4 June 24, 2018 ECONOMIC NEWS Doesn’t Expect Oberbank Set to Finance Oil Customers to Get Infrastructural Projects in Iran (MNA) – Iranian Minister of Economic Affairs and Finance (MEAF) Sanctions Waivers has said the construction operation have difficulty because of the of several infrastructural projects pressure from the in Iran with a credit line, worth €1 on bank transfers, transport billion, which will be financed by insurance and so on,” Zangeneh Austria’s Oberbank. Karbasian, attending the 39th said. Oil majors Total SA and Ministerial Meeting of OPEC Royal Dutch Shell Plc are among Development Fund in Austrian those companies that have already capital Vienna said, “Austria will stopped their purchases, he said. construct a number of infrastructural “We are trying to find new projects in Iran using €1 billion worth customers,” Zangeneh said. of finance opened by Oberbank.” There are many ways for Iran “Construction of an equipped to try to preserve output and the hospital (special of 5th generation) after the implementation of Joint credit rating in the international ministry has prepared for a “worst in the field of treatment of cancer and Comprehensive Plan of Action level. Iran’s Oil Minister scenario,” Zangeneh said in also launch of an iron ore production (JCPOA),” economy minister said. In conclusion, Economy Minister Vienna after attending a meeting line are of the salient projects that Karbasian emphasized suitable Karbasian pointed to the upcoming will be put into operation through VIENNA (Bloomberg) - Iran “I don’t believe they can receive of the Organization of Petroleum ways have been provided between visit of Iranian President to Austria’s Oberbank financing said it doesn’t believe buyers of its waiver from the United States,” Exporting Countries. the two central banks of Iran Austria and said, “In a get-together scheme,” the minister maintained. oil will get waivers from the U.S. Iranian Oil Minister Bijan “I can not describe these other and Austria for broadening and meeting held in the presence of “Austria’s ‘Oberbank’ was of the government that would allow them Namdar Zangeneh said Friday in ways,” Zangeneh said. “If the enhancing banking cooperation. ministers, President Rouhani has first European bank that resumed He also praised Austrian always stressed for broadening and to continue purchasing cargoes after a Bloomberg television interview. United States administration its banking cooperation with government’s support on Iran in the enhancing cooperation between Iran President Donald Trump’s renewal “We are going to find some other knows what we are going to do, the Central Bank of Iran (CBI) field of re-improvement of country’s and Austria.” of sanctions. way.” they will block us.” Iranian oil The Persian nation is facing When Trump decided to re- exports are close to 2.5 million tightening squeeze on its oil impose restrictions on Iran last barrels a day this month, he said. EU Warns of ‘Severe Disruption’ Iraq: Oil exports. American officials month, his administration gave The sanctions were a source of were said to have asked Japan to buyers 180 days to curb their contention at the OPEC summit, Swap With completely halt imports from Iran, purchases. The request to halt where Iran initially resisted as Trump Threatens Car Tariffs going beyond the cuts demanded Japanese imports signals a tougher efforts by fellow members to raise Iran to during previous Obama-era stance than in 2012, when nations production in a way that could sanctions. Those curbs in 2012 were allowed to continue buying take its market share. Zangeneh Remain removed about 1 million barrels at reduced levels in exchange eventually agreed a compromise a day of crude from the market, for waivers from U.S. financial with his Saudi counterpart, Unaffected suggesting Trump’s restrictions restrictions. although the vague wording of the could have a big impact on the Most customers are still buying final communiqué made the deal by Sanctions market. Iran’s crude, “but some of them something of fudge. TEHRAN (Dispatches) - Iraqi Oil Minister Jabbar al-Luiebi has China, Iran to Develop Economic Ties underlined that the U.S. sanctions China.” he said will have no effect on Tehran- The Chinese official added Baghdad oil swap agreement, “We are against U.S. withdrawal media reports said. from Iran deal known as the Joint NEW YORK (Bloomberg) - The making up around a fifth of all exports “The crude oil exported from Comprehensive Plan of Action introduction of U.S. tariffs on European -- and revenue with just under a third of Iraq to Iran has been calculated Union automobiles and car parts could total export value. (JCPOA) and Washington’s as the price of electricity received affect $300 billion in trade and damage The pain wouldn’t just be felt by the from Iran and has not yet been possible unilateral sanctions nearly all of the bloc’s 28 member states, EU, according to the report prepared swapped as yet; hence we will against Tehran.” according to an EU report. for governments ahead of a meeting of continue swap with the country,” “Promoting economic relations Duties of 25 percent “could be EU leaders next week. The trade barrier the Arabic-language al-Forat between Iran and China does expected roughly to reduce U.S. imports would also hit the U.S. economy and news agency quoted al-Luiebi not run counter to international of car and car parts in half,” the European could result in “upwards of 180,000 jobs as saying on the sidelines