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Saras General Manager Dario Scaffardi was quoted by Reuters as saying that the debt, which amounted to €400 million, had been cleared in the first quarter of this year.

The company, which is partly owned by Russian oil giant Rosneft, used to take a significant part of its feedstock from Iran before sanctions. It has resumed shipments since, Reuters added.

Saras announced last November that it had paid €160 million of the debt it owned Iran for previous crude oil purchases and that the rest of the payments would be made in the near future.

The company had paid back about €100 to Iran in 2016 for unsettled oil purchases.

Sanctions against Iran were lifted in January 2016 after a deal sealed with the five permanent members of the Security Council plus Germany came into effect.

Nevertheless, banking restrictions that have remained as a result of multiple-year sanctions still remain and are already making it difficult for international financial institutions to process payments to the Islamic Republic.

Last year, Scaffardi said the company had renewed its crude oil supply contract with the National Iranian Oil Company (NIOC) but added there were still some hurdles to overcome on the banking payment front.

"We took our first cargo of crude in June ... There are some interesting opportunities from this area in the future," Scaffardi was quoted by Reuters as saying at the time.

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Iran's Leader Seyyed Ali Khamenei has called for a resistance economy, one that limits exposure to international market shocks and sanctions pressures in part by weaning itself off oil for revenue.

IRNA reported that, under President Hassan Rouhani, there were three unidentified 'unfinished' national development plans yet to be started that could contribute to the resistance economy.

Projections from the International Monetary Fund in February said the economy of Iran — one of the top oil producers in the Organization of Petroleum Exporting Countries — should grow at a rate of about 4.5 percent, but wax and wane between growth of 6.6 percent this year and 3.3 percent through 2018.

"[IMF] directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran's reliance on oil and develop the private sector," the IMF's assessment read.

Meanwhile, Iranian Oil Minister Bijan Namdar Zanganeh said South Pars oil and gas field in the Persian Gulf was a symbol of the resistance economy when the president inaugurated more gas developments during a weekend ceremony.

"Inauguration of these projects showed that we can do great jobs and ... can be the first petrochemical power of the region," he said.

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"NIOC Managing Director Ali Kardor as saying, "Final agreement will be signed between NIOC and Total to develop the Phase 11 of the South Pars gas field in upcoming days.

He reiterated that Total was among the first companies which entered Iran's market after the lifting of sanctions and it means that the company is determined to boost cooperation with Iran.

Total signed a preliminary agreement with Iran last year to develop Phase 11 of the giant South Pars Gas Field. The French major company would lead a consortium which also includes China's CNPC and Iran's Petropars in the project.

Total CEO Patrick Pouyanné told reporters in February that his company's final investment decision on Phase 11 would depend on whether US President Donald Trump waives executive orders against investments in the Iranian energy sector.

Pouyanné declared that his company is trying to develop its own mechanism for transactions with Iran.

"Total is trying to develop its own channels to carry out banking affairs concerning Iran without falling afoul of US primary sanctions that still restrict doing financial activities with Tehran," Pouyanné said.

He reiterated that his company was trying to find European lenders willing to be a day-to-day banker in Iran to press ahead with its investment plans in Iran.

"We have identified some, I would say, medium-sized banks that are ready to work with Iran," Pouyanné added.

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Ali Asghar Monesan added that Kish Air will use the new aircraft to increase the number of flights, particularly to major provincial capitals.

Kish Airline operates international, domestic and charter services as a scheduled carrier. Its main base is located in Mehrabad International Airport in the capital Tehran.

Earlier, Iran's national flag-carrier airline Iran Air signed a contract to buy 20 turboprop aircraft from the European airline.

ATR is jointly-owned by France-based Airbus and Leonardo of Italy.

Iran also struck deals with European aviation giant Airbus and the US aviation company Boeing in 2016 to purchase about 180 jets.

The agreements came following the lifting of restrictions on Iran's aviation industry after the conclusion of a nuclear deal with major world powers.

The deal known as the Joint Comprehensive Plan of Action (JCPOA) was signed between Iran and the five permanent members of the United Nations Security Council — the United States, Britain, France, China and Russia plus Germany — on July 14, 2015. The Islamic Republic and the six world powers started implementing the JCPOA on January 16, 2016.

Under the deal, limits were put on Iran's nuclear activities in exchange for, among other things, the removal of all nuclear-related embargoes against the Islamic Republic.

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The move is already believed to have the potential to facilitate investing in the Islamic Republic where transferring money in and out became complicated as a result of years of restrictions as well as primary US sanctions, Press TV reported.

Brave New World Investments — a block chain startup based in Sweden's Linköping — was reported by the media to have been able to create an investment vehicle to invest in companies traded in the Tehran Stock Exchange based on Bitcoin.

