South Korea‘s intake of Iranian crude oil soared to a record high in March and its first-quarter crude imports from Iran nearly doubled on year, reflecting Tehran’s efforts to raise output after the lifting of sanctions early last year.
The increase in volumes since international sanctions against Tehran were lifted in January 2016 has made Iran the second-largest oil supplier to South Korea after Saudi Arabia, in the first quarter of 2017, reported Reuters quoting preliminary customs data on Saturday.
Iran was fifth-largest in the first quarter of 2016, behind Saudi Arabia, Iraq, Kuwait and Qatar, according to data from Korea National Oil Corp. (KNOC).
The official KNOC data ranked Iran as second-largest for the first two months of the year. KNOC figures for March and the quarter are due out in one week.
In March, the customs data showed South Korea imported 2.26 million tons of Iranian crude, or 534,368 barrels per day (bpd), up 118.8 percent from 1.03 million tons a year ago, reaching a record. That was up 38.3 percent from 1.63 million tons in February.
The world’s fifth-largest crude importer and one of Tehran’s biggest customers shipped in 5.68 million tons of Iranian crude in the first three months of 2017, or 463,234 bpd, up 92.4 percent from the 2.96 million tons imported during the same period a year ago.
Meanwhile, oil shipments from Saudi Arabia to South Kore, rose 10.9 percent to 3.52 million tons, or 831,413 bpd, in March on year. That was down 2.6 percent from 3.61 million tons a month ago as the world’s top oil exporter complies with the OPEC deal to cut supplies.
Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members reached an agreement to curb output last year by almost 1.8 mbd in the first half of 2017. Iran was exempted from the deal.
South Korea’s crude oil imports from Saudi Arabia fell 10 percent to 10.44 million tons in the first quarter of this year, or 850,614 bpd, from 11.61 million tons in the previous quarter, but that was 5.7 percent higher on year.
Overall, Asia’s fourth-largest economy brought in 12.68 million tons of crude oil in March this year, or nearly 3 mbd — up 10.1 percent from 11.52 million tons a year ago — according to the data.
For the first quarter of 2017, South Korea imported 36.94 million tons of crude, or 3.01 mbd, up 4.6 percent from 35.32 million tons a year earlier.
Final data for the country’s March crude oil imports will be released by state-run KNOC later this month.
Iran’s Oil Ministry said early this month that the country’s total exports of crude oil and condensates had exceeded three million barrels per day — a level not seen for at least the past six years.
Oil Minister Bijan Namdar Zanganeh said, “The pace of growth in Iran’s crude oil production and exports has amazed international observers who did not think Iran could raise its production by one million barrels per day within three to four months after the removal of sanctions.”
According to the ministry, almost a third of Iran’s oil exports, or over 700,000 bpd, is currently destined for Europe. The country exported around 600,000 bpd of oil to Europe during pre-sanctions years.
A top oil official said last December that Iran had started exports of condensate to Europe by sending a maiden cargo of one million barrels to certain EU clients.
Iran’s Aseman Airlines on Tuesday signed a deal to purchase dozens of passenger planes from US aviation giant Boeing.
Under the agreement, the airlines will buy 30 Boeing 737 MAX airplanes worth $3 billion. The deal also gives Aseman the right to purchase another 30 of the Boeing’s twinjet narrow-body passenger planes.
IRNA said that representatives of Aseman and Boeing signed the agreement in Tehran covering as many as 60 jets, including options, after a year of negotiations.
Owned by Iran’s civil service pension foundation but managed as a private company, Aseman is Iran’s third largest airline by active fleet size, according to the CAPA consultancy.
Tehran-based Aseman Airlines has a fleet of 36 planes – half of them the 105-seat Dutch Fokker 100s. it operates them on flights to 40 domestic and 13 international destinations, according to its website. However, it was banned from flying into the European Union over safety concerns in December.
Its three Boeing 727-200s are almost as old as the 1979 Islamic Revolution, having made their first flight in 1980.
