Oil and Gas daad and kherad law firm

TEHRAN – The director of National Iranian Oil Company (NIOC)’s Discovery Department said new oil and gas fields have been discovered in the country during the past two years, IRNA reported on Tuesday.

“The details of the discoveries will be revealed by the Oil Ministry.” Saleh Hendi said.

According to the official, there are currently about 40 newly discovered and already developed reserves across Iran which is an indication of significant work done by NIOC’s Discovery Department.

“NIOC continues its cooperation with foreign companies in various areas like discovery of new fields and reserves and also boosting recovery from old fields,” Hendi said.

He furthered noted that following the country’s sixth five-year development plan (2016-2021), NIOC have had very good achievements in exploration of new oil and gas reservoirs, so that now Iran ranks first in terms of oil and gas reserves.

“The U.S. sanctions haven’t had a significant impact on NIOC’s discovery activities and we are proceeding on schedule”, he added.

Source: TEHRAN TIMES

TSE daad and kherad law firm

Tehran Stock Exchange Launching Equity Futures on Sunday

Future contracts (also known as futures) will be launched officially on the Tehran Stock Exchange TSE on Sunday, the TSE director said.

Ali Sahraee said such futures are traded internationally in the form of ‘Index Futures’ but since “physical delivery” is not possible in such contracts, they have been adjusted to comply with Islamic jurisprudence.

He said the futures will be launched under supervision of Jurisprudence Committee of the Security and Exchange Organization, which granted the necessary permission for the futures.

Index futures are futures contracts on a stock or financial index. For each index there may be a different multiple for determining the price of the futures contract.

Source: FINANCIAL TRIBUNE

shipping route daad and kherad law firm

ran and Oman have launched a fourth direct shipping route between the countries, according to the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

The route between Iran’s port city of Jask and the Omani port of Al Suwaiq, joins three others already in operation.

The first shipping route between the two countries was launched in March, 2015 between Iran’s Bandar Abbas and Oman’s Sohar Port.

In December, 2016, direct shipping routes from two Omani ports to the Iranian port of Shahid Bahonar were established, and in December, 2017 another shipping service between Sohar Port and Khorramshahr was launched.

With this new shipping line launched, more Iranian goods and agricultural products will be shipped to Oman, according to ICCIMA.

According to the Iran-Oman Joint Chamber of Commerce, the Bandar Abbas- Sohar route which was temporarily closed due to U.S. sanctions on Iran, has also resumed operation.

Source: Arabian Industry

Asgaroladi daad and kherad law firm

TEHRAN (Tasnim) – The head of Iran-China Joint Chamber of Commerce said the hurdles in banking transactions between Tehran and Beijing have been cleared.

In an interview with Tasnim, Asadollah Asgaroladi said problems faced by Iranian merchants in trading with China have been resolved.

“As of December 2, a Chinese bank will begin banking transactions with Iran,” he added.

According to Asgaroladi, Iran’s oil sales to China will start next week and Tehran will begin receiving the oil income within the next month.

He also said that China is planned to announce a second bank for interaction with Iran next month.

His comments came a few days after reports that China will restart loading Iranian crude in November after it halted purchases in October.

The Chinese government had previously ordered at least two state-owned companies to avoid buying Iranian oil in the lead-up to the November 4 sanctions review deadline.

The nation’s decision to restart purchases precedes an upcoming meeting between Chinese President Xi Jinping and US President Donald Trump at the Group of 20 summit later this week and coincides with flaring trade tensions between the world’s two largest economies.

Araqchi daad and kherad law firm

“If the Iranian banks which are subject to US sanctions are affected by FATF sanctions, it would be natural that they cannot cooperate with this mechanism [SPV]. It is not a precondition, rather, it’s a requirement for cooperating with the European mechanism or any other mechanism,” said Abbas Araghchi in Islamabad, IRNA reported on Tuesday.

If FATF sanctions are back, Iranian banks may not be able to cooperate with China and Russia, let alone Europe, he highlighted.

The Iranian diplomat went on to say that negotiations with European side regarding the SPV are going on and that no further information on this issue can be released till the end of talks.

He also expressed hope that Iran’s Parliament, the Guardians Council, and the Expediency Council would arrive at a beneficial conclusion for the country regarding Iran’s accession to the convention against the funding of terrorism (CFT), keeping the routes of international cooperation open for the Iranian banks.

