The country’s imports from Iran in 2018 was 31 percent of the total of European countries’ imports from Iran. However, the figure registered an annual decrease of 13 percent in 2018 from its previous €3.36 billion in 2017.

According to the data published by Eurostat, Germany with exports of €2.7 billion to Iran, i.e. 30 percent of the total exports of EU to Iran, was the main European exporter to Iran last year, the same report added.

Germany’s exports to Iran showed eight percent decrease in 2018 in comparison with the preceding year when the figure stood at €2.95 billion.

In 2018, after Italy, Spain (€2.02 billion) and France (€1.53 billion) were respectively the major importers from Iran while Italy (€1.68 billion) and France (€895 million) were the main exporters after Germany to Iran.

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“On a trip to Germany, we had discussions about Siemens’ participation in Iran’s railway and power plant projects,” Deputy Minister of Road and Urban Development for International Affairs Asghar Fakhriyeh-Kashan said on Tuesday.

In the rail sector, Iran is going to buy a number of wagons from Siemens for use on a high-speed line between Tehran, Qom and Isfahan, he said. Siemens will also cooperate on providing signaling equipment and installing communication signs.

“Through financing a number of construction projects, Siemens plans to enter into a joint venture with Iran’s MAPNA company both in the power plant and locomotive manufacturing sector in order to boost domestic production,” he said.

Last month, the Export-Import Bank of China (EXIM) signed a $1.5 billion deal to finance the electrification of a high-speed rail line between the Iranian cities of Tehran and Mashhad.

EXIM’s Vice President Sun Ping said in Tehran that the institution had provided loans for 26 Iranian projects in the electricity, petrochemicals, non-ferrous metals, oil and gas sectors, worth $9 billion.

China Railway Group Limited (CREC) is carrying out the $1.8 billion electrification of the high-speed rail link between Tehran, Qom and Isfahan.

Iran has announced plans to splurge up to $25 billion over the next 10 years on the modernization and expansion of its railway network.

Siemens was one of the first major companies to agree on a deal with Iran after the lifting of sanctions in January 2016, signing a $1.6 billion memorandum of understanding on Iran’s rail infrastructure and a long-term roadmap with MAPNA on the power sector.

The agreement included a license for manufacturing F-class gas turbines in Iran, under which more than 20 gas turbines and associated generators will be delivered over the next four to five years.

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The inaugural ceremony of the fair in the German capital was attended by the Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization Zahra Ahmadipour.

Iran has set up 24 pavilions and tourism offices in the expo to introduce the Islamic Republic’s tourism potentials and capacities.

Secretary General of the United Nations World Tourism Organization (UNWTO) Taleb Rifai inaugurated the international event which will run until March 12.

Tour operators, online booking portals and hotels, and many other service providers from over 180 countries are presenting their products and services at the event.

Known as the World’s Largest Travel Trade Show, ITB Berlin focuses on the ‘International Year of Sustainable Tourism for Development 2017’ — a slogan introduced by the UNWTO earlier this year.

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On the latest status of crude and gas condensate exports, Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said the average figure for the first nine months of the current Iranian calendar year (began March 21, 2016) stood at about 2.570 thousand barrels per day.

The official noted that exports of crude and gas condensate climbed to over 2.83 million barrels per day in the earlier Iranian month (November 21-December 20, 2016); “in other words, Iran’s oil industry exports figure has experienced a twofold rise as compared to sanction years.”

He emphasized that following sanctions removal in the past year, oil sale revenues have been received smoothly from customers; “the country’s oil income in the nine-month period amounted to about 29 billion dollars while, in view of the recent oil freeze deal by OPEC members in Vienna, the figure is expected to increase further.”

Zamaninia noted that all sanctions against Iranian tankers had been cancelled underlining that “presently, Iranian oil tankers perceive no restriction for use of flags of different countries and purchase of parts and equipment is being done with ease and at lower costs both at home and abroad.”