Boeing described the deal as a “memorandum of agreement,” a type of transaction that falls short of a binding contract and is subject to government approvals.
The Aseman deal still has to be approved by the US government. Boeing said it negotiated the agreement under government authorizations.
If completed, the main part of the deal for 30 jets would be worth $3.4 billion at list prices, though airlines typically win discounts of around 50 percent for large deals.
In the statement on the latest deal, Boeing cited US Department of Commerce data suggesting an “aerospace sale of this magnitude creates or sustains approximately 18,000 jobs in the United States”.
Deliveries to Aseman would start in 2022.
“Boeing continues to follow the lead of the US government with regards to working with Iran’s airlines and any and all contracts with Iran’s airlines are contingent upon US government approval,” Boeing said.
Boeing 737 MAX planes – that would enter service in the second half of 2017 – have a passenger capacity of 130 people and are specifically adequate for domestic and regional flights.
The planes that Aseman Airlines has purchased from Boeing would increase the company’s passenger transportation capacity to above 8,000 seats, Aseman emphasized.
Even before the latest Boeing deal, Iran’s Civil Aviation Organization said plane purchases would create 20,000 direct jobs, and thousands more indirectly.
“Currently, 500-700 co-pilots are unemployed in Iran,” CAO official Mohammad Reza Kazemipour said on Monday, adding that the new fleets would bring “tens of billions of dollars in revenues for Iran”.
The memorandum of understanding is the second big agreement Boeing has reached with Iranian airlines since sanctions were eased in January 2016 after an international agreement on Iran’s nuclear program.
Boeing is to provide 50 planes of the same type to Iran’s flag-carrier airline Iran Air through a similar agreement. The overall value of Iran Air’s order that also involves 30 long-range wide-body 777 aircraft is estimated to be $16.6 billion.
Iran Air said in December 2016 that Boeing would start to deliver the planes in 2018 and the deliveries would be completed within 10 years.
Iran has already received the first three of a total of 100 Airbus planes that it has purchased from the European company through an agreement worth around $18 billion. More deliveries are expected to take place in the coming months.
The first South Korean ship will be delivered to Iran in March 2018 based on a deal to buy 10 Ultra Large Container Vessels (ULCV) from the Asian state, announced the managing director of the Islamic Republic of Iran Shipping Lines (IRISL).
Mohammad Saeedi added it is a 14,500 TEU container ship built by South Korea’s Hyundai Heavy Industries Co. (HHI), Tasnim News Agency reported.
He said after receiving the first ship, the remaining ships will be handed over to the IRISL at monthly intervals.
The IRISL signed the deal with the HHI to buy 10 ships from the world’s largest shipbuilding company in December. Financed by South Korean banks, the contract was inked between representatives of the IRISL and the HHI on December 9, 2016.
Under the contract, valued at $650 million, Hyundai will build 14,500 TEU container ships and 50,000 DWT product tankers.
The contracts were parts of the IRISL’s plans to renovate its fleet at a total investment of $2.5 billion.
The company operates about 115 oceangoing vessels, but many of the ships are old and have been deemed unsafe to travel and cannot be insured.
The agreement marks Iran’s first deal with a foreign shipbuilder since the removal of anti-Tehran sanctions.
The sanctions were lifted after Tehran and the P5+1 (Russia, China, the US, Britain, France, and Germany) finalized a lasting nuclear deal on July 14, 2015 and started implementing it on January 16, 2016.
Flick through almost any travel magazine these days and you’re bound to come across an article hailing Iran as the next big destination.
Prompting the spike in interest in the Islamic Republic is recent geopolitical wrangling in the shape of a nuclear deal with world powers that has ended some longstanding sanctions.
But while the country is trying to modernize its tourism industry in the face of increasing visitor numbers – 5.2 million came in 2016 and more are expected in 2017 – its more traditional offerings still have the potential to charm.
None more so than the Abbasi Hotel, an opulent if careworn establishment located in the ancient city of Isfahan, CNN reported.
