Bloomberg quoted an unnamed official from the Central Bank of Iran 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 Tehran-Mashhad railway.

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 aging 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 the 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.

www.mbncompany.com

"We have asked [Iran] to invest either in Bontang Refinery [in East Kalimantan] with [state-owned oil and gas firm] Pertamina or establish its own refinery as we already allow 100 percent [foreign] ownership in the business," Energy and Mineral Resources Ministry Director General for Oil and Gas IGN Wiratmaja Puja said on Monday, thejakartapost.com reported.

The request, Wiratmaja said, had been conveyed last week to a visiting Iranian delegation led by Communications and Information Technology Minister Mahmoud Vaezi.

Wiratmaja added that Indonesia currently bought liquefied petroleum gas (LPG) from Iran and was also planning to buy crude oil as well. "Should Iran invest in refineries here, it can supply the refineries with its crude oil," he said.

www.mbncompany.com

A380s — the world's biggest commercial airline — have not sold well in global markets and Airbus could even stop its production in the near future.

The official noted that Iran is not expected to pursue the purchase of A380s, adding the country would instead seek other alternatives such as A320 and A330.

In January, Iran signed a major contract with Airbus worth about $27 billion to buy 118 planes. The planes on Iran's order list varied from popular A320 single-aisle jets to the A380 jumbo jets and A330 long-haul planes.

Nevertheless, Farhad Parvaresh, managing director of Iran Air, announced in February that A380s may be removed from the list "if the conditions for their delivery are not met".

Parvaresh added that Iran might instead choose to buy A350s which he said "are even more advanced".

On Tuesday, the US Office of Foreign Assets Control — an arm of the Treasury Department — granted the license to Airbus to sell 106 planes to Iran over the next years in a deal whose value could be above $20 billion.

Airbus required US authorization to export planes to Iran because at least 10 percent of the aircraft's parts are made in the US.

www.mbncompany.com

The move in the waning months of Democratic President Barack Obama's administration will further unlock jetliner sales to Iran, Reuters reported.

The US Treasury's Office of Foreign Assets Control issued the license for the sale of 106 planes to Iran Air, a source familiar with the matter said, on condition of anonymity. An Airbus spokesman confirmed that the company had received the OFAC license, but declined to confirm the exact number of planes approved.

Although Airbus is based in France, it must have US approval to sell planes to Iran because at least 10 percent of the aircraft's components are American-made. Tehran provisionally ordered more than 100 jets each from Airbus and Boeing this year.

Before the license was issued, Airbus had US permission for the sale of 17 jets to Iran.

The move prompted complaints from Republicans in Congress. Licenses allowing such sales could be withdrawn by the administration of President-elect Donald Trump. But Trump would likely face opposition from US allies and other world powers who were partners in negotiating the deal to lift some sanctions in exchange for Tehran curbing its nuclear program.

Opponents of the nuclear deal argue that passenger aircraft could be used for military purposes, such as transporting fighters to battle US troops or allies in Syria, something Iranian officials deny.

The US Treasury says that the licenses it issues contain strict conditions to require planes be used solely for commercial passenger use, and not be sold or transferred to a sanctioned person or group.

Last week, the US House of Representatives passed a bill intending to block the sale of commercial aircraft to Iran, which would also affect sales by US firm Boeing (BA.N).

The measure is unlikely to become law during the current Congress, as it would need to pass the Senate, where it would face stiff opposition from Democrats. The White House also said Obama would veto the measure even if it did pass the Senate.

The deals by Airbus and Boeing to sell or lease over 200 jets to Iran Air would help modernize and expand the country's elderly fleet. Iranian officials have voiced growing concerns about what they see as unfair delays in obtaining US licenses, or clarity over banking and financing rules.

Sanctions experts said Treasury licenses allowing such aircraft sales, and easing the way for other commerce with Iran, could be reversed by Trump if he chose to do so.

"The licenses can be withdrawn at any moment...so long as they're not required by legislation, which is a very small number," said David Mortlock, a former White House sanctions official.

The airplane deals still face major obstacles, including reluctance from major European banks to finance deals involving Iran.

The Airbus spokesman said that taken together, the company's two Treasury licenses cover its entire 118-plane deal with Iran, implying that there is some overlap between the two licenses.

