print logo

Brexit draws UK companies to Iran despite shadow of sanctions

Iranian power plant at ShazandWith the prospect of Brexit limiting their ability to operated within the EU, UK firms are cautiously turning to the attention the opportunities potentially on offer from Iran’s $600bn anticipated boom in trade and infrastructure investment over the next ten years.
With the Islamic Republic about to embarking on an ambitious investment drive after years of international isolation, the authorities in Tehran are expected to be looking overseas for the finance it requires for a number of key projects, including the expansion of its 10,223km long state-owned rail network; the construction of 7 new international airports; the upgrade of 54 existing ones; and the acquisition of a new fleet of aircraft. The state carrier Iran Air has already placed orders with Airbus for 114 new aircraft and it is estimated that another 600 new airplanes will be needed over the next decade.
Iran also hopes to secure large investments into its unexplored and under-developed natural gas sector.
“Is there an opportunity here for UK business? Of course there is,” said Amanda Clack, head of Infrastructure and consultancy EY told The Telegraph this week. “Deliverability is key and contracts could be won by British companies on the basis of professionalism. These skills are underpinned by high standards and regulation which means the companies are more likely to offer a robust approach to the work.”
However, according to the The British Iranian Chamber of Commerce (BICC), the main obstacle towards a significant increase in British Iranian trade lies in the absence of banking facilities caused by the fear among European banks of American primary sanctions against Iran which were retained even after the Iran nuclear deal in late 2015.
“Until the American election there were indications that some UK banks were willing to handle direct transactions with Iran under certain conditions. Since then attitudes of the banks seem to have become more cautious and restrictive,” a spokesman said.



telegraph Read More»

Indian Railways gives new push to North-South Transport Corridor

Indian RailwaysState-owned Indian Railways is to host a meeting of the heads of its fellow South Asian railway companies next week to discuss the possibility of pushing forward the development a transcontinental rail freight service that would run through Iran and Turkey. If the 6,000 km project were to be realised, (more…)

businesstoday Read More»

Tehran agrees to sell $1.5bn in bonds to develop communal oil and gas fields

South ParsThe Iranian parliament has given the country’s oil ministry permission to sell more than $1.5bn in bonds to raise funds for the development of some of the oil and gas fields that it shares with its neighbours in the Gulf. In an open session of the parliament on Saturday, the Iranian lawmakers approved the relevant clause in next year’s budget that begins on March 21.
Iran shares (more…)

iran-bn Read More»

Amazon facing penalties over Iran

Amazon CEO Jeff BezosE-commerce giant Amazon could be facing penalties from the US Treasury, it has emerged, after it told both the Office of Foreign Assets Control and the Department of Commerce’s Bureau of Industry and Security that it had sold a variety of consumer products to individuals and unspecified groups controlled or owned by the Iranian government.
The goods ranged from apparel to software to pet products and cost $50 to about $2,400, according to the filing, and mean that Amazon has in all probability contravened the Iran Threat Reduction Action signed by former President Barack Obama in 2012 to strengthen trade restrictions on Iran and try to persuade it to stop its nuclear activities. In January 2016, the U.S. lifted some of the economic sanctions tied to the nuclear program.
US President Donald TrumpThe transactions appear to have came to light during an internal review which a spokesperson described as “ongoing” and which highlights the nervousness currently sweeping corporate America about the Trump administration taking an increasingly hard line towards companies doing business with Iran.

Bloomberg Read More»

Trump travel ban puts Boeing’s $8bn deal with Iran Air in jeopardy

Trump travel banUS President Donald Trump’s decision to issue an executive order barring Iranian nationals from travelling to the US for the next three months has cast further doubt on Boeing’s $8bn deal to supply Iran Air with 80 aircraft that the two companies agreed in principle at the back end of 2016.
The travel ban (more…)

seattletimes Read More»

Iran Air takes delivery of first Airbus jet in ‘bright day’ for aviation sector

IranAir Chairman Farhad Parvaresh with Airbus A321 Toulouse 110117Senior executives from Iran Air and Airbus converged on Toulouse last Wednesday to witness the official handover of the first of 180 aircraft manufactured by either the French airline giant or its US competitor Boeing that are destined for Iran since the lifting of sanctions early last year, on what (more…)

FT Read More»

Vitol and NIOC pre-empt Trump with $1bn pre-finance Iranian oil deal

Vitol logoNIOC logoVitol, the world’s largest oil trader, has agreed to provide the National Iranian Oil Company (NIOC) with the euro equivalent of $1bn in exchange for a share in future oil product exports from Iran, it was being reported this week, in the first pre-finance deal to be signed between the Islamic Republic and a trading house since sanctions were lifted early last year.
The deal (more…)

reuters Read More»

