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In a meeting in Munich with Head of Iran-Germany Chamber of Commerce Mohammad Khansari, Aigner said her office is assisting private sectors in the two countries to resolve outstanding issues in this respect, Fars News Agency reported.

During the meeting, the two sides agreed that insurance and banking are the two main challenges to bilateral trade and that the best option is to open bank branches in Iran to facilitate transactions.

To this end, Khansari said several French and Italian banks have already taken necessary steps to set up branches in Iran, and that Tehran has reached preliminary agreement with a number of German banks to this effect.

According to the Governor of the Central Bank of Iran Valiollah Seif the agreement was reached during German Vice Chancellor and Federal Minister of Economic Affairs Sigmar Gabriel's visit to Iran in July 2015.

He told reporters upon arrival in Tehran that he had brought the best German companies which had very good relations with Iran for years and sought to maintain those ties even under the sanctions regime.

Source:Irandaily

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The two ministers met Tuesday in Doha to discuss the global oil market glut which has sent prices spiraling downward over the recent past.

The oil ministers of Venezuela and Qatar also attended the talks, a Qatari official told reporters.

Crude prices rose earlier in the day, with Brent breaking past $34 a barrel on expectations that the two countries will discuss the global oversupply issue.

At around 0600 GMT, European benchmark Brent crude for April delivery was trading $1.30, or 3.89 percent, higher at $34.69.

Its US counterpart West Texas Intermediate for March delivery was up $1.30, or 4.42 percent, at $30.74 compared to its Friday close. There was no settlement in the New York Mercantile Exchange on Monday due to a US public holiday.

Oil prices have been depressed since last peaking in mid-2014, due to oversupply, sluggish demand and slowing economies. They are currently down about 70 percent from June 2014 levels.

Bloomberg News said earlier that Saudi Arabia's oil minister was expected to speak privately with his Russian counterpart in Doha.

The agenda for Tuesday's meeting was unclear, and sources declined to provide further details on it.

The news has been seen as a push for the oil market, which has also been buffeted by weak demand and a strong dollar.

Saudi Arabia has insisted that it will not cut production to tackle the global glut unless major producers outside the 13-nation Organization of Petroleum Exporting Countries (OPEC) -- including Russia -- play along.

Prices last week touched a near 13-year low but sprang back more than 10 percent Friday as rumors of the talks emerged.

The oil rise also boosted stock and share values on Tuesday, with Asian markets extending their rally amid hopes that major oil exporters could agree on action to ease the supply surplus, and authorities would step in to enhance growth in major economies.

Gains on European markets further gave investors confidence to buy again as Shanghai surged more than three percent on speculation that China is preparing stimulus measures to augment the world's number two economy.

Source :Irandaily

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"Thirteen items make up 75 percent of Korea's exports. It has been hesitating to diversify its export items. The government is planning to expand to other items such as consumption goods and cultural content, and K-sure will also focus on those," Kim said, according to The Korea Times.

He said that the state-run export credit agency will concentrate on helping small- and medium-sized companies with their exports. It plans to provide 46.5 trillion won ($38 billion) worth of trade insurance for the SMEs, which will increase the total trade insurance it offers this year to 196 trillion won ($160 billion) from last year's 168 trillion won ($138 billion).

The announcement comes amid increasing concern over faltering exports, which have been the sustaining pillar of the economy. The country's exports dipped 18.5 percent in January from the previous year, marking the biggest plunge since August 2009 when the country was hit by the global financial crisis. While there seems to be little solution, as the dip is due to decreasing global demand, the government has placed sustaining exports as its first priority.

In line with such efforts, K-sure allocated another 14.7 trillion won ($12 billion) to financially support the overseas projects of SMEs, helping them advance into new markets as well as nurturing new growth engines for exports such as services and consumption goods.

Kim pointed out that the government's diverse support programs are concentrated on a few champion firms. "That is incurring the moral hazard of firms. We will support firms that are shunned due to poor financial structure, but with good contents," he said.

It is also strengthening support for exporters advancing into new markets such as Iran and Cuba. Korean businesses are eying Iran after the lifting of sanctions. It signed a comprehensive MoU with Iran's Economy Ministry, and plans to extend financial support in Cuba. Credit guarantees for cultural content businesses will be expanded to increase exports of 'Hallyu', while 300 billion won ($245 million) will be allocated to ensure exporters of services.

It also announced plans to expand overseas investment insurance to cover collective investment vehicles such as overseas infra funds. It aims at helping Korean businesses seeking to participate in infrastructure development in emerging countries, following the launch of the Asia Infrastructure Investment Bank (AIIB).

Source:Irandaily

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The Russian oil company reenergized talks with Tehran in the summer 2015 on resuming oil cooperation in anticipation of Iran's return to the global market in 2016. Iran made a comeback after it had proved that its nuclear program complied with International Atomic Energy Agency regulations, Sputnik reported.

"We plan to import oil products to Iran first. As much as we can. We have a terminal in Astrakhan [on the Caspian Sea] with a capacity of two million tons," Nekrasov told journalists.

"We are currently holding talks on deliveries, and as soon as it's contracted, we'll deliver," he added

Source:Irandaily

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A company spokeswoman said GE is exploring potential business opportunities in Iran and the chief executive of its oil and gas division visited the country recently, Reuters reported on Monday.

The visit by Lorenzo Simonelli, CEO of GE Oil & Gas, comes at a time when Iran is aiming to boost its crude oil exports and recover the oil market share it had before sanctions over its nuclear program.

"In line with the easing of sanctions, we have begun looking at potential business opportunities in Iran, while fully complying with the rules laid out by the US government. Simonelli's visit is part of this effort," the unnamed spokeswoman said.

The reported said Iran could help GE lessen the effects of the fall in energy prices as a result of which the company doubled its 2016 budget for restructuring. Further, GE has said that it expects oil and gas revenue to fall a further 10-15 percent in 2016 because of weak oil prices.

Iran recently unveiled a new oil contract model along with some 50 crude oil and gas projects up for development with better incentives than the previous buy-back deal in order to attract foreign investors.

The new contract was developed following Iran’s nuclear accord with major world countries last summer.

On January 16, Iran and the five permanent members of the UN Security Council – the United States, Britain, France, Russia and China - plus Germany started to implement the nuclear agreement, the Joint Comprehensive Plan of Action (JCPOA), they had reached in July 2015.

After JCPOA went into effect, all nuclear-related sanctions imposed on Iran by the European Union, the United Nations Security Council and the United States were permanently lifted. Iran in return has put some limitations on its nuclear activities.

The recent lifting of the economic sanctions against Iran has already started a rush among international corporations to start to set their feet in the country’s vast consumer market of around 80 million.

Source:Irandaily

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