He pointed to release of Iran’s blocked facilities in various foreign firms like Germany’s Siemens reiterating that “buying equipment from original manufacturers has significantly lowered the costs.”

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Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said “a list recently published by National Iranian Oil Company was relevant to applicants from Spain, Germany, Italy, Austria, Japan, China and South Korea which had been qualified in Pre-Qualified Iran’s Oil and Gas Upstream Projects Tender Round.”

“Names of Lukoil and Gazprom from Russia were on the list,” highlighted the official asserting that a second list of qualified foreign companies will be soon released.

Manouchehri, while estimating that Russian firms, whose name were among qualified candidates, will be present in the second, underlined that NIOC has inked Memoranda of Understanding (MoUs) with Russia’s Zarubezhneft and Tatneft both of whom were absent in the first published list.

“NIOC must have approved of all firms with which a cooperation agreement has been inked,” noted the official.

He further maintained that claims on disqualification of Russian firms reiterated that Iran welcomed cooperation with credible Russian parties who held new technologies.

National Iranian Oil Company has so far sealed MoUs with seven Russian oil giants for development projects or boosting recovery factor in various oil and gas fields.

Accordingly, research and development MoUs have been signed with Russian firms like Lukoil, Tatneft, Zarubezhneft and Gazprom for expansion of seven Iranian oilfields including Mansouri, Ab Teimour, Aban, West Paydar, Dehloran, Cheshmeh Khoshk and Chenguleh.

Accordingly, Russian firms enjoy the highest rate of cooperation in upstream sector of Iran’s oil and gas industry as compared with Asian or European companies.

Nevertheless, names of Russneft, Tatneft and Zarubezhneft were missing on the recently-published list by NIOC giving rise to hypotheses that the three Russian oil giants had been disqualified.

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According to Mehr News Agency, Mahmoud Dashtbozorg, director general of Khuzestan Regional Electricity Company elaborated on the agreement with Medio Energy and said, “The cooperation agreement with Medio Energy has been signed in line with development of renewable energy technologies as well as attracting investment.”

He added the deal covers the implementation of a 20-MW solar power plant in Shushtar, Khuzestan Province, through direct investment to the tune of $25 million in addition to building and operation of a wind power plant in Bandar Mahshahr with a capacity of 50-megawatts and value of $83.6 million.

The official underlined that the German firm has agreed to provide technical knowledge, experience, a skilled workforce, capital, and technical and economic capabilities as well as necessary equipment for the construction of the power plants.

Dashtbozorg stated that the Iranian side had spared no effort to attract domestic and foreign investors to electricity industry sector of the region with particular attention to the renewable energy sector.

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Director of Production Control in Iran’s National Petrochemical Company (NPC) Alimohammad Bosaghzadeh expounded on new collaborations with the German company of Lurgi GmbH saying “aiming to complete its value chain, Iran’s NPC has developed careful plans including launch of cooperation with Gernaby’s Lurgi on construction of a polypropylene production unit in partnership with Iran’s Petrochemical Research and Technology Company (PRTC).”

The official recalled that the joint venture with the German firm marks Iran’s first ever cooperation with a foreign firm over production of the petrochemical product.

“Iran’s PRTC has so far constructed a pilot polypropylene construction unit,” stressed Bosaghzadeh adding that NPC seeks to reach a total production volume of 120 thousand tons per year.

He went on to underline that current PRTC projects aim to increase the amount of polypropylene to 500 thousand tons hence the accord with foreign companies like Lurgi GmbH.

Previously, Director of the National Petrochemical Company (NPC) Marzieh Shah-Daei had pointed to opening and official operation of the first semi-industrial polypropylene manufacturing unit in the country’s petrochemical industry asserting “the unit’s output is expected to reach 500 thousand tons in collaboration with Lurgi GmbH of Germany.

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Bloomberg has quoted an unnamed official from the Central Bank of Iran (CBI) as saying that the financing will be provided to the Islamic Republic through Germany’s state-run lender KfW IPEX. The official added that it would be used for the development of the railway from Tehran to Mashhad.