Elsewhere in his remarks, Araghchi said that he has discussed regional and international issues, as well as the status of bilateral relations with Pakistani officials.

US sanctions have created some barriers and also opportunities for bilateral cooperation, he said, adding that Iran and Pakistan conferred on ways to seize these opportunities.

Araghchi arrived in Islamabad on Monday to attend Iran-Pakistan 10th round of the Bilateral Political Consultations. He also met with Pakistani Foreign Minister Shah Mehmood Qureshi, and Foreign Secretary Tehmina Janjua.

Iran-South Korea daad and kherad law firm

SINGAPORE/SEOUL (Reuters) – With supply from major producer Iran uncertain, big condensate user South Korea is scouring the world for alternative sources of this key ingredient in its large chemical industry to avert shortages – a process that is proving to be costly for buyers.

Condensate, a type of ultra-light crude oil, is a feedstock for South Korea’s petrochemical industry.

A by-product of natural gas production, Iran and Qatar are major condensate suppliers. But Iran’s exports have fallen sharply this year as production in its South Pars gas field struggles to keep up with rising domestic demand while renewed U.S. sanctions on Iran’s petroleum industry crimp exports.

With Iranian condensate in the past years making up more than half of Korea’s overall supply, the shortfall is forcing Korean buyers to seek alternative supplies.

SK Incheon Petrochem, a unit of SK Innovation (096770.KS); Hyundai Chemical, a subsidiary of Hyundai Oilbank Corp [INPTVH.UL]; and Hanwha Total Petrochemicals Corp (HTC) [SMCHE.UL] are South Korea’s biggest condensate buyers.

“There is huge uncertainty over sanctions, and we can’t build a strategy with huge uncertainty in volume,” said Sebastien Bariller, senior vice president of feedstock purchasing, energy and optimization at HTC.

Even if the United States extends waivers on sanctions, South Korea is bound by Washington’s condition to continue to reduce Iranian oil imports, said Kim Jae-kyung, research fellow at the Korean Energy Economics Institute (KEEI).

“South Korea needs to look for other sources,” he said.

Bariller said 2018 had been “very special and difficult” because there were “no more supplies from Iran” since the middle of the year.

HTC had bought condensate from “nearly all alternative origins,” he said.

The U.S. sanctions and rising domestic demand could cap Iran’s South Pars condensate exports at 100,000-200,000 barrels per day (bpd) in 2019-2020, down from 400,000-500,000 bpd in 2017, according to consultancy FGE.

COSTLY & COMPLICATED

Korea’s shift will be a painful loss in revenue for Iran’s already battered economy. For South Korea, the shift could help deepen ties with its closest political ally, the United States, where production of condensate, and also naphtha, is growing fast.

“Given its relationships with the U.S. … it would bode well for South Korea … to buy more U.S. oil,” said Shin Hyundon, professor of energy resources at South Korea’s Inha University.

U.S. condensate and liquefied petroleum gas (LPG) could account for 27 percent of HTC’s total feedstock in 2022, up from less than 5 percent currently, HTC’s Bariller said.

He said HTC was also upgrading some of its facilities to handle LPG, another similar product, of which the United States is a major producer.

Purchases from Saudi Arabia, Libya and Australia of condensate have also risen, according to SK Innovation.

South Korean companies had to pay high premiums to secure enough Qatari condensate to meet more than half of their demand.

Alternative fuels like naphtha, which results from refinery distillation, have increasingly found their way into Korean facilities, said an official at Hyundai Oilbank, who spoke on condition of anonymity.

KEEI’s Kim said high feedstock costs could erode the competitiveness of South Korea’s petrochemical industry against China.

Apart from costlier feedstock, Korean buyers may need to retrofit their facilities that are used to Iranian condensate.

Using new condensate grades from the United States or Australia could cause technical problems, industry sources said, including the handling of residue and contaminants such as metals in U.S. Eagle Ford condensate.

“It’s not easy to find condensate of similar quality to Iran’s,” Kim said, adding that South Korean buyers may have to spend up to 300 billion won ($270 million) to re-configure their splitters if they want to process U.S. condensate.