It’s a place like no other.
Isfahan has its fair share of historical wonders (some which are UNESCO World Heritage sites), but in many ways the Abbasi has become a tourist attraction in its own right, CNN reported.
Built around 300 years ago, under the Safavid dynasty reign of Shah Sultan Husayn, it was originally used as a pit stop for merchants traveling the ancient Silk Road.
The complex provided shelter not only for traders but also for the camels and horses they used to help transport their goods.
The years, decades and centuries that followed took their toll on the old caravanserai (during the early 1900s it was used as a military complex) and it started to fall into disrepair.
In the 1950s, French archeologist André Godard, working in Iran at the time, took it upon himself to fight for its restoration.
Soon after that, the Abbasi became what it is today: a 4-star hotel drenched in an ancient past.
The Abbasi may not have an abundance of modern amenities. There are no state-of-the-art gym or in-room cappuccino machines (although it does have great Wi-Fi), but that adds to its charm.
In a globalized and franchise-dominated world, the Abbasi is unique.
This hotel is all about atmosphere. Moreover, it’s uniquely Persian.
“I’d highly encourage anyone traveling to Iran to stay here as it’s an experience of a lifetime,” says General Manager Jamal Zandi.
He’s not really exaggerating.
Hallways are lined with authentic miniature paintings, the ceiling of the lobby is finely detailed and the dining areas adorned with beautiful mirror work, glittering chandeliers, and exquisite colorful wall motifs often associated with romantic notions of “the Orient.”
An array of emerald greens, jasmine blues and deep golds inevitably make visitors reach for their cameras as soon as they walk in.
The hotel has around 225 rooms, including 23 suites, and is divided between the hotel’s old wing and new wing.
Built in the 1970s, the rooms in the new wing are rather characterless – it seems that the recreation of the hotel’s original look and feel was not a priority at the time of construction and the rooms are bland in color and nondescript.
Guests who get to stay in the old wing, especially the Qajar and Safavid suites, are in for a treat. These rooms have been superbly restored and are decorated in an elegant traditional style without being overloaded.
Iran is making rapid forays into the European crude oil market and selling its parcels to countries such as France, Italy, Greece and Spain, UK-based global shipping consultancy, VesselsValue said.
“Following the removal of sanctions, new players have emerged in the mix,” VesselsValue said in a report. Iran’s crude oil shipments have been delivered to destinations ranging from Malaysia and Singapore in Asia to Syria in Africa, it said, according to Platts.
In 2016, the number of voyages to deliver crude from Iran to France was estimated at 21, while Italy, Greece and Spain took 15, 14 and 13 shipments respectively, it said. This includes shipments in VLCC, Suezmaxes and Aframaxes.
In July 2012, the European Union had banned the import of Iranian crude by member countries and also the provisions of EU-linked insurance, which included protection and indemnity cover for any shipments of Iranian crude, irrespective of destination. The sanctions were relaxed in January last year.
There has also been a significant change in the geographical mix of owners whose ships were used to lift Iranian cargoes of crude.
Prior to the lifting of sanctions, the National Iranian Tanker Company (NITC) was the largest provider of tonnage to load cargoes from Iran, in addition to Iran-o Hind, Idemitsu Tanker, JX Ocean and KLine.
The Iranian ships were provided local insurance cover but there were always concerns over the possibility of any potential liability in event of maritime accidents in waters of importing countries which were permitted to purchase crude from Tehran.
During the period of sanctions, India permitted Iranian ships to call at Indian ports based on Tehran’s local insurance cover, China used ships of domestic companies while the Japanese government provided insurance cover only for VLCCs.
South Korea and Taiwan also took deliveries of cargoes purchased on a cost and freight (CFR) basis.
Now, “the group of shipowners lifting crude from Iran has changed dramatically to include those from Greece and Belgium”, VesselsValue said.
“The influx of owners from Greece has significantly increased the number of Suezmaxes plying on the ex-Iran voyages to 81 last year, compared with 15 in 2015,” the report said.