This took place after the Swedish Companies Registration Office — Bolagsverket — confirmed that the mechanism would not violate the existing US sanctions against Iran.

"We examined whether it would be possible to use Bitcoin as a non-cash property, and we found that it would be possible," Madeleine Idvardsson, Bolagsverket's registrar in charge of the case, was quoted by CoinDesk.com financial news website as saying.

The approval was expedited by a previous confirmation that had been given to Bolagsverket by the Swedish Accounting Standards Board for another similar Bitcoin application, added the report.

Brave New World Investments co-founder Mikael Johansson said that he was waiting for the final approval to open a bank account in Iran.

The report added that Bitcoin and other cryptocurrencies could be used to send funds to Iran, where they would be converted to the native rial and used to invest in publicly traded companies on the Tehran Stock Exchange.

Iran, of all countries, is seen as a place where buying Bitcoin is easier, compared to many places in the world.

BTXCapital, the country's first Bitcoin exchange which was launched in August 2015, entered the Iranian market aiming to provide a more reliable and secure alternative to peer-to-peer trading platforms such as CoinAva and LocalBitcoins.

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He said that OPEC members have shown their commitment to oil cut deal as well as some of non-OPEC members.

He said that Iran will respect OPEC's decision to put a cap on oil production as the country's daily production exceeded four million barrels.

In relevant remarks earlier this month, a senior official said that Iran's crude oil exports hit a record high of nearly three million barrels per day.

"The total export of Iran's crude oil exceeded 2.8 million barrels per day in the last two months," Deputy Oil Minister for International Affairs and Trading Amirhossein Zamani-Nia said.

He said that this comes as Iran's oil exports stood around 1 mbd during the years when the West intensified sanctions on Iran in 2011 over its nuclear program.

Also, Zanganeh announced in mid-March that Iran would considerably raise its oil exports in 2017.

He said that if OPEC member-states remain committed to their obligations, Iran will not face any problems in oil exports.

"The Oil Ministry's most important approach within the framework of the policies determined by the Leader of the Islamic Revolution Seyyed Ali Khamenei is to implement the economy of resistance as a priority in the exploitation of joint oil and gas fields," Zanganeh added.

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The Swiss ambassador pointed out that the volume of investment by Swiss businessmen in Iran has doubled in recent years.

"In the past four years, the number of Swiss tourists, who have visited Iran, has increased from 5,000 to 15,000," he said, adding, "The two countries enjoy cordial relations in the field of tourism."

In relevant remarks in December, 2016, Iranian Chargé d'Affaires to Switzerland Mehdi Abedi voiced optimism about the prospects of trade ties between Iran and Switzerland, noting that the two countries' economic ties are entering a new phase.

"The expansion of ties with Switzerland is important as the country is regarded as one of the world's most important financial and economic center," Abedi said.

He reiterated that after the implementation of the JCPOA, Switzerland also removed sanctions on Iran and new movements were started in different economic fields which included last year's visit of the Swiss president to Iran during which both sides agreed on drawing a road map to enhance all-out ties.

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Production at the Rhum field was suspended in 2010 when Europe imposed sanctions on Iran over its nuclear program and only resumed four years later after Britain agreed to set up a temporary management scheme whereby all revenues due to Tehran would be held until sanctions were lifted, Reuters reported.

Following the removal of European Union and United Nations sanctions on Iran in January 2016, the temporary management scheme ceased.

Iran regained control of its stake and on September 29, 2016 BP obtained a license from the US Treasury, through its sanctions enforcement arm — the Office of Foreign Asset Control (OFAC) — to continue operations at the field, BP said in its 2016 annual report.

BP, which was founded more than a century ago as the Anglo-Persian oil company, has multiple business operations in the United States and therefore needs an OFAC license to avoid potential breaches of existing US sanctions.

Last year BP created an executive committee to explore business in Iran, which would exclude its American chief executive Bob Dudley in a bid to avoid potential sanctions violations.

London-based BP recorded a net profit of $31.6 million in 2016 from its 50 percent stake in the field, which supplies around four percent of Britain's gas demand.

"BP currently intends to continue to hold its ownership stake in the Rhum joint arrangement and act as operator," it said in the annual report.

BP did not specify for how long the Rhum field license was valid.

Previous US president Barack Obama tried to encourage non-US companies and non-US banks to increase trade with Iran, although Tehran said Washington did not do enough to ease its access to international financial markets and banks for vital capital after years of sanctions.

Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.

Iran needs foreign investment for repairs and upgrading its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.

In November 2016, France's Total became the first oil major to sign a big 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 South Azadegan, Yadavaran and Kish in December 2016.