The funding has been agreed in principle and is close to being finalized, Bloomberg quoted Michael Tockuss, chairman of the Germany-Iran Chamber of Commerce, as saying. It would be the biggest credit line Iran has secured from foreign sources since the easing of sanctions in January, he added.

The announcement comes only a few days after the tragic crash of two trains on Tehran-Mashhad railway left dozens dead and many wounded. The crash was blamed on human error but nonetheless revived a debate at home that the country’s ageing rail fleet needs to be renovated.

Germany’s Siemens has already announced serious plans to help develop Iran’s railway system. Local media reported earlier this year that the company had signed several agreements with Iran to develop its railway network, including the electrification of the Tehran to Mashhad line. Also, officials in Tehran said earlier this month that talks were underway with Siemens to acquire high-speed trains from the company through 30-year leasing deals.

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The Governor of BHF-Bank Hans- Günter Wiesenack said several opportunities exist for collaborations and the German bank seeks to strengthen monetary ties with Iran.

He recalled barriers to deepening relations with Iran during sanction years adding “tough days are over and constructive cooperation has become an attainable goal.”

“So far, several sessions have been held between BHF-Bank and Central Bank of Iran (CBI),” underlined Wiesenack suggesting 30 to 40 years of cooperation with the Iranian IMIDRO.

The official stressed that formation of a metal department in the private banking company has elevated level of international relations.

Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian, for his part, referred to inking of documents for cooperation between Iran and a number of European companies during President Rouhani’s earlier visit to Europe and removal of problems with French Kofas and German Hermes companies saying “many earlier financial challenges are now resolved.”

He went on to note that mining and mineral sectors of Iran have numerous plans on the agenda of the coming five years which highlight the importance of banking sector as well as financial and insurance sectors.

“A total of 30 billion dollars of projects have been defined for the mine and mining industries,” underscored Karbasian voicing the country’s readiness to absorb the capital in order to finance the projects.

He pointed to the positive background of the German bank will make a more serious presence in Iranian projects in order to prevent delays.

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Speaking at a press conference, Director for Investment of National Petrochemical Company (NPC) Hossein Alimorad described the most major plans for attraction of investment to the country’s petrochemical industry saying “a contract has been recently inked with Japan’s Marubeni Corporation to reopen a 320-million-euro Line of Credit (LOC).”

The official also referred to new negotiations with yet another Japanese firm to reopen an LOC worth 640 million euros asserting “talks with the Japanese side are in final stages of drafting the contract which is estimated to be sealed within weeks.”

He also pointed to the visit of an Iranian delegation to Berlin at the invitation of Iran’s Embassy in Germany; “the trip aims to launch a fresh round of negotiations with banks, insurance firms as well as companies willing to make direct investment in the Iranian petchem industry.”

“Final agreement has been reached with Germany’s Hermes Insurance firm in the course of recent talks,” stressed Alimorad noting that the German side has agreed to take out insurance against new investments in petrochemical industries of Iran.

The NPC official also touched upon the held talks with German banks on attracting investment to the industry stating “a short-term scenario has been finalized based on which investment attraction will be performed under the guarantee of NPC as the government’s representative.”

In response to a question on the amount of investment by German companies, NPC’s director for investment said in the first step, agreement has been reached on reopening three billion euros of LOC while three to six more billion euros are expected to be opened in the second phase.

Negotiations have also been conducted with German firms on making 12 billion euros of new investment in Iran’s petrochemical industry

“Negotiations have also been conducted with German firms on making 12 billion euros of new investment in Iran’s petrochemical industry in addition to the three-billion-euro Line of Credit,” reiterated Alimorad adding “two senior officials of a giant German petchem company will soon travel to Tehran in order to finalize earlier talks as well as to evaluate NPC’s proposed economic projects.”

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Report: Facilitating investment in Iran petrochemical industry

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