Tourism daad and kherad law firm

ore than 4.7 million foreigners travelled to Iran during the seven months to October 22, according to Ali Asghar Mounesan, the head of Iran’s Cultural Heritage, Handicraft and Tourism Organization. The number shows a growth of 56% in total number of foreign visitors compared with the same period last year.

“Despite all the externals restrictions, mostly from the US, we have managed to attract more foreign travelers to the country…we expect to see higher growth in inbound tourism in the coming months,” Mounesan said in an interview with the state TV on Thursday.

The official put the lower costs of Iran travel packages as a key factor in making the country more attractive for foreigners.

The sharp decline in the value of the national currency in recent months seems to be an opportunity for fostering the promising industry of tourism in Iran. In recent months, Iranian authorities have redoubled efforts to give a boost to the tourism sector of the country to increase foreign currency revenues and create jobs in declining economic conditions. A sharp declining national currency has meant that travelling to and shopping in Iran is now significantly cheaper for foreign nationals.

Challenges Ahead, Way Forward

But the path has not been free of challenges. The negative image created by the US along with foreign airliners decisions to stop Iran flights in recent months are two key problems the ICHTO is facing, Mounesan said.

He believes that hosting the 40th Plenary Session of the United Nations World Tourism Organization affiliate members in Hamedan has helped lower the recently-raised negativities about Iran.

Representatives of 80 countries took part in the event from Nov. 12 to 14.

At a press conference on the sidelines of the inauguration of the international meeting, the global tourism industry’s biggest annual event, UNWTO Secretary-General Zurab Pololikashvili said the organization is ready to assist Iran as a longstanding member.

“We have traveled to Iran to promote Iran as a safe and calm tourism destination and through helping develop tourism in Iran, strengthen it in face of its problems,” he was quoted as saying.

“Our presence in Iran means that we invite the people of the world to travel to this country and visit its many tourist attractions to add to the number of tourists visiting the country,” he added.

Following the decline in the value of the national currency, several foreign airlines put an end to their Iran flights. British Airways, Air Arabia and KLM were among airlines that found Iran operations not profitable anymore.

“However we have reached agreements with other airlines in order to replace them,” Mounesan said without providing further details.

Qatar Airways announced Monday it is expanding operations in Iran, despite US sanctions on the Islamic republic and an Arab diplomatic rift between Saudi Arabia and its allies on the one hand and Doha on the other hand over the latter’s adoption of close ties with Iran.

The carrier will begin twice-weekly flights to Isfahan in February 2019 and increase existing services to Shiraz and Tehran in January 2019, it said in a statement.

“These latest launches are further evidence of Qatar Airways’ commitment to Iran,” said Akbar al-Baker, the airline’s group chief executive.

Last month, Baker said services to Iran would continue despite a tightening economic and political squeeze on the Islamic republic by Washington.

In addition to US sanctions, the Trump administration has imposed travel restrictions that target and hurt Iranians among other nationals. Based on the policies, that became known as the “Muslim Ban” due to the fact that they primarily target Muslim nations, any nationals that have recently travelled to Iran, in addition to several other countries, will find their travels to the US restricted.

 

To counter the Trump move, Iran launched an initiative that has been fully implemented in recent months. It eliminates the need for passports of foreign nationals traveling to Iran to be stamped, which removes any threat of future complications in the US.

Relying on the huge potential and local expertise, Iran has been working to promote itself as the top destination for medical tourism in the region.  The fast development of medical infrastructures in the past few years along with launching promotion plans in neighboring countries has helped the country make progress towards its long-term goals for boosting its income from medical travelers.

“We can say that we have registered growth in every aspect of inbound tourism,” Mounesan said, “But medical tourism recorded the largest growth compared with other tourism sectors.”

Referring to the recent measure taken by Iranian government to abolish visa requirement for Omani travelers, he said, “Citizens of the neighboring country are now showing more interest in Iran medical services.”

Iran eliminated the need for citizens of Oman to obtain visas to travel to the Islamic Republic in September and announced that the initiative will come into effect early October.

The Iranian government is also working on plans to lift visa requirement for citizens of China, said the ICHTO head, in line with its long-term plans to attract more Chinese travelers to the country.

About 69,000 Chinese travelers visited Iran during the last Iranian year (March 207-18). The majority of Chinese travelers visit Iran for business purposes, but Iran is trying to attract visitors for recreational as well as medical purposes as well.

