4 June 28, 2018 ECONOMIC NEWS Iran , Oman Sign MoU on Report: Iran’s Crude Export Guarantees DOHA (Distiches) – Iran and Steel Production Up 24% Oman signed a memorandum of understanding on export guarantees tons, respectively ranked second, in the context of further economic third and fourth, the report added. development cooperation between In a relevant development in the two countries. May, Iran produced 2.01 million The deal was signed on Tuesday tons of crude steel—a growth of on the sidelines of the 17th 3.33 percent over the figure for meeting session of Iran-Oman April, which was 1.95 million joint economic commission in tons. the presence of Iranian Minister Global steel production in May of Industry, Mine and Trade amounted to 154.86 million tons, Mohammad Shariatmadari and showing an increase of 4.7 percent Oman’s Commerce and Industry compared with the figure for April Minister , Ali bin Masoud Al which was 147.89 million tons. Sinaidy in Muscat. WSA is the international Seyed Arash Shahr Aeini, TEHRAN (Dispatches) - Iran compared with the corresponding trade body of the iron and Deputy Chief Executive of the considerably has increased the period of 2017,” WSA reported. steel industry. The association Export Guarantee Fund of Iran production of crude steel in the It said that China with 369.859 represents approximately 170 said the initiatives introduced in first five months of 2018, statistics million tons of steel production Member of the Managing Board and Muscat to boost friendly steel producers, including 17 the MoU are expected to increase of Export Guarantee Fund of relations and expansion of bilateral released by World Steel Association topped the list of crude steel of the world’s 20 largest steel the pace of Iran-Oman bilateral Iran also said that another issue economic, trade, investment and (WSA) said. producers in the first five months trade relations. companies, national and regional included in the memorandum is technical cooperation. “A sum of 10.14 million tons of of 2018. The MoU on cooperation steel industry associations and the issue of joint insurances and According to the Iranian embassy crude steel WWA produced in the Japan, India and the United States between Export Guarantee Fund steel research institutes. WSA’s reliance insurances which can be in Muscat, the two ministers also first five months of 2018, showing with 44.22 million tons, 44.12 of Iran and its Omani peer, Credit members account for around 85 used in joint investment projects discussed cooperation between a growth of 24.25 percent as million tons and 34.85 million Oman, can replace the banking percent of world steel production. between the two countries in order Iran and Oman in the areas of trade, system between the two nations by to provide adequate company economy, investments, industries, facilitating trade and investment support. mines, geology, customs, oil, gas relations and addressing The joint economic commission and petrochemical, transportation, issues related to issuing export of the two countries was held agriculture, culture and science. Amir Kabir Petrochemical Plant to guarantees. based on the will both in Tehran Launch €900mn NGL Project Tehran, Tashkent to Turkey Will Petrochemical Company’s output has been roughly 30 to 40 percent Keep Trading below its nameplate capacity in Cooperate in Energy Field recent years, adding the project With Iran: would compensate for the lack of TEHRAN (Dispatches) - taking advantage of Iranian production of the facility. Chairman of the Board of Directors firms’ potentials in food industry, Minister of IDRO Group Mansour Moazami machinery, pharmaceuticals, The Project Manager of ANKARA (Dispatches) - Turkey’s and Uzbek Minister of Foreign Trade modern industries and energy NGL2300 of Amir Kabir Economy Minister Nihat Zeybekçi, Jamshid Khodjaev have underlined fields. Petrochemical Company further referring to the U.S.’s economic the developing cooperation in Petrochemical products, sanctions against Iran said, “It referred to the advantages of modern industries, food industry, pistachio, tea, various kinds of doesn’t interest us, we only recognize launching the project, saying: pharmaceuticals and energy fields. flooring and stones are exported to UN decisions,” at the European “To resolve this issue, the Iranian Referring to an agreement Uzbekistan. Free Trade Association meeting on Ministry of Petroleum approved between two countries and Iranian The Industrial Development Wednesday. of inauguration of the project to President Hassan Rouhani’s & Renovation Organization of The United States has told imminent trip to Uzbekistan, he Iran known as IDRO Group secure feedstock supply to the countries to cut all imports of called for finalizing industrial was established in 1967 in Iran. facility… Once operational the Iranian oil from