Deputy Minister of Roads and Urban Development for International Affairs Asghar Fakhrieh Kashan was quoted by Press TV as saying that nine financial institutions from Norway, Denmark, Ireland, Britain, China and Japan had already approached Iran to fund the purchases.

He did not disclose the names of the interested financers.

Nevertheless, he underlined that arrangements to hold a tender to choose the financier for the purchases were underway, adding that tender documents would be sent out to potential bidders within a month.

Last week, he was quoted by THE media as saying that Britain’s key export credit agency — UK Export Finance (UKEF) — had informed Iran’s Ministry of Roads and Urban Development that it was ready to provide funding for all of Iran’s purchases from Boeing and Airbus.

He stressed that Iran wanted to have an open hand in choosing the best financiers and that a tender to this effect would be held soon.

“Iran Air is preparing the tender documents so that they would be sent to all credible financiers worldwide,” Fakhrieh Kashan told IRNA.

“We are in conditions that permit us to choose our desired financiers in a competitive atmosphere that a tender creates.”

Also, Iran’s media last October quoted an unidentified government official as saying that Boeing had sealed a deal with an American bank to provide financing for Iran’s purchase of airliners in cooperation with a Japanese bank.

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Director of Production Control in Iran’s National Petrochemical Company (NPC) Alimohammad Bosaghzadeh expressed satisfaction towards production volume of Iranian petrochemicals in the first seven months of the current Iranian calendar year (March 20-October 21); “the figure rose up by six per cent as compared with the corresponding period a year ago.”

The official touched upon oil price fluctuations and their effects on competitive conditions of the market in the Persian Gulf explaining “current situations harm all parties, NPC, however, seeks to control prices in the Middle and Far East.”

He further noted that large portion of Iran’s petrochemical exports are made to Far East and countries such as India, China and South Korea.

Bosaghzadeh also stressed that Africa offers good conditions for imports of Iranian petrochemical products and efforts are being made to boost export figures to the African region.

Bosaghzadeh said that good talks were made about petrochemical exports to Europe in Germany’s Düsseldorf during K Trade Fair from 19 to 26 October.

Iran’s petrochemical exports are being deployed to the western and eastern Europe

“Currently, Iran’s petrochemical exports are being deployed to the western and eastern European states like Germany, Britain and Hungary,” he underscored.

The official said that Iran’s petrochemical output hit 28.7 million tons during the first four months of the current Iranian year adding “over 21 petrochemical complexes have had surplus output in the time frame spanning from March 20 to October 21.”

“Conditions of Iran’s petrochemical industry became more favorable as a result of several measures take in the first half of the current Iranian year including overhaul in both upstream and downstream, feedstock supply as well as diverse production,” the NPC official continued.

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International Trade Secretary Liam Fox was quoted by the media as telling an Iran-UK trade forum in London that relations between the two countries had specifically started to improve after London reopened its embassy in Tehran.

Fox also added that Britain would work to expand bilateral trade following the vote to leave the European Union.

We are seeing the first signs of growing trade between the UK and Iran

“Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again … We are seeing the first signs of growing trade between the UK and Iran,” he told The Second Iranian Trade Conference – New Prospects for British-Iranian Trade and Investment.

Fox further acknowledged that banking problems which still remain as a result of primary US sanctions against Iran are still preventing the full expansion of trade ties with the Islamic Republic.

He emphasized that the British government has already put the resolving of those problems at the top of its priorities.

“The banking sector’s ongoing concerns about facilitating payments or providing financial services means that the benefits of sanctions relief are not yet being fully realized. Resolving these problems remains a priority for this government,” Reuters quoted him as saying.

Fox said the government was working with the banking sector to find a solution for Iranian payments, and that Britain was well-placed to help private Iranian banks modernize.

London expects to see gradual movements by banks into Iran over the next few months

On the same front, Justine Walker, director of financial crime with the British Bankers’ Association (BBA), which represents the industry, said London expects to see gradual movements by banks into Iran over the next few months.

Walker emphasized that a majority of British banks are eager to expand their relations with the Iranian banking sector.

She also added that the BBA will support the banks that are interested in the expansion of relations with the Islamic Republic, IRNA reported.

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Seyyed Mohsen Ghamsari touched upon resumption of oil exports to British firms in the post-JCPOA era saying “so far, two crude oil and gas condensate cargos have been sold to two companies in the UK.”

Executive director for international affairs at National Iranian Oil Company (NIOC) emphasized that the two cargos have been exported to Britain under single-shipment contracts; “negotiations are still in progress with companies like Shell or BP to ink long-term oil sale agreements.”

The official further stressed that a single cargo of gas condensate has been recently sold to BP asserting “under the spot contract, one million barrels of Iranian gas condensate were delivered to the British company.”

“Talks have also begun with Royal Dutch Shell Oil industry company over long-term sales of crude oil though no final agreement has been reached yet,” stated Ghamsari.

He recalled that mechanism and volume of oil sales within long-term deals are still being negotiated with Shell; “NIOC will continue negotiations with the British firm in order to finalize the contracts.”

In July, Shell imported 130,000 tons of Iranian crude from Kharg Island on 8 July to continental Europe with the destination being Rotterdam of the Netherlands.

Iran’s NIOC had earlier subjected new orders by Shell to clearing its debts for previous purchases and it was in April that the Iranian company confirmed clearance of the 2.8-billion-dollar debt by the Anglo-Dutch company.

Earlier this year, Ghamsari had maintained that Shell owns refineries or shares of refineries in various world countries adding “the possibility exists for Shell to transfer a portion of the purchased crude to Germany.”/MNA

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