of the regulations,” he said adding that Commission wrote in a memo obtained lost” and the impact could be doubled by 174th Meeting of the OPEC “both countries will continue by Bloomberg. “An introduction of U.S. countermeasures, the commission said in Conference in Vienna. ties in the future.” tariffs would be met with equivalent the memo. “We have just started “The value of Iran-China trade penalties imposed by affected trading There were 294 billion euros worth of transferring small amount of oil to stood at about $37.3 billion in partners.” automobiles and car parts imported into Iran’s refineries, but this is not the President Donald Trump said on the U.S. last year, 58 billion euros of basis for the exchange,” the Iraqi Spokesman for the Chinese Ministry of Commerce Gao Feng 2017 which showed a %19.3 growth compared to the same that he would impose a 20 which originated in the EU, according oil minister added. BEIJING (Dispatches) - adding that “U.S. withdrawal period in 2016,” Feng said. percent levy on all cars imported from to the commission report. An escalation Iran started swapping oil with Chinese Ministry of Commerce from Iran nuclear deal will have He went on to say that China the EU unless the bloc removes import in the trade dispute would hit Germany Iraq’s Kirkuk on June 3. spokesman Gao Feng said no effect on economic relations is Iran’s first trade partner, duties and trade barriers. This comes especially hard, which ships about According to the CIF-based on Saturday that Iran-China between the two countries,” adding that both countries have on the same day that the EU triggered 600,000 autos to the U.S. every year, swap deal, Iran receives 30,000 tariffs on 2.8 billion euros ($3.3 billion) Arndt Ellinghorst, a London-based to 60,000 bpd of oil from Kirkuk economic relations will be Islamic Republic News Agency preserved their relations in one of American products in response to U.S. analyst at Evercore ISI, said in a note to oilfields in northern Iraq to an broadened without paying (IRNA) quoted Feng as saying. decade in such a way that China duties on its steel and aluminum exports clients. Iranian refinery across the border attention to third-party countries’ “China is against economic is the biggest buyer of Iranian internal rules, media reports. unilateralism of U.S. or any that were justified on national security A 20 percent tariff on imported via tanker trucks, in exchange for crude oil and customer of Iran’s grounds. cars would be a “terrible” scenario “China will continue economic other country and its domestic oil for southern Iraq. non-oil commodities. EU and U.S. auto-related trade for Germany, wrote Ellinghorst, Decreasing costs of transporting and trade ties with Iran,” he said regulations are not important for accounts for some 10 percent of total who estimated that the country’s oil to refineries in Western commerce between the two regions, manufacturers -- Volkswagen AG, and Northern Iran and also according to the European Automobile Daimler AG and BMW AG -- would receiving transit rights are among Report: Iran’s Steel Exports Grow by 129% Manufacturers’ Association. The U.S. suffer a financial hit of about 4.5 billion advantages of implementing the year, Iran’s Association of Steel is the number one destination of EU euros. “Not a single car could be shipped swap plan. announced on Saturday. car exports both in terms of volume -- with a profit to the U.S.” Iran’s steel production has also grown by 21 percent year- Serbia Keen to Enhance Housing Cooperation With Iran on-year in a two-month period. Iranian steel makers produced BELGRADE (Dispatches) - The She added that urban development In 2017, the government of Serbia over 4.258 million tons of Serbian minister for infrastructure and housing construction could be announced that in order to improve Zorana Mihajlovic has expressed her two new sectors for cooperation bilateral relations as well as to attract unprocessed steel in the period country’s willingness to cooperate with between the two countries. tourists and investors to Serbia, it had under question. Iran in the housing sector and urban The Serbian minister further called passed a legislation to abolish visa The figure used to be 3.526 development. for closer ties between the two requirements for citizens of Iran and million tons in the same period In a meeting with Iranian Minister of nation’s educational systems in the India intending to travel to the country. last year. Industry, Mine and Trade Mohammad field of urban development. The level of trade between Iran and Iran is now the world’s 13th Shariatmadari in Belgrade, the Shariatmadari, for his part, voiced Serbia stands at $20 million. main steel producer. Serbian minister said, “We are ready Iran’s readiness to expand ties with Earlier in February, Iran’s Foreign China, India, Japan, Russia to enhance our economic cooperation Serbia in various arenas, particularly Minister TEHRAN (Dispatches) – of the current Iranian calendar and South Korea are the with Iran in various fields, particularly transportation. He said Tehran is ready visited Belgrade to explore the Iran’s steel exports have grown year (started March 21, 2018) world’s top five steel producers, in the sector housing and urban to share its experience with Belgrade avenues for expanding economic by 129% over the first two months compared to the same period last respectively. development.” in the field urban development. relations between the two countries.