While NITC continues to be the market leader in terms of the number of ships deployed for loading crude from Iran, other companies with ships loading from the country include Dynacom, Delta Tankers, Euronav, Polembros, COSCO, Avin International, Olympic Shipping and Management, New Shipping and Thenamaris, it said.
Last month, two Iranian VLCCs, the ‘Huge’ and the ‘Snow’ delivered a mix of the country’s heavy and light crude grades to Shell at Rotterdam, according to trade sources and S&P Global Platts.
In late January, Iran’s Oil Minister Bijan Namdar Zanganeh said that the country was producing 3.9 mbd crude and was set to reach its 4 mbd target by the end of the Iranian year on March 20.
This will mark the return of Iran’s output to levels last seen before 2012, when international sanctions were imposed on the country.
A Platts survey released on February 6 estimated Iranian production at 3.72 mbd in January, up 30,000 bpd from December.
While cuts in crude production have been initiated under an OPEC-led agreement, Iran is allowed to boost its output to 3.797 mbd. If this materializes, Iran’s output would exceed its OPEC quota by more than 100,000 bpd.
This is expected to translated into more crude shipments from Iran. According to VesselsValue, the seaborne exports of Iranian crude are rising significantly.
The number of crude laden shipments from Iran increased to 563 last year — up from 66 in 2012 and 277 in 2015, their data showed.
Iranian film ‘The Salesman’ on Sunday won the Oscar for best foreign language film, but director Asghar Farhadi skipped the Hollywood gala to protest a travel ban by US President Donald Trump.
Farhadi initially said he would head to Hollywood for Oscars night, where his film — the story of two actors whose relationship turns sour during a performance of Arthur Miller’s ‘Death of a Salesman’ — earned a statuette.
However, after citizens from seven Muslim-majority countries were briefly denied entry last month to the United States, he decided there were too many ‘ifs and buts’ about whether he would be allowed to enter the country.
Instead, thousands of people watched ‘The Salesman’ for free in London’s Trafalgar Square.
In a statement read out at the Oscars ceremony on Farhadi’s behalf by Anousheh Ansari, an Iranian-American astronaut, Farhadi said the empathy filmmakers can foster is needed today more than ever. Ansari was joined onstage by another accomplished Iranian-American, Firouz Naderi, a former NASA director.
“I’m sorry I’m not with you tonight,” Farhadi’s statement read. “My absence is out of respect for the people of my country and those of other six nations who have been disrespected by the inhumane law that bans entry of immigrants to the US.
“Dividing the world into the ‘us’ and ‘our enemies’ categories creates fear.”
At the age of just 44, Farhadi has established himself as Iran’s most acclaimed director, touching people around the globe with stories that resonate beyond borders.
This was his second film to win an Oscar in the foreign language film category, following the 2012 victory for ‘A Separation’ — a stark, powerful family drama about Iran’s fractured social classes, which also picked up a Golden Globe.
Coming at another dark time in relations between the United States and Iran, when international sanctions were at their peak, Farhadi’s 2012 speech was lauded back home for putting Iranian art, culture and history above politics.
But this time, politics trumped art.
Best Foreign Language Film The Salesman Asghar Farhadi (Iran) is accepted by a designated woman reading Farhadi’s statement. REUTERS/Lucy Nicholson
Farhadi’s lead actress, Taraneh Alidoosti, also boycotted the event, calling Trump’s visa ban ‘racist’.
The measure has been put on ice by the US federal courts, and Trump’s White House is devising a new order.
Born in 1972 near the ancient city of Isfahan, Farhadi was swiftly drawn towards the arts, becoming interested in writing, drama and cinema while still at school.
He later took courses at the Iranian Young Cinema Society and graduated with a master’s degree in film direction from Tehran University in 1998.
‘The Salesman’ also found success at last year’s Cannes film festival, with Farhadi winning best screenplay and his star Shahab Hosseini named best actor.