Some aircraft have been canceled because of delays in receiving authorizations, and officials say Iran no longer plans to take delivery of A380 superjumbos, so the final tally is likely to be closer to 100 aircraft.

www.mbncompany.com

“The NIOC has no intention to entrust the development of South Azadegan oilfield to any company without a tender,” Gholamreza Manouchehri told .

The deputy minister added that the development project will “definitely” be put out to “an international tender”.

He said Total is one of the companies that has announced its readiness to sign a contract with NIOC and participate in the project, adding that it is just one of the companies that qualifies for the project.

In January, Mahmoud Marashi, the project manager of South Azadegan at Iran’s Petroleum Engineering and Development Company (PEDEC), said NIOC had discussed the South Azadegan project with Total as well as other European and Asian contractors.

Iran discovered Azadegan oil field in 1999 which is the world's third largest oilfield with in-place reserves of about 33.2 billion barrels and recoverable resources of about 6 billion barrels.

Iran first awarded the development of South Azadegan to Japan’s Inpex but had to terminate it after five years. The country terminated another contract with China's CNPC after seeing the company drag its feet on developing the field.

Iran is now seeking foreign investment in the development of South Azadegan, which it shares with Iraq, after the removal of anti-Tehran sanctions as part of last July’s nuclear deal with world powers.

The country has five joint fields with Iraq, which include North Azadegan, South Azadegan, North Yaran, South Yaran and Yadavaran.

www.mbncompany.com

During a visit to the Iranian company's pavilion, the head of Sulaymaniyah Chamber of Commerce appreciated MSC's participation in the expo.

Sirvan Mohammad called on the Iranian company to expand trade with Sulaymaniyah and supply the materials for building more than 900 prefabricated steel structures (sooleh) in the Kurdistan region of Iraq.

Over 180 companies from 19 countries took part in the exhibition.

The participants showcased their latest achievements in fields such as, steel, construction materials, agricultural industries, food products, garments as well as hygienic and detergent industries.

Mobarakeh Steel Company is the biggest steel producer in the Middle East and Northern Africa as well as the world's biggest DRI producer. Guided by a mission to play the leading role in Iran's industrial, financial and social growth, it is the quality producer of more than 50 percent of Iran's steel in all major markets including automotive, construction, household appliances, and packaging. Mobarakeh Steel Company operates in seven industrial complexes and employs more than 20,000 people in different parts of the country.

Iran-Import-Export-Steel-MBN-Industry-Minister

www.mbncompany.com

Government spokesman and the head of the Management and Planning Organization of Iran, Mohammad Baqer Nobakht, has said that the 164-kilometer railway line will be inaugurated prior to the end of President Hassan Rouhani's current term in office in August.

President Rouhani assumed office in August 2013 for a four-year term in office.

Nobakht, who was inspecting the progress of the railway line, said that the project will contribute to the country's economic development.

The railroad is a part of the North South Corridor which will eventually link Northern Europe to Southeast Asia via Iran and Azerbaijan.

In the initial stage, the railway line is expected to transport five million tons of cargo annually via the North-South Corridor and this will increase to over 10 million tons.

In addition to its international aspects, the corridor will significantly reduce transportation costs as well as increase trade between Iran and Azerbaijan.

www.mbncompany.com

Karapetyan was speaking in a meeting with the Head of Iran Customs Administration (ICA) Masoud Karbasian and the delegation accompanying him. He pointed out, "Iran is not only a friend for Armenia but it is also an excellent partner since both sides enjoy a high level of political relations."

He noted, "A great potential exists for developing and reinvigorating economic ties and customs collaborations could help further improve ties."

He said that at a cabinet meeting on Saturday, relevant ministries of his country were urged to form a working group to boost exports to and facilitate trade with Iran in addition to discussing prospects of establishing a free zone in the border areas with Iranian businessmen.

Karbasian congratulated Karapetyan on his appointment as prime minister of Armenia and wished him success and prosperity.

He later presented the outcome of his earlier negotiations with Head of State Revenue Committee of Armenia Vardan Harutyunyan, noting, "A series of coordination were made as well as that a memorandum of understanding on customs cooperation was inked.

"Electronic exchange of information and informing citizens of Armenia and Iran about customs regulations as well as cooperation and exchange of experiences between the free economic zones of the two countries all hold great significance which led to the signing of an MoU."