November and is projects. IDRO Group is one of the largest unit will boost the plant’s olefin unlikely to offer any exemptions, Meanwhile, Khodjaev referred to companies in Iran. output from 530,000 tons per year a senior State Department official Uzbekistan’s cooperation with Iran It is also one of the largest TEHRAN (Shana) - Director “The project is being developed to 750,000 tons per year.” said. in the industrial field, especially conglomerates in Asia. of the NGL 2300 Project at with the aim of supplying He said an investment of 900 Amir Kabir Petrochemical Plant feedstock and boosting the million euros was made in the Houshang Karimi has said Amir facility’s production capacity to as project with two and a half years Kabir Petrochemical Plant planned much as 2 million tons per year,” of return on investment and ATR Gives Up Delivering Planes to Iran: Report to launch a natural gas liquids NIPNA news agency quoted generation of 2,500 jobs during its been completed, six are being (NGL) project, NGL 2300, with an Karimi as saying. construction. assembled and the last four have investment of 900 million euros. He said Amir Kabir been launched and “customized” for Iran, particularly with pressurization devices, to fly Official Unfazed by Shipping over mountainous areas. As a result, “these devices Firms Leaving Iran will be harder to reclassify,” he TEHRAN (Dispatches) - Iran’s port over U.S. sanctions parts of the world. continued. “We are working hard but we have no firm tracks yet.” Managing Director of Iran Ports and hold a small share in the country’s “Iranian northern ports witnessed To still deliver to Iran, ATR is Maritime Organization Mohammad shipping sector,” Mehr news a 30 to 70 percent growth in the trying to get a waiver from the Rastad has said the country is not agency (MNA) quoted Rastad as current Iranian fiscal year (started Americans, but Scherer said he concerned about foreign shipping saying. March 21)”. was “not entirely confident” and liner companies’ potential cease Rastad further said Iran’s He added that the capacities of The first four of the 72-600 ATR turboprops landed in Tehran’s about it. of operations at Iran’s ports due to shipping industry is an attractive the country’s ports are expected Mehrabad Airport in May 2017. “The Americans have promised the threat of new U.S. sanctions. market for foreign investors and to rise from 6 million tons to 30 a three-month period (from May TEHRAN (Press TV) - Regional 180 jets. “The shipping and liner international operators where they million tons in the near future. to August) to allow companies to aircraft manufacturer ATR says “Of the 80 planes we expected deliver the materials that were in companies that want to leave can ship their cargoes to different it must give up delivering the to deliver in 2018, there were 12 production” after U.S. President remaining aircraft ordered by for Iran, that’s a lot,” said Scherer Donald Trump’s announcement Iran because of new U.S. sanctions whose company is joint-owned to reimpose sanctions on Tehran. and that it will try to reclassify by France-based Airbus and “For the aviation industry, Indonesia’s Pertamina Says Iran Oil 12 aircraft if it does not obtain a Leonardo of Italy. this three-month period is waiver. Iran took delivery of the first ridiculously short,” Scherer said. Field Deal Frozen Over U.S. Sanctions “In 2018, our delivery target four ATR aircraft last May, ATR, Scherer said, intends to WASHINGTON (Reuters) ministry, and Pertamina. zero as part of renewed sanctions it could be impacted given the two more in September, beside rely on the help offered by the - Indonesia’s government decided Widyawati made the is imposing after President Donald Iranian context,” ATR CEO another two in December, with French government to protect Christian Scherer said in the rest due to be handed over to last month to freeze Pertamina’s comments at an event on the Trump abandoned a deal reached in companies. an interview published on the country by the end of 2018. deal to operate the Mansouri oil sidelines of a global natural gas late 2015. “We want to use the help LaTribune.fr. Scherer said the Iranians want of the French government to field in Iran . conference in Washington. She Indonesia, a former OPEC IranAir, the national flag to take delivery of the planes, negotiate the best possible “We have a good relationship would not say whether member, is becoming a carrier, signed a contract to buy “but ATR will not take any risk of licenses during this period of with the United States, and so, it is the Mansouri project was likely to growing energy trading partner with 20 planes from turboprop maker falling out with U.S. authorities three months to be able to deliver on hold,” Widyawati told Reuters, be revived in the future. the United States, with a 20-year ATR in April 2017.