India Allows Investment in rupees in Iran

India Allows Investment in rupees in Iran

Indian government sources have said that New Delhi has recently allowed investment in Indian rupees in Iran, the Again Age reported on Friday.
The announcement was made simultaneous with Iranian President Hassan Rouhani beginning his visit to India from Hyderabad on Thursday.
Sources said this will not violate U.S. sanctions on Iran since transaction will not be in U.S. dollars. The Indian move will hugely help the Iranian economy as it will draw in more Indian investment into Iran.
If an Indian businessman wants to invest a certain amount in rupees in the bona fide concerned Iranian account in one of the Indian banks and the equivalent amount of Iranian rials will then be deposited in the venture in Iran, sources said.
India’s contribution to the development of Iran’s Farzad B gas field in the Persian Gulf and its operation of Chabahar Port in southeast of Iran are among the issues to be discussed between President Rouhani and Prime Minister Narenda Modi on Saturday during delegation-level talks.

Russian off-road SUVs come back to Iran

Russian off-road SUVs come back to Iran

TEHRAN, Mar. 13 (MNA) – The famous Russian automobile manufacturer UAZ is poised to begin production of its iconic off-road vehicles in Iran.

Ulyanovsky Avtomobilny Zavod (Ulyanovsk Automobile Plant), better known around the world by its acronym UAZ, is about to begin production of its UAZ Patriot SUVs and pickup trucks in Iran.

The necessary arrangements, along with the signing of several pertinent contracts, were made during the Iran Auto Show 2017, an international expo which was held in Tehran in February.

Andrey Dorofeev, UAZ Export Sales Director, told Sputnik Persian that the company first needs to assess the capacity of the Iranian market and the demand for its products before beginning manufacturing.

Tehran, Muscat ink banking MoU

Tehran, Muscat ink banking MoU

TEHRAN, Mar. 13 (MNA) – A cooperation agreement has been signed between central banks of Iran and Oman aiming to boost banking cooperation between the two sides.

A joint session between central banks of Iran and Oman as well as a number of commercial banks of the two countries was convened in Tehran where Governor of Central Bank of Iran (CBI) Valiollah Seif voiced satisfaction towards presence of Hamood bin Sangour bin Hashim Al Zadjali, Executive President of the Central Bank of Oman, as well as Sayyid Badr Hamad Al-Busaidi, Secretaries General of the Omani Ministry of Foreign Affairs adding “proper grounds now exist for dialogue between banks of the two sides, an issue which can lead to future cooperation.”

He noted pointed to the age-old history of political ties between the two sides though economic relations have remained undeveloped and require careful planning before they reach satisfactory levels.

Iranian, South Korean companies sign €3b petrochemical deal

Iranian, South Korean companies sign €3b petrochemical deal

TEHRAN, Mar. 12 (IRNA) – Iran’s Ahdaf Investment Company and South Korea’s Hyundai Engineering Company signed an agreement worth three billion euros to construct part of a petrochemical project in Iran.

“The financing of this project will be finalized within nine months at the rate of 95 percent … by South Korean banks,” said Managing Director of Ahdaf Investment Company Asghar Arefi, who signed the accord.

Arefi said the first phase of the Kangan project was 30 percent completed with an investment of nearly 120 million euros.

Azerbaijan, Iran, Russia agree on cutting rail tariffs by 50%

Azerbaijan, Iran, Russia agree on cutting rail tariffs by 50%

TEHRAN, MARCH. 11 (IRNA) – Azerbaijan, Iran and Russia in a meeting in Moscow agreed to cut railway tariffs by 50 percent to facilitate the activation of North-South Transport Corridor.

According to Mehr News Agency, representatives of Iran, Russia and Azerbaijan met to exchange views on organizing cargo within framework of the North-South international transport corridor via Azerbaijan Republic as well as developing transit potential of Astara border terminal in Iran.

The main objective of the session was to determine preferential tariff rates for 2017 and set the transfer time on the route.

Representatives of the three states further discussed the activation of the route for transportation of cargos from Russia, Azerbaijan, Belarus, Latvia, Estonia and Finland to the Persian Gulf.

Tehran, Prague sign deal for WTE plant construction

Tehran, Prague sign deal for WTE plant construction

EHRAN, Mar. 06 (MNA) – Iran and Czech have signed a BOT contract to build a 20 MW incinerator power plant which will convert a daily 350 tons of waste into energy.

 

A contract was signed between Renewable Energy Organization of Iran (abbreviated SUNA) and a Czech company aiming at construction of a 20 MW incineration plant in north Iranian city of Gilan within the framework of Build–Operate–Transfer (BOT).

The Return on Investment (ROI) for the Czech side will be carried out through guaranteed purchase of electricity in 14 years as the plant is expected to turn 350 tons of waste into energy on a daily basis.