Iran, Germany Discuss Releasing Blocked Oil Equipment, Petchem

Iran, Germany Discuss Releasing Blocked Oil Equipment, Petchem Projects Deputy petroleum minister for international affairs and commerce said releasing the blocked equipment of Iran’s oil industry topped the agenda of his negotiations with the visiting German delegation here. “We discussed how to deliver the equipment which were blocked under sanctions,” Amir-Hossein Zamani-Nia told Shana following a meeting with the delegation headed by Dieter Haller, director of economic affairs and sustainable development in the German foreign ministry.“ A managing board member of the firm Siemens also met Managing Director of the National Iranian Oil Company Rokneddin Javadi on the topic during which Siegfried Russwurm vowed that his company will carry out all of its commitments on the delivery of Iran’s oil equipment,” he added. The deputy minister also said that German companies have expressed their interest in long-term cooperation with Iran in petrochemical, refining, distribution and fuel consumption optimization, as well as local manufacturing of the oil industry’s equipment. Zamani-Nia said Haller who is accompanying the German foreign minister, has promised that Hermes insurance company will resume providing export coverage for the German firms’ entry to the Iranian market so that bilateral trade will be expedited. Source: SHANA

Iran to Make Debut at German Maritime Trade Fair

For the first time Iran will have a national pavilion at SMM Hamburg, the leading international maritime trade fair, according to its website. “An industry fair is a great platform for building new relationships and getting to know each other,” says Bernd Aufderheide, president and CEO of Hamburg Messe und Congress GmbH–the city’s fair complex. Held from 6 to 9 September 2016, SMM will highlight Green Propulsion—alternative, low-emission propulsion technologies such as LNG, methanol, hybrid and dual-fuel—and fuel cell systems, along with big data and digitalization. “We are setting the stage for the formation of new international business contacts, providing opportunities for fair participants to become acquainted with Iranian companies and potential customers,” says Aufderheide. A delegation from Hamburg Messe had visited Iran in December 2015 to attend Iranimex, an international marine industries exhibition. During that visit, the group invited potential Iranian visitors, exhibitors and delegations to Germany. “Iranian businesses are showing a lively interest in European products and German knowhow,” says the CEO. “SMM is the maritime sector’s most important platform for face-to-face networking and closing business deals,” says Hauke Schlegel, chairman of the German engineering industry association VDMA. “Following the lifting of trade sanctions, the country is in great need of innovation and new ships. We see great potential for collaboration with Iran.” Schlegel stressed that since Iran continues to procure its shipbuilding equipment and technology from Germany and Europe, the country is of strategic importance to the supply industry. Source: Financial Tribune

€1b Deal With German Copper Giant National Iranian Copper Industries Company and Germany’s Mansfelder Kupfer und Messing GmbH—Europe’s third largest manufacturer of primary and semi-finished copper products—have signed a memorandum of understanding worth €1 billion. The MoU pertains to cooperation and investment in mining projects and downstream industries of Iran’s copper sector, NICICO’s media outlet was cited by Messpress.ir. Based on the agreement, the German side will provide NICICO with the technology of using copper cathode to manufacture copper products. The MKM has also agreed to purchase 70,000 tons of copper cathode per year from the Iranian company. Source: Financial Tribune

Austria’s Raiffeisen Bank Intl. plans to open branch in Iran Raiffeisen Bank International (RBI) as one of the major banks in Austria plans to open a branch in Iran, a member of RBI board of directors said. RBI board member Peter Lennkh told Austrian newspaper Die Presse that even prior to the removal of international sanctions against the Islamic Republic, the bank has held good talks with Iran central bank officials on opening a branch in Iran and would like to be back in business with the country again. “Following the implementation of the nuclear deal we wish to have easier banking transactions with Iran, and for this reason we want to offer our customers the opportunity to expand their trade and economic cooperation with Iran,” he said. “The nuclear deal has created a great opportunity for extensive cooperation with the Islamic Republic and we are making every effort to make the best of it,” he stressed. In mid-January, the European Union and the US lifted their economic sanctions against Iran after the International Atomic Energy Agency confirmed Iran’s compliance with the nuclear accord. Source: The Iran Project

Iran calls on U.S. to reassure European banks over trade with Tehran Iran on Thursday called on the United States to make a clear public pledge that it would not penalize European banks for legitimate trade with the Islamic Republic. Many foreign banks are cautious about resuming trade with Iran following January's nuclear deal because they fear being caught up in ongoing U.S. sanctions. "Rebuilding the confidence of the banks that the United States will not re-intervene in their relations with Iran may require some further assurance from the United States," Iranian Foreign Minister Mohammad Javad Zarif said at Chatham House in London. "We don't need any more legalese - we need clear precise assurances that banks can do business with Iran," he said. "I hope that is fast coming because if not it would be a problem of implementation." Although world powers lifted many crippling sanctions against Iran in return for the country complying with a deal to curb its nuclear ambitions, some restrictions remain in place Washington still prevents U.S. nationals, banks and insurers from trading with Iran and also prohibits any trades with Iran in U.S. dollars from being processed via the U.S. financial system. This is a significant complication given the dollar's role as the world's main business currency. European banks are also cautious - with some, including Deutsche Bank, remembering past fines from U.S. regulators for breaking sanctions. When asked about trade with Britain, Zarif said that good economic and commercial relations could resume. "Iran and Britain have had traditionally good commercial and economic relations and I think those can resume," Zarif said. "We need to work together on moving the political relations forward." Source: Reuters

Iran anticipates saffron sales will soar after lifting of sanctions They say it brings a smile to your face. Saffron, king of all spices, is Iran’s red gold, and an ounce of it is even more expensive in some western supermarkets than the precious metal. The lifting of sanctions against the country in mid-January is triggering a fresh demand worldwide as the spice is exported to the US for the first time in 15 years. Saffron is a distinctive flavour in much Persian cuisine and has featured widely in recipes by some of the world’s most famous chefs, but its exports sank under a decade of sanctions as the west severed economic ties with Tehran. Between 80% and 90% of the world’s saffron comes from Iran, but banking and trade restrictions meant Iranian companies faced huge challenges in exporting it abroad, particularly to the US and Europe. Instead, sanctions created a large market for counterfeit, artificially coloured products, and other countries acted as intermediaries by importing the genuine spice from Iran and rebranding and exporting it to the wider world in their own name and at higher prices. Mohammad Javad Rezaie, the head of Iran’s saffron exports development fund, has said that the first shipment will reach the US next week and predicted that the removal of sanctions and direct trade with Europe will boost its exports by 40% in the near future.“ After the implementation of the nuclear deal between Iran and [the west], a number of countries such as Spain want to directly buy saffron from Iran,” Rezaie told the semi-official Isna news agency.“ Under sanctions, saffron exports fell down significantly … which made it very difficult to send or receive foreign currency,” he said. “We’ve had a request from the US and the first shipment of saffron, weighed at 20kg, will be sent to the US for the first time in 15 years.” Importing saffron to the US was banned and Reuters has reported that American officials have inspected Spanish farms in the past to make sure they were not using Iranian variations in their own exports to the US. Other Iranian products are also allowed for US sale in the post-sanctions era, including caviar, pistachios and carpets. Iran exported more than $600m worth of carpets in 2011 before sanctions were tightened. Last year, Iran was also the world’s top producer of pistachios, ahead of the US. Source: IRNA