Eco-tourism packages – a relatively new tourism service offered by Iran – have proved to be appealing to foreign travelers. “Especially Europeans showed great interest in Iran eco-tourism packages and eco lodges” Mounesan said.

FINANTIAL TRIBUNE

european bank daad and kherad lawfirm

Ahmad Taheri Behbahani made the remark during the unveiling ceremony for a banking mobile application on Sunday.

He said that a number of foreign banks which used to write letters to Iran a few days ago saying it would be impossible for them to continue cooperation with Iran due to sanctions, are now saying that they want to resume cooperation with the Islamic Republic in the face of US sanctions.

He added that a major European bank has voiced readiness to resume financial transactions with Iran after several sessions held between the two sides.

Taheri maintained that Iran had no problem with supplying pharmaceuticals and basic goods during the previous era of sanctions before the signing of the JCPOA in 2015, and the country would be continuing its activities in the banking and financial sectors, as well as the supply of pharmaceuticals, basic goods and medical equipment under the current sanctions.

US withdrew unilaterally from the JCPOA in May and re-imposed sanctions against Iran which had been lifted under the 2015 deal. Washington’s second batch of sanctions came into force on Nov. 5, targeting Iran’s banking and oil sectors, which in effect posed restrictions on other countries for doing business with Iran.

Source: MEHR NEWS AGENCY

Germany France daad and kherad law firm

France and Germany will likely host the Special Vehicle Purpose (SPV), a special payment channel created by Europe as part of its efforts to keep trade flowing with Iran in defiance of US sanctions, senior diplomats told the Wall Street Journal.

The Monday report said the governments participating in the payment channel will directly manage the company (mechanism) in order to prevent the US from putting direct sanctions on it.

According to the diplomats, British officials are also mulling over joining France and Germany in order to rescue the European attempt to circumvent the US sanctions and salvage the Iran nuclear deal following the US’ withdrawal in May.

The report said if France plays host to the SPV, Germany will take the helm, and vice versa.

According to the report, the mechanism is not finalized yet and finishing touches will be discussed on the sidelines of the 2018 G20 Buenos Aires summit, scheduled to begin on November 30.

The move comes after Luxembourg and Austria, under the US pressure, refused to host the SPV, with Luxembourg officials being warned that hosting the mechanism could damage the country’s place as a major financial center hosting many international investment funds, European diplomats said.

The report was released during the visit of Iran’s nuclear chief Ali Akbar Salehi to Brussels, Belgium, where he attended the third seminar on peaceful nuclear cooperation between Tehran and the European Union.

The European Union hosted the AEOI chief at the seminar aimed at showing the bloc’s continuing support for the Joint Comprehensive Plan of Action.

Addressing the seminar, Salehi criticized the US administration’s efforts to prevent the implementation of the 2015 deal through exerting pressure on other countries to make them pursue Washington’s policies vis-a-vis the deal.

“This unconstructive US approach shows that this country, as a permanent member of the [United Nations] Security Council, is not committed to its international obligations,” said Salehi, the head of the Atomic Energy Organization of Iran (AEOI).

Speaking to reporters on the sidelines of the seminar, the Iranian nuclear chief warned the European Union of “ominous” outcomes if it did not follow through with action to keep the economic benefits of the JCPOA alive.

“If words are not turned into deeds, then … it is very ominous, the situation would be unpredictable,” Salehi said.

Iran’s nuclear chief, however, said he believed that the 28-nation bloc was “doing its best” and was on its way to delivering on its promises.

Europe has been taking a range of measures to meet the Iranian demand for practical guarantees.

Iran and the European side have been discussing ways to conduct non-dollar trade in order to offset the US sanctions.

On September 24, Iran and its five partners released a joint statement announcing the setting up of a Special Purpose Vehicle (SPV) to facilitate continued trade with Iran, bypass the US financial system, and avoid any impact of America’s secondary sanctions.

Source: Press TV

Iran China Daadandkherad Lawfirm Institute

China’s CNPC replacing France’s Total in Iran project

DUBAI (Reuters) – China’s state-owned CNPC has replaced France’s Total <TOTF.PA> in Iran’s multi-billion dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday.

“China’s CNPC has officially replaced Total in Phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC … about when it will start operations,” Zanganeh told ICANA.

Source: Euronews