Concerns over Trump hard-line policy prompt BP to step back from Iran

Trump on IranLess than two months after deciding to exclude its US national CEO Bob Dudley from its attempts to capitalise on the potential of the Iranian oil industry, doubts over the policies that incoming President Donald Trump’s administration will adopt towards the Islamic Republic has prompted energy giant BP to stand back altogether, leaving the field open to its two biggest European rivals Royal Dutch Shell and Total. (more…)

FT Read More»

Rouhani threatens to revive nuclear programme after Senate votes for 10-year extension to Iran Sanctions Act

Isfahan nuclear plantIran’s President Hassan Rouhani yesterday called on outgoing US President Barack Obama not to sign a 10-year extension to Washington’s Iran Sanctions Act, amid reports that the Iranian parliament is preparing to table a motion that would give the government a mandate to resume its nuclear programme in retaliation. (more…)

theiranproject Read More»

BP US CEO Bob Dudley stands back from special Iranian task force

 BP CEO Bob DudleyBP has formed a special task force to study the investment potential of the Iranian oil industry in the post-sanctions era – but, in an attempt to mitigate the risk of the US sticking to its ban on any American involvement in the Islamic Republic, the team is to be headed by its UK-born CFO Brian Gilvary rather than US national CEO Bob Dudley. (more…)

presstv Read More»

Total wins race to sign first energy deal with Iran since end of sanctions

South ParsFrance’s Total this week became the first western energy company to sign a major deal with Tehran since the lifting of international sanctions earlier this year by confirming that it had signed a heads of agreement with the National Iranian Oil Company (NIOC) for (more…)

reuters Read More»

Deutsche Bahn agrees to test drive new South West transport corridor to Iran

Deutsche BahnDeutsche Bahn, one of the world’s largest transport companies, has agreed to test drive the new South West Transport Corridor linking India, Iran and other Gulf states to Europeby the end of November. (more…)

Rosbalt Read More»

Renault joins Western rush into Iranian car market

Renault DusterRenault has become the latest Western car manufacturer to return to the Iranian car market this week after it signed a deal with Tehran to produce at least 150,000 Duster and Symbol cars a year from a plant in the country’s capital, starting from 2018. The French company will (more…)

isna Read More»

CITIC gets ready to pump $10bn into Iranian mining sector

Iranian MinersIranian mining sector: China’s CITIC Group Corporation is getting ready to invest $10bn in Iran’s mining and minerals sectors through the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), it emerged this week, with the Chinese investment company (more…)

TREND Read More»

Thousands apply for Iranian credit cards as consumer boom heats up

Valiollah Seif Governor Central Bank of IranIranian credit cards: More than 12.000 Iranians rushed to apply for credit cards yesterday as its Central Bank authorised their issue for the first time in the country’s history. But (more…)

presstv Read More»

US treasury accused of ‘terrorism’ as Russia looks to win race to secure foothold in Iranian banking sector

Iranian women in banksIranian banking sector: Russian banks are ready to steal a march on their Western counterparts by establishing a foothold in Iran, according to a senior figure in the Russian banking sector, just weeks after (more…)

isna Read More»

Swiss win Aprin dry port contract as Iran’s non-oil exports boom

North_South_Transport_Corridor_(NSTC) (1)Aprin dry port: The Swiss-based transport and logistics multinational Transinvest Holdings has signed a 25-year contract with Iran’s Perse Transport Bar for the development of a 700-ha dry port some 20 km south of Tehran. On completion, (more…)

iran-bn Read More»

Trade with Iran surges – but tensions in Gulf threaten to spoil Tehran’s party

Iranian President Hassan Rouhani shakes and German Foreign Minister Frank-Walter Steinmeier Tehran 02-16Trade with Iran: Germany became the latest country to report a jump in exports to Iran yesterday when it released official data showing that exports to the Islamic Republic, mainly of industrial plant and equipment, grew by 15% in the first half of the year following the removal of international sanctions.  (more…)

theiranproject Read More»

Iranian oil industry draws up company list as it seeks to raise $100bn

Iranian Oil Worker

Iranian oil industry: Iran will issue a preliminary list of international energy companies eligible to take part in tenders to develop its oil and gas fields within the next two weeks, a senior Iranian oil official announced yesterday. “Not all foreign companies active (more…)

theiranproject Read More»

Tehran revisits plans for 3,300km Persian pipeline from Gulf to Europe

Azizollah Ramazani NIGECIran is reported to be looking at reviving plans for the so-called Persian pipeline as a means of increasing its gas exports to the EU. The new pipeline would replace the existing Tabriz-Ankara pipeline currently used to transport gas from Iran’s South Pars fields to Turkey with a 3,300km network starting with the Iran Gas Trunkline 9 (IGAT-9) running from the port of Assaluyeh to the city of Bazargan on Iran’s border with Turkey. At Assaluyeh (more…)

theiranproject Read More»