State-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»
The 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…)
E-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.
The 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.
US 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…)
Senior 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, 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…)
Less 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»
Iran’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 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»
Trade 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: 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»
Iran 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»
The World Federation of Exchanges (WFE) has written to he chairman of of the Tehran Stock Exchange (TSE) approving the Iranian exchange’s membership of the 63-strong international trade association of publicly regulated stock, futures, and options exchanges, TSE chairman Hassan Qalibaf Asl confirmed this month. The move will ease Iranian capital’s entry into the global network of the stock exchanges and investors access to their data and information, he said.
TSE membership (more…)