Iran has named 29 companies from more than a dozen countries as being allowed 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 and 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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This builds on an initial agreement signed in November 2015, railwaygazette.com reported on Tuesday.

The scope of the work includes 25 kV 50 Hz electrification and track, signaling and telecoms enhancement to increase capacity on the route.

It also covers the supply of maintenance vehicles and electric locomotives as well as the provision of technical assistance during the first year of electric operation.

The work is scheduled to take four years, and will start as soon as the governments have finalized a €1-billion Russian loan which is to be repaid over five years with an annual interest rate of 2.77 percent.

A memorandum of understanding also was signed between RZD International and IRIR to use the project as a basis for cooperation elsewhere.

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 Mohammadreza Rezazadeh, an advisor to Iran's energy minister, said, "Iran and South Korea have reached a $1.7-billion agreement on the construction of Bakhtiari dam in southern Iran."

Noting that the construction of Bakhtiari dam formed one of the agreed plans with South Korea, he added that a finance deal worth $1.7 billion was inked with Seoul on Bakhtiari dam and the Central Bank of Iran (CBI) and South Korean banks are in the final stages of coordination to finalize the project.

In a relevant development in early January, Managing Director of Iran's Industrial Development and Renovation Organization Mansour Moazami said that IDRO and South Korea's Daewoo Company were planning to establish a joint shipbuilding factory.

"We need $37 billion for the construction of the required vessels in the country by 2025," Moazami said.

"The Islamic Republic of Iran Shipping Line (IRISL) and National Iranian Tanker Company (NITC) will also partner in joint shipbuilding company," Moazami added.

Daewoo Company will also work to develop a shipyard and related facilities in Iran.

Jung Sung-leep as the CEO of Daewoo's Shipbuilding and Marine Engineering Company signed the document with Moazami.

The Iranian side wants South Korea to finance the project and urgently seeks to have relevant technology and operational know-how to be transferred to Iranian shipbuilding companies.

Daewoo Shipbuilding said the deal will help it make inroads into Iran's shipbuilding market, and export related equipment.

Since 1983, Daewoo Shipbuilding has secured a set of combined orders worth $1.65 billion to build 38 ships for Iran's state-run shipping firms, such as National Iranian Tanker Co. 

Oil projects

As the global construction industry is facing the most difficult times ever, domestic construction companies have won 6 trillion won ($5.3 billion) of deals in Iran with the removal of economic sanctions.

Daelim Industrial co. obtained a 2.3-trillion-won ($2 billion) deal to improve oil refinery facilities at the end of December last year and signed a formal contract on Sunday.

Hyundai Engineering Co. also clinched a 3.8-trillion-won ($3.31 billion) project to build a petrochemical producing facility, and signed a formal agreement in Iran on the same day — the biggest such contract signed with a Middle East country.

Hyundai Engineering announced on Monday that it signed the formal agreement worth 3.8 trillion won ($3.31 billion) with Ahdaf, a subsidiary of the National Iranian Oil Company (NIOC), in Tehran for the second phase of Phase 12 of South Pars Gas Field project, along with Hyundai Engineering and Construction (Hyundai E&C).

Based on the deal worth €3.1 billion ($3.3 billion), Hyundai Engineering (3.2 trillion won or $2.79 billion) will form a consortium with Hyundai E&C (600 billion won or $522.88 million) to build a facility to produce 1 million tons of ethylene, 500,000 tons of monoethylene glycol, 350,000 tons of high-density polyethylene and 350,000 tons of low-density polyethylene per year in the world's largest gas field South Pars in Tonbak, about 1,100 kilometer south of Tehran.

The construction is expected to take 48 months to complete.

Hyundai Engineering had made thorough preparations for two years after Ahdaf, which acknowledged the company's competitiveness in petrochemical plants, first offered to take part in the project in 2015 before economic sanctions on Iran were lifted.

The company received a letter of award (LOA) from Ahdaf in December last year seven months after signing the basic agreement in May, and succeeded in signing the formal contract three months later.

Hyundai Engineering said that 85 percent of fund for the engineering, procurement, construction and financing (EPCF) contract in which support construction costs first and get money back with interest later would be supported by South Korean lenders such as the Export-Import Bank of Korea and Korea Trade Insurance Corp.

Daelim Industrial received a LOA from Iran's Esfahan Oil Refining Co. (EORC) to improve oil refinery facilities at the end of December last year, and signed the formal contract on Sunday in Iran.

Daelim Industrial solely obtained the 2.23-trillion-won ($1.95 billion) deal. The project is to add facilities to the oil refinery in Isfahan, located 400 kilometers south of Tehran.

Iran is rich in natural resources with the world's largest natural gas reserves and fourth largest oil reserves.

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