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"The ground is prepared for European companies to take part in joint ventures with their Iranian counterparts," said Production Manager of Pengg Kabel Company Gerd Pichler.

He noted that the big challenge for European companies is competition with Chinese companies. "Despite their low-quality, the Chinese products are cheaper than those of their European rivals," Pichler said.

In late September, Iran's President Hassan Rouhani underlined the need for European governments to provide their banks and insurance companies with guarantees for cooperation with Tehran, adding that Iranian companies should also enjoy the benefits of the nuclear deal.

"European leaders should provide banks and insurance companies with guarantees and assurance on financial cooperation (with Iran) and our nations and companies as well as the region should enjoy the benefits of the nuclear deal," Rouhani said in a meeting with Italian Prime Minister Matteo Renzi on the sidelines of the UN General Assembly meeting in New York.

Renzi underscored that Rome seeks to strengthen all-out ties with Tehran, and said, "We are ready for any measure to bolster economic relations."

On banking relations, he added, the governmental Sace insurance company (Italian Export Credit Agency) is ready to provide necessary assurances.

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Iran has deployed MiG-29 and home-made Saeqeh fighter jets on Kish Island. Organizers said other types of warplanes, including F-4, F-14 and F-1 will also participate in the exhibition. An air show will also be held during the four-day exhibition.

In addition to Iranian fighter jets, Russian Knights Acrojet team and Latvian Baltic Bees team will display their capabilities in separate air shows.

Secretary of Iranian Airlines Association Maqsoud Asa'adi Samani had said in March that the 8th International Aviation Exhibition would be held in November.

"The 8th International Aviation Exhibition will be held on Kish Island on November 17-20," Asa'adi Samani told reporters in Tehran at the time.

Noting that the biennial exhibition is the first major event after the removal of sanctions against the aviation industry, he said the biggest international aircraft manufacturers, including Airbus and spare parts companies will take part in the event.

"The 8th exhibition will be the biggest industrial event in Iran after the nuclear deal (with the world powers)," Asa'adi Samani said.

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According to National Petrochemical Company (NPC), Iran's annual petrochemical production capacity stands at more than 63 million tons and this figure is expected to increase to 130 million tons by 2025.

In recent years, production of different types of petrochemicals has grown with the removal of sanctions and facilitation of exports coupled with an increase in fuel supply.

In its report, NPC noted that petrochemical production during the seven-month period stood at 28.753 million tons.

The share of petrochemical complexes in Mahshahr, out of the total production of the industry, was more than 10.228 million tons, the report showed.

Production at Assalouyeh petrochemical complexes stood at 12.866 million tons in the said period.

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The delegation was led by PMO Managing Director of PMO, Jabar Jalilian, while the Azerbaijani side was headed by Rauf Valiyev, the chairman of Azerbaijan Caspian Shipping Company.

The two sides discussed cooperation in maritime transport, ship maintenance, dredging, agency services and training.

The presidents of Iran and Azerbaijan Hassan Rouhani and Ilham Aliyev respectively exchanged visits this year during which they signed several MoUs on boosting bilateral ties.

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Russian-Iranian consultations where we'll discuss a draft agreement on visa-free group tours will take place in Tehran on November 23," Yevgeny Ivanov" told.

The draft has been handed to the Iranian side for scrutiny and we have received certain remarks and corrections from them," he added".

"We'll continue refining the text in a hope that work on it will be brought to completion shortly and we'll put up for signing," Ivanov further said.

In January, Head of Russia's Federal Tourism Agency Oleg Safonov described Iran as the 'safest country' in the world for tourism industry.

Iran is home to some of the world's oldest cultural monuments, including 19 UNESCO World Heritage Sites, and its varied terrain ranges from desert setting to ski resorts.

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The terminal at Chabahar Port which has a total capacity of 400 passengers per day was inaugurated when a ship arrived from Oman's Muscat carrying over two dozen people.

Mohammad Saeidnejad, managing director of Iran's Ports and Maritime Organization, told that a passenger vessel will make trips once every week between Iran and Oman until Chabahar passenger terminal is fully operational.

Saeidnejad added that Iran will also soon establish separate routes to other ports of the region including those belonging to Pakistan.

Chabahar is located in the Gulf of Oman on the border with Pakistan. It is the closest and best access point of Iran to the Indian Ocean.

It currently has a capacity of above 2.5 million tons a year which is expected to increase to as high as 6 million tons a year once developed.

India is presently developing the port under a tripartite deal signed with Iran and Afghanistan. The country has committed $500 million to the project which includes construction of two terminals and cargo berths.

The Chabahar Port will allow Indian goods to reach Afghanistan via the Iranian port without crossing Pakistan's territory.

Japan and China have also voiced interest in participating in the development of the strategic port.

Iran's primary southern port is currently Bandar Abbas which is a multipurpose facility built to receive both cargo as well as passenger vessels.

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Iran's sales of crude and ultra light oil condensate are set to hit 2.37 million barrels per day (mbd) in November, reported Reuters.