It was his second official festival selection after his French-language film ‘The Past’ in 2013, which won the ecumenical jury prize.
89th Academy Awards – Oscars Backstage – Hollywood, California, U.S. – 26/02/17 – Anousheh Ansari and Firouz Naderi pose with the Oscar they accepted on behalf of Asghar Farhadi, who won the Best Foreign Language Film for “The Salesman”. REUTERS/Lucas Jackson – RTS10HRL
The structure of Farhadi’s scripts “is always complex but fluid”, cinema writer Beatrice de Mondenard said at the time.
“He seeks to show the difficulties inherent in relationships between people, the choices faced by everyone, choices which make us question our values and our convictions.”
Farhadi’s ‘About Elly’, which tells of a woman who vanishes on a beach getaway with friends, scooped the Silver Bear award for best director at the 2009 Berlin film festival.
Other films include ‘Dancing In The Dust’, ‘Fireworks Wednesday’ and ‘Beautiful City’.
Late Iranian filmmaker Abbas Kiarostami was also honored at the 89th Academy Awards.
The Academy awards ceremony named Kiarostami in a video that honored the world artists who passed away in 2016.
Kiarostami was also an accomplished photographer and painter. His last film was ‘Like Someone in Love’ (2012) — a romantic drama set in Japan — was nominated for a Palme d’Or at Cannes.
Congratulations
Iranians cheered the choice of one of their own for the best foreign film Oscar, lauding director Farhadi’s boycott of the Hollywood ceremony for his film as an act of defiance against the Trump administration.
The six nominated directors in the foreign language category had put out a joint statement ahead of the award decrying what they called the climate of ‘fanaticism’ in the United States and dedicating the award to the promotion of ‘unity and understanding’ regardless of who won.
Film critic Esmaeil Mihandoost, who wrote a book about Farhadi, told AP that thanks to the boycott, the film director has now “more influence on public opinion than a politician”.
“It created an exceptional opportunity for criticism” of Trump’s policy,” he added.
Iranian Foreign Minister Mohammad Javad Zarif said he saw the prize as taking a stance against Trump’s executive order. “Proud of Cast and Crew of ‘The Salesman’ for Oscar and stance against #MuslimBan. Iranians have represented culture and civilization for millennia,” he tweeted in English.
Vice President Es’haq Jahangiri praised Farhadi both for the award and for boycotting the ceremony, calling it a ‘priceless action’.
Farhadi had organized a free screening of ‘The Salesman’ in London’s Trafalgar Square on Sunday.
89th Academy Awards – Oscars Backstage – Hollywood, California, U.S. – 26/02/17 – Anousheh Ansari and Firouz Naderi pose with the Oscar they accepted on behalf of Asghar Farhadi, who won the Best Foreign Language Film for “The Salesman”. REUTERS/Lucas Jackson – RTS10HRP
Meanwhile, Iran’s Culture Minister Abbas Salehi-Amiri congratulated Iranian filmmaker for winning the Oscar and commended his stance against the racist policy of Trump administration against refugees.
“In today’s chaotic, insecure and dark world, it is altruism, pacifism and a shining light which bring freedom-seeking people together, and you [Asghar Farhadi] were successful in using the expressive language of the arts to convey the peaceful message of Iran and the Iranians beyond geographical borders,” he said in his message to Farhadi for winning his second Oscar.
“Your symbolic absence at the Academy Awards as a protest against the shortsighted and racist policies of America’s novice politicians against refugees brought together many with a good conscience together and removed the mask from the false faces of those so-called defenders of human rights, at the same time as it displayed to the world the true, culture-loving image of the Iranians,” he added.
He underlined, “As of today, the world acknowledges that the ‘Iranophobia’ project was nothing but a deceit, and you managed to tie the Iranian outlook of contemporary ills of humanity with the shared outlook of the whole world.
“Your message today was the message of sympathy, empathy and solidarity.”
He concluded, “No doubt, Iranian cinema with its major share in promoting and fostering culture and national security, can make great use of such opportunities to introduce the Iranian arts on an international level.”
