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Trade with EU up 78% in 2016: Eurostat

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European Union's trade with Iran amounted to €13.7 billion in 2016, a 78-percent rise compared to the amount for 2015, according to the latest figures released by the European Union's statistics agency Eurostat.

 

The figure was €7.68 billion in 2015.

Iran's exports to the EU reached €5.46 billion in 2016, with 4.5-fold rise from €1.23 billion in the preceding year. The noticeable increase is due to the EU's resumption of oil imports from Iran.

Following the lifting of sanctions against the country in January 2016, Iran has been trying to regain its traditional clients with Greece and Italy as a priority.

While the EU's imports from Iran rose noticeably in 2016, its exports to the country increased by only 27 percent and reached €8.24 billion from €6.45 billion in 2015.

In April 2016, Iran and the EU issued a joint statement in Tehran setting the road map for cooperation. The statement was released by Iran's Foreign Minister Mohammad Javad Zarif and EU Foreign Policy Chief Federica Mogherini who visited Iran along with seven European commissioners.

The two sides, taking stock of their long standing relations based upon mutual respect and interests, reiterated their intention to develop a broad and comprehensive agenda for cooperation.

 

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Zanganeh: Iran will finalize Total contract within two months

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Iran's oil minister said that the first of its new contracts would be finalized with French oil giant Total within two months.

 

Bijan Namdar Zanganeh added that a contract was still being pursued with Total but noted that recent comments by Total's chief executive indicated it was awaiting feedback from the United States.

"From the information I have, the policy of the European Union is not subordinate to the United States," Zanganeh said.

"We will take the necessary steps to go ahead with the contract. But we also have a complaint as to why such things are being said."

Total plans to make a final decision on investing in a $2-billion gas project in Iran by the summer, but the decision hinges on the renewal of US sanctions waivers, Chief Executive Patrick Pouyanne said earlier this month.

Zanganeh said that no decision has been taken to stop the signing of new contracts but that some contracts have not been finalized since it is a time consuming process.

In November 2016, France's Total became the first oil major to sign a major deal with Tehran since the lifting of sanctions and agreed to help it develop the world's largest gas field, South Pars.

Shell signed a provisional deal in December to develop Iranian oil and gas fields in South Azadegan, Yadavaran and Kish in December 2016.

Iran has named 29 companies from more than a dozen countries as being permitted to bid for oil and gas projects using the new, less restrictive contract model.

The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan among other countries.

Russia's Zarubezhneft signed an MoU for a feasibility study on two joint fields in the west of the country.

Norway's International Aker Solutions Company signed an MoU to modernize Iran's oil industry.

Austria's OMV signed in May an MoU for projects located in the Zagros area in western Iran and the Fars field in the south.

South Korean Daewoo Engineering and Construction (Daewoo E&C) signed an MoU to construct an oil refinery in Bandar Jask, on the southern coast of Iran.

Italy's Saipem signed MoUs to cooperate on pipeline projects, upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.

Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.

Lukoil, Russia's second biggest oil producer, hopes to reach a decision on developing two new oilfields in Iran.

Germany's Siemens AG signed an MoU in May to overhaul equipment and facilities at Iran's oil operations and refineries.

BASF's Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.

 

 

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