its renewable energy capacity, with solar playing a key role.
Iran's energy minister Hamid Chitchian revealed the country's plans to increase its renewable energy capacity, with solar playing a key role.
In the rush to take advantage of the dropping of Western sanctions against Iran, the solar industry doesn’t want to be left behind. The EU and the United States lifted the majority of their sanctions against Iran on 16 January 2016 as part of the Joint Comprehensive Plan of Action (JCPOA) agreement, and already companies are scrambling to see what opportunities await them. One such industry, which is underdeveloped, yet bustling with possibility, is the Iranian PV market.
Aiming to be ahead of the curve, the German Foreign Office was quick to sponsor a study, completed by BSW Solar in collaboration with Tehran-based Iran-Wind Group, to assess the lay of the land and to guide companies trying to enter the market. The extensive report, “Enabling PV Iran,” shows that the financial situation in Iran has greatly improved as a result of lifting of sanctions. Of particular interest is the updating of the country’s feed-in tariff. The latest proposed FIT is generous, totaling €0.17 to €0.30 ($0.33)/kWh, under a 20-year contract.
The guide also offers advice on how to establish business networks and to carry out transactions, in a country that enjoys 300 days of sunlight a year across 80% of its expansive territory. Coupled with the fact that less than 1% of Iran’s power is generated by solar, the huge potential becomes abundantly clear. Although many business relations were broken during the years that the sanctions were in place, German companies are poised to take advantage of the opening up of Iranian borders, as Iran’s largest European trading partner.
The influx of German investment may have already begun, as Iranian news agency Mehr reported back in November 2015 that an unnamed German company has signed a deal to build several solar power plants close to Tehran, with a combined capacity of 1.25 GW. In addition to this, Iran’s Ministry of Energy announced in January 2016 that it will authorize 1 GW of solar and wind contracts in March, with an additional 35 percent bonus offered to companies that use Iranian manufactured equipment.
To cement Germany’s position and to explore further PV opportunities in Iran, Economy and Energy Minister Sigmar Gabriel will travel to Iran on 2 May with an economic delegation. The Iranian government has set itself a goal of installed renewable energy capacity to reach 5 GW by 2020. With the amount of sunlight that shines on Iran, solar seems like the right fit to achieve this goal.
However, before companies go full steam ahead with their investments in Iran, they should still consider that some sanctions have been kept in place, while the old sanctions could be put straight back in place, should Iran fail to implement its commitments under the JCPOA. Additionally, the Financial Action Task Force (FATF) expressed “exceptional concern” over the substantial money laundering and financing of terrorism risks that emanate from the country, which should encourage companies to take extra care when planning on making any investments in Iran.
Read more: http://www.pv-magazine.com/news/details/beitrag/german-study-reveals-solar-opportunities-in-iran_100023578/#ixzz42Haarlfs
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Iranian Offshore Oil Company (IOOC) managing director announced that oil investment opportunities worth $20 billion are available in the Persian Gulf.
According to Mehr News Agency, Managing Director of the Iranian Offshore Oil Company (IOOC) Saeed Hafezi described the most important oil and gas investment opportunities in the Persian Gulf region stating, "Currently, a series of talks have been conducted with European and Asian companies on the implementation of new oil and gas projects in the Persian Gulf as well as the Strait of Hormuz."
He highlighted that negotiations have been held with Italy's Eni, France's Total as well as an Austrian company. He however noted, "Despite consultations, no contract has yet been sealed."
The official further said investment opportunities in the oil and gas industries in the Persian Gulf reaches about $15-$20 billion and "a portion of the investment pertained to the expansion of new oil and gas fields which is being pursued by Pars Oil and Gas Company (POGC)".
"Meanwhile, the rest of the negotiations deal with development of old and ongoing fields," underlined the official asserting, "The most important goals include increasing the recovery factor of production in compliance with the preservation principles."
Hafezi also described some new investment opportunities in Iran's oil and gas industry including expansion of Soroush, Norouz, Abouzar, Hengam, Doroud in addition to a number of other joint oil and gas fields.
IOOC managing director had earlier said all new oil projects will be carried out with increased production from joint fields as top priority.
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