London Mayor Sadiq Khan told the crowds: “President Trump cannot silence me. We stand in solidarity with Asghar Farhadi, one of the world’s greatest directors.”
2017 Academy Award winners
The coming-of-age drama ‘Moonlight’ won the best picture at the 89th annual Academy Awards Sunday night in a chaotic ending.
The film won after ‘La La Land’ was mistakenly announced as the best picture winner.
Presenter Warren Beatty said he paused so long before the name was read because the envelope read Emma Stone, ‘La La Land’. Actress Faye Dunaway read the name ‘La La Land’ after chiding Beatty for taking so long to read the winner.
The film tells the story of a boy’s journey to adulthood through his rough upbringing in Miami. The film stars Naomi Harris as the boy’s drug-addicted mother, and Mahershala Ali as a drug dealer-turned mentor for the boy.
The winners are as follows:
Best Picture: ‘Moonlight’
Actor: Casey Affleck, ‘Manchester by the Sea’
Actress: Emma Stone, ‘La La Land’
Supporting Actor: Mahershala Ali, ‘Moonlight’
Supporting Actress: Viola Davis, ‘Fences’
Directing: Damien Chazelle, ‘La La Land’
Foreign Language Film: ‘The Salesman’, Iran
Adapted Screenplay: ‘Moonlight’, screenplay by Barry Jenkins, story by Tarell Alvin McCraney
Original Screenplay: Kenneth Lonergan, ‘Manchester by the Sea’
Production Design: ‘La La Land’, Production Design: David Wasco; Set Decoration: Sandy Reynolds Wasco
Cinematography: Linus Sandgren, ‘La La Land’
Sound Mixing: ‘Hacksaw Ridge’, Kevin O’Connell, Andy Wright, Robert Mackenzie and Peter Grace
Sound Editing: ‘Arrival’, Sylvain Bellemare
Original Score: ‘La La Land’, Justin Hurwitz
Original Song: ‘City of Stars’ from ‘La La Land’, music by Justin Hurwitz, lyric by Ben Pasek and Justin Paul
Costume Design: Colleen Atwood, ‘Fantastic Beasts and Where to Find Them’
Documentary (short subject): ‘The White Helmets’, Orlando von Einsiedel and Joanna Natasegara
Documentary Feature: ‘O.J.: Made in America’, Ezra Edelman and Caroline Waterlow
Film Editing: ‘Hacksaw Ridge’, John Gilbert
Makeup and Hairstyling: ‘Suicide Squad’, Alessandro Bertolazzi, Giorgio Gregorini and Christopher Nelson
Animated Feature Film: ‘Zootopia’, Byron Howard, Rich Moore and Clark Spencer
Animated Short Film: ‘Piper’, Alan Barillaro and Marc Sondheimer
Live Action Short Film: ‘Sing’, Kristof Deak and Anna Udvardy
Visual Effects: ‘The Jungle Book’, Robert Legato, Adam Valdez, Andrew R. Jones and Dan Lemmon
Iran has zipped past the likes of Venezuela and Nigeria to become India’s third largest oil supplier as easing western sanctions enabled Indian companies to increase purchases from that country.
Saudi Arabia and Iraq continue to be ahead of Iran, which was sixth biggest supplier of crude oil to India in 2015-16, PTI reported on Wednesday.
It has overtaken Venezuela, Nigeria and UAE to become India’s third largest supplier in April-December period of 2016-17.
Iran sold 19.8 million tons of crude oil to India in the nine-month period, officials said. This behind Saudi Arabia’s 30.3 million tons and 29.1 million tons sourced from Iraq.
In full 2015-16 fiscal, Iran had supplied 12.7 million tons of crude oil to India. That year Saudi Arabia had sold 40.4 million tons of oil to India with Iraq chipping in 26.8 million tons. Venezuela supplied 23.6 million tons, Nigeria 23.4 million tons and the UAE 15.7 million tons.