Iran-Armenia-Trade-Import-Export-Medical-Research-Minister-Electronic-MBN-ICA

www.mbncompany.com

Iran has been the main stumbling block for such a deal because Tehran wants exemptions as it tries to regain oil market share after the easing of Western sanctions in January, Reuters reported.

Iran's rival Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, has argued Iran's output has peaked and it should not be granted major concessions.

On Friday, several OPEC oil ministers including Saudi Arabia's Khalid al-Falih met in Doha on the sidelines of a gas forum. Iranian officials attended the gathering although minister Bijan Namdar Zanganeh did not come.

At the meeting, OPEC member countries proposed Iran cap its oil output at 3.92 million barrels per day (bpd), a source familiar with the proposal told Reuters.

Iran has previously said it would accept a freeze at between 4.0 and 4.2 million bpd.

Persian Gulf OPEC sources have said they wanted Iran to cap output at around 3.6-3.7 million bpd — the volume the Islamic Republic is currently producing, according to OPEC estimates.

The source said Tehran had yet to respond to the proposal.

Iran's OPEC governor, who attended Friday's talks, said he was optimistic that the producer group would reach a deal when it gathers formally in Vienna on November 30.

Falih said the Friday meeting went well, but declined further comment.

If OPEC reaches a deal on November 30, it may also draw support from non-OPEC members including Russia, which promised to cooperate but so far has refrained from any firm commitment.

Russian Energy Minister Alexander Novak participated in Friday's meeting and said he thought OPEC was moving closer to a deal. If an agreement were reached, Russia was prepared to join and cap output for six months or longer, Novak said.

He also said more non-OPEC producers could join such a pact. The Azeri Energy Ministry said on Friday it would send a delegation to consultations in Vienna later this month.

Earlier, Qatar said it is negotiating with Iran and Iraq to freeze their oil production at “current levels” as OPEC is preparing to put a proposal devised by Saudi Arabia to cap production later this month.

"We are discussing with both countries on that and we are looking at various ways and means of coming to a mutual understanding," Qatar’s Energy Minister Mohammed Al-Sada told reporters, Press TV reported.

Both Iran and Iraq are yet to react to the remarks of the Qatari minister.

OPEC agreed in Algeria in September to cut oil production to 32.5 million barrels a day (mbd) from current level of 33.24 mbd to boost the market.

However, disagreements persist among producers on details of a plan to cut the output.

The group will discuss concrete levels of output by each country at its next formal meeting on November 30 in Vienna, Xinhua reported. 

OPEC’s oil production cut will cap output at 32.5 mbd in order to rebalance the supply-side of the oil market, Saudi Arabia’s oil minister Khalid al-Falih said on Thursday.

OPEC must cut more than one mbd if it wants to squeeze under that ceiling, and Saudi Arabia will be expected to do most of the heavy lifting as Iran and Iraq — two of the bloc’s largest oil producers — will only be freezing production at current levels, not cutting, the OilPrice.com reported.

Previous reporting on the coming deal said that Iran, Libya and Nigeria would be exempted from the agreement’s production restraints due to the international sanctions, civil wars and domestic insurgencies each country has faced, respectively.

Once the special exemptions were announced, Iraq also demanded an exemption from the deal as it faces the hiking costs of the battle against the Daesh in Mosul –one of the terrorist group’s last major strongholds in the country, OilPrice.com further added.

www.mbncompany.com

Announcing this, the company's Managing Director Nasser Taqizadeh said that First Vice President Es'haq Jahangiri will attend the inaugural ceremony of the plant in the near future.

An investment to the tune of $283 million has been made on the project, which, he noted, has provided 500 direct job opportunities as well as 2,000 indirect job opportunities.

Taqizadeh put the annual production capacity of the plant at five million tons adding that the figure will reach seven million tons in the near future.

Iran's current production capacity is currently 24 million tons per year whereas the demand for iron ore pellets stands at 30 million tons, said the official adding that the second pelletizing plant of Golgohar Mining and Industrial Company will meet the requirements of the domestic steel industry.

On November 28, Jahangiri inaugurated the first direct reduction unit of Sefid Dasht Steel Complex in Chaharmahal-Bakhtiari Province.

Speaking at the inauguration ceremony, Jahangiri said new steel projects in the province will be beneficial for Iran's auto industry.

Iran-Mining-Ore-Pellet-Project-Import-Export-Medical-Steel-Production-

www.mbncompany.com