10 Must-Know Stories About Iran Economy in July 2017
Here are 10 most important stories about Iran economy in the past month
10. Sixfold Rise in Iran Exports to EU
Iran exported €2.77 billion worth of goods to the European Union in the first quarter of 2017, registering a sixfold rise compared with the preceding year’s corresponding period.
Mineral fuels, mineral oils and products of their distillation, bituminous substances and mineral waxes accounted for the majority of Iran’s exports to the EU during the period, with a total value of €2.5 billion, according to Eurostat’s data shared with the Financial Tribune. Read More…
9. P&I Coverage for 77 Iranian Ships
A total of 77 Iranian ships are now receiving protection and indemnity coverage from Steamship Mutual Underwriting Association Limited denied during the sanctions as the country has managed to become a member of three P&I clubs. Read More…
8. Yazd City
The historical city of Yazd in central Iran became the country’s 22nd world heritage site after the World Heritage Committee voted in favor of its inscription on Sunday during the committee’s 41st session in Krakow, Poland.
News Measures
Officials in the city of Yazd are now considering measures to help improve the ancient city’s international image. Turning Yazd’s UNESCO-listed area into a “free trade-tourism zone”, is one of the proposed measures.
7. $3billion Refinery Agreement
A South Korean-Japanese consortium has signed a preliminary agreement worth $3 billion to develop Siraf Refining Park, a major downstream project in the city of Siraf in the southern Bushehr Province.
The agreement was signed between executives of Siraf Refining Park and South Korea’s Hyundai and Daelim Corporation as well as Japan’s Chiyoda Corporation at Daelim’s headquarters in Seoul.
6. 1st Woman Takes Over As Iran Air Chief
Women in Iran broke another glass ceiling on Sunday when Iran Air’s first female Chief Executive Officer, Farzaneh Sharafbafi officially took charge of the country’s flag carrier company. The first Iranian woman to receive a PhD in aerospace, she has been a board member at Iran Air, otherwise known as Homa.
“I hope I will be able to save the face of women in the aviation industry and make them proud,” she told the Financial Tribune on the sidelines of a formal ceremony held on the occasion of her taking office in Homa headquarters Read More…
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5. Alstom Signs Shareholders Agreement
French company Alstom is entering a joint venture with with Industrial Development and Renovation Organization of Iran and Iranian Rail Industries Development Company to manufacture 1,000 subway wagons in three years.
The amount to be invested by Alstom has not been publicized, but an IDRO source, who declined to be identified, told the Financial Tribune that about €1.3 billion will be invested in the JV whose main shareholder is Alstom with 60%, while the Iranian companies each will own 20% stakes.
4. Munich Re Reenters Iran Reinsurance Market
Iran’s Saman Insurance Company has signed a contract with the world’s largest reinsurance company Munich Re, the CEO of Saman Insurance said on Wednesday.
Munich Re confirmed that it has started working with Saman Insurance Company, in an email to Financial Tribune.
Based on the contract, risks in life insurance and capital formation categories are reinsured by the German firm
3. Swiss-German Solar Project in Kerman
A photovoltaic power project was launch later earlier this month in the city of Mahan, Kerman Province, marking the completion of a Swiss-German venture in the Iranian renewable industry after last year’s lifting of sanctions.
Switzerland-based company Durion Energy AG, in collaboration with Germany’s Adore GmbH, has developed the Mokran solar complex in six months with an investment of $27 million. Read more…
2. $1.5b China Finance for Iranian Rail Project
China signed a contract with Iran to finance the electrification of a 926-km railroad from Tehran to the eastern city of Mashhad in Khorasan Razavi Province with a $1.5 billion loan.
As per the agreement signed between the two sides in Tehran on Tuesday, the guarantee for the loan, which is to be granted by Exim Bank of China, will be provided by Iran’s Bank of Industry and Mine, Read More…
1. Total’s Ground Breaking Deal
French energy giant Total S.A. signed a groundbreaking deal on Monday to develop Phase 11 of the South Pars Gas Field in the Persian Gulf, becoming the first major oil and gas company to return to Iran’s market after the conclusion of the nuclear deal with six world powers.
Petrochem Deal
Total S.A. could spend up to $2 billion in Iran’s petrochemical industry in what would further cement the position of the world’s fourth largest oil and gas company in the Iranian economy.
Marzieh Shahdaei, managing director of state-owned National Petrochemical Company said, “We are in the final stage of appraising the framework of a partnership with Total and also Shell in the petrochemical sector.”
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