Iran was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its nuclear program relegated it to the 7th spot in subsequent years.
In 2013-14 and 2014-15, India bought 11 million tons and 10.95 million tons respectively from Iran, officials said.
Easing of western sanctions a year ago has led to Indian refiners raising their purchase from Iran.
During April-December 2016-17, Venezuela supplied 17.5 million tons of oil, the UAE 13 million tons and Nigeria 12.8 million tons.
Kuwait, which was third largest supplier in 2013-14 has steadily slipped, supplying just 7.6 million tons in first nine months of 2016-17 fiscal.
Iran in 2008-09 sold 21.81 million tons oil to India, which came down marginally to 21.19 million tons in the following year. It fell to 18.49 million tons in 2010-11 and to 17.44 million tons in 2011-12.
After the imposed sanctions, India brought down the purchases to 13.14 million tons in 2012-13 and had limited them in the years thereafter.
Officials said India imported 161.7 million tons of crude oil in the April-December period this fiscal, 64.2 percent of which came from the Middle-East region.
India spent $50.62 billion on crude oil imports during the nine months.
January 2017 imports up
Meanwhile, shipping data showed on Wednesday that India’s Iran oil imports rose marginally in January compared to the previous month.
In January, Iranian oil imports more than trebled compared with the same month last year, rising to 554,600 barrels per day (bpd), according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.
Indian refiners including Reliance Industries Ltd, operator of the world’s biggest refinery complex at Jamnagar, that had stopped imports from Iran during the sanctions period, have also returned as buyers of Iranian oil.
During January India’s oil imports from Brazil surged to its highest level since April 2015, while imports from Venezuela plunged, almost matching the supplies received in August 2016.
Nigerian oil supplies, hit by militant attack on the African nation’s major Trans Forcados Pipeline, to India fell by 54 percent last month from a year ago.
That forced key Indian clients of Nigeria, mostly state-run companies, to turn to Angola. Imports from Angola rose nearly 70 percent.
Swedish Prime Minister Stefan Löfven arrived in Tehran on Friday night 10 February 2017 and was welcomed by Iranian Minister of Industries, Mines and Trade Mohammadreza Nematzadeh.
President Rouhani officially welcomes Swedish PM
President Rouhani officially welcomed Swedish Prime Minister Stefan Löfven at Sa’dabad Palace on Saturday 11 February 2017.
There are ample opportunities to develop Tehran-Stockholm ties/Iran, Sweden determined to deepen cooperation
Describing Tehran-Stockholm relations close and historical, President Rouhani said: “Developing ties between the Islamic Republic of Iran and Sweden, as a developed European country, an EU member and a non-permanent member of the UN Security Council, is very important for us”.
Speaking at a joint press conference with the Prime Minister of Sweden on Saturday in Tehran, President Rouhani said: “Sweden’s position towards our country during the sanctions and the nuclear issues has always followed moderation”.
He added: “There are ample potentials to develop ties between the two countries in the fields of transportation, environment, ICT, mining and industries”.
Referring to the two countries’ determination to restore the cooperation, especially in economy, between the two countries to the pre-sanctions era, Rouhani said: “We are seeking to tap economic potentials and opportunities, especially Export Guarantee Fund and closer banking relations”.
“We believe that the European Union should fully support European companies and banks in the post-JCPOA era for them to make the best use of the environment for common interests,” continued Rouhani.
He also referred to negotiations about Iran’s transit route and connecting the Northern and Eastern Europe to the Indian Ocean through railways and roads, and said: “Developing academic, scientific, technological, and communications ties will be beneficial to both countries”.
“The first official visit by the Prime Minister of Sweden and the high-ranking delegation, accompanies by the representatives of 40 companies to the Islamic Republic of Iran means that there is serious resolve by both sides to develop ties in all fields and decrease tensions in the region, ultimately leading to regional and global peace and stability”.