According to the source who is familiar with Iran's export situation, Iran exported 2.56 mbd of crude oil in October.

Iran's crude oil exports are set to fall 7.5 percent in November to a four-month low, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.

Iran's oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia.

Overall, OPEC's third-largest producer has been regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, with its exports of crude and condensate hitting a five-year high of at least 2.60 mbd in September.

Iran's current oil output is almost 4 mbd, and its exports have reached 2.4 mbd, reported Shana quoting the managing director of National Iranian Oil Company last week.

China rebound pulls up Asia

Iran's crude and condensate exports to Asia this month are likely to total 1.93 mbd, up nearly 100,000 bpd from October, while exports to Europe look set to fall to 433,000 bpd from 613,000 bpd in October.

Usually, the United Arab Emirates loads around 50,000 bpd to 145,000 bpd of Iranian condensate each month, but there are no loadings for the Middle East this month — the first time in at least two years.

Loadings headed for China will jump 35 percent from October to 669,000 bpd. But India will load slightly more at 674,000 bpd, retaining its status as Iranian oil's top buyer for the second straight month.

South Korea is set to take 368,000 bpd in November, down from 379,000 bpd in October. Japan is lifting 156,000 bpd of crude, down 31 percent. Taiwan, which has been buying from Iran every other month, will lift about two million barrels in November.

Turkey is lifting 133,000 bpd in November — down 31 percent from the previous month. Greece is lifting around 2 million barrels, and Spain and Italy are loading about one million barrels each.

Iran is also pushing about two million barrels of crude into its offshore storage this month, the source said.

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The Heads of Agreement (HOA) for the development of Phase 11 of the important South Pars field is worth $6 billion (5.4 billion euros), a ministry spokesman told AFP.

The accord must be finalized within six months, the spokesman added.

The agreement involves a consortium led by Total, which includes the China National Petroleum Corporation (CNPC) and Iran's Petropars.

The deal marks the return of Total to Iran.

It's also the first such agreement between Iran and a Western petroleum company after a nuclear deal with world powers took effect in January, lifting some international sanctions.

The offshore South Pars field, shared by Iran and Qatar in the Persian Gulf, contains some 14,000 billion cubic meters of gas – 8 percent of the world’s known reserves.

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Marzieh Shahdaei told that the production capacity of petrochemical products currently stands at 65 million tons and this figure will is expected to 130 million tons by 2020.

Based on the plans for the petrochemical industry, she added, Iran's annual exports of petrochemical products should reach 65 million tons by 2020.

National Petrochemical Company (NPC) welcomes domestic and foreign investment in the petrochemical sector, said Shahdaei, who is also the managing director of NPC.

She added that huge resources of energy, big domestic market, Iran's geopolitical position and a 20-year tax exemption are among the advantages of investment in Iran.

Given the advances in this field, Iran is determined to move forward to produce more value-added products, she said.

Shahdaei cited the light and heavy poly-ethylene project of Lorestan, petchem plants of Orumieh and Mahabad and urea production unit of Marvdasht as the projects recently inaugurated in the petrochemical sector. She added that Entekhab poly-styrene project as well as a sector of West Ethylene Pipeline and Karoun, Kurdestan and Pardis petchem projects will be launched by mid-March 2017.

Meanwhile, Director of Production Control at NPC Alimohammad Bosaqzadeh said on Saturday that Iran has doubled the export of petrochemicals to markets in Europe during March 20-October 21 this year.

He said NPC's strategy is to keep the price of products in line with those in the Middle East and Far East markets so as to reduce fluctuations.

He said Far Eastern countries like China and India are Iran's top petrochemical customers.

Iran is currently exporting petrochemicals to European destinations such as Germany, Hungary and the UK.

The output of Iranian petrochemical plants stood at 28.7 million tons in the seven months to October 21, he added.

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Hamid Kargar, the head of Iran's National Carpet Center, was quoted by Press TV as saying that exports of Persian carpets to the US used to be undertaken from Germany.

He said Iran had shipped a cargo of carpets to Los Angeles from Hamburg following the removal of sanctions in January.

The cargo weighed above 1,000 tons and had a total value of about $37 million, he added.

He pointed out that during the months from January 20-February 18, 2017, Iran will export carpets directly from its own ports.

Kargar said Iran used to export Persian carpets — globally known as one of the oldest and most valuable oriental handicrafts — valued at $80 million to the US. He added that the sanctions, however, brought the exports to the world's largest buyer to zero in 2010.

He added that Iran had exported handmade carpets worth $134 million, or 2,330 tons, to 80 countries between March and September this year.

Exports over the period, he underlined, showed an increase of 18 percent in value and 11 percent in weight against the figure for the same period last year.

Kargar also said Iran's Ministry of Industry, Mine and Trade was seeking global registration of the designs of Persian carpets, stressing that this is meant to prevent rivals such as India and Pakistan from copying Iranian designs.

The official said Iran has a total of 40 carpet designs that each belong to a different geographical regions of the country. He added that 29 of those designs have been internationally registered in the World Intellectual Property Organization (WIPO) over the past two years.

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