At the same press conference, the Prime Minister of Sweden, Stefan Löfven expressed happiness over visiting Tehran, saying: “The former Prime Minister of Sweden visited Tehran in the 80s multiple times to mediate between Iran and Iraq during the war but this is the first official visit of a Swedish Prime Minister to Iran and I am very happy that the honour is mine”.
He continued: “We discussed regional issues, human rights, Syrian issues, and Iran’s relations with other key countries of the region, such as Saudi Arabia”.
“We also talked about closer ties between companies of the two countries and following this visit, a number of ministers and representatives of great Swedish companies will visit Iran,” Löfven went on.
France‘s foreign minister travels to Iran on Monday, seeking to reaffirm Europe’s commitment to the nuclear deal that US President Donald Trump has threatened to annul.
The deal struck in 2015 with three European countries, Russia, China and the United States gave Iran relief from a range of sanctions, allowing it to strike major business deals with Europe for the first time in years, Reuters reported.
After taking one of the hardest lines in the negotiations, France has been quick to restore trade ties. Plane maker Airbus, oil major Total and automobile manufacturers Peugeot and Renault have all signed deals.
Some 50 French firms will take part in a Franco-Iranian economic forum on Tuesday at which more will be signed.
“Jean-Marc Ayrault is going to underline the importance that all sides which backed the deal strictly respect their commitments,” Foreign Ministry spokesman Romain Nadal told a daily briefing.
Trump has called the deal, which imposes limits on Iran’s nuclear activities, “the worst deal ever negotiated” threatening to annul it or seek a better agreement.
However, Iran’s Foreign Minister Mohammad Javad Zarif recently said Washington cannot unilaterally decide to abrogate the agreement as it is an “international agreement,” and not a bilateral one between Iran and the US.
Earlier this month and on the anniversary of the deal’s implementation, Iranian Deputy Foreign Minister Abbas Araqchi said if Trump went ahead with acting on the threat, Iran would burn the agreement.
The EU says it is in full agreement with China and Russia over the need to keep the nuclear deal alive.
Despite the sanction relief, including on banking restrictions, Iran continues to struggle to access Western finance, partly due to banks’ fears about penalties related to remaining US sanctions.
A senior Oil Ministry official said Iran is boosting oil production by 90,000 barrel per day in line with last year’s OPEC agreement.
“We are increasing our oil output which will reach the designated production level,” Gholamreza Manouchehri, National Iranian Oil Company’s (NIOC) deputy head for engineering and development affairs told IRNA.
On November 30, 2016, the Petroleum Exporting Countries (OPEC) finalized an agreement to cut its overall production by 1.2 million barrels a day and set its new production ceiling at 32.5 million barrels a day as of January 2017.
The agreement, however, allowed Iran to raise production by 90,000 bpd to nearly four million barrels a day from January this year.
Manouchehri pointed to reports that Iran’s production ceiling has increased beyond the level set by OPEC saying the rise does not run counter to the terms of the agreement.
“Iran’s average oil production must only be below the level set by OPEC in a period of six months,” he added.
The November deal — the first in eight years — also granted Libya and Nigeria, which had seen their production drop due of armed conflict, an exemption from the cut.
Oil has rallied since November amid speculations that the supply cuts would boost prices. Some market analysts say that crude prices could reach $60-$70 a barrel in the coming months if the cuts are fully enforced.
Iran oil market upbeat
Since the lifting of sanctions began in January last year, the Islamic Republic has largely increased oil exports.
Speaking on the first anniversary of the implementation of the Iran nuclear deal in a gathering in Tehran on January 16, First Vice President Es’haq Jahangiri said that the exports of Iran’s oil and gas condensates are at their highest levels since the 1979 Islamic Revolution.
Tehran and the P5+1 — the US, Britain, France, China, Russia plus Germany — signed the nuclear accord known as the Joint Comprehensive Plan of Action (JCPOA), on July 14, 2015.
Under the landmark deal, which went into force on January 16, 2016, the Islamic Republic undertook to place restrictions on its nuclear program in exchange for the removal of nuclear-related sanctions against the country.
