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Long-term deals planned with European oil customers

Category: News

A number of European countries, including Spain and Italy, have expressed interest in purchasing oil from Iran.

Announcing this, Shana quoted the Director of National Iranian Oil Company (NIOC) for International Affairs Mohsen Qamsari as saying that a long-term contract guarantees oil sales and that's why the Oil Ministry will seek to replace the current spot contracts with Europe for long-term contracts.

Some European companies such as the French Total have already signed long-term contracts with Iran, according to Qamsari.

In January, the European Union, the United Nations, and partially the United States, lifted sanctions against the Islamic Republic after the International Atomic Energy Agency verified Tehran's compliance with a nuclear agreement reached in July 2015. The lifting of sanctions allowed Iranian oil producers to reenter the global market.

 

 

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NDB issues first bonds to fund green plans

Category: News

The New Development Bank (NDB) – which has been established by BRICS nations to fund their development projects – has issued its first bonds to support clean energy projects in member states.

The NDB has reportedly sold three billion in yuan-denominated green bonds ($449 million) on China’s interbank market on Monday. 

The five-year green bonds have attracted more than 40 domestic and overseas institutional investors, Russia Today has quoted a report as saying by BRICS Post.

NDB president Kundapur Vaman Kamath has been quoted as saying that the measure is expected to help boost sustainable development and act as a support signal for capital markets in BRICS countries. 

He added that the bank “will support more clean and renewable energy use to reduce carbon emissions”. 

Also, Chen Siqing, the governor of the Bank of China, the issuing of yuan-denominated bonds shows the confidence international financial institutions have in the Chinese currency and could promote the internationalization of the yuan.

The NDB plans to issue another 10 billion yuan in green bonds in China in the next six months, said NDB’s vice president and chief financial officer Leslie Maasdorp, adding the bank is also planning to sell bonds in Russia and India to fund green projects there.

Headquartered in Shanghai, the NDB was jointly founded by China, Russia, Brazil, India and South Africa in July 2014 and officially opened for business a year later. The goal of the bank, with initial authorized capital of $100 billion, is to fund infrastructure projects in emerging economies for sustainable development.

In April, NDB approved its first package of loans worth $811 million for renewable energy projects in BRICS countries.

The bank said the renewable energy projects would have a combined capacity of 2.37MW and could help reduce harmful emissions by four million tons annually.

 

 

 

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South Korea environmental team in Iran

Category: News

South Korean has sent a delegation to Iran to support state environmental enterprises make inroads into the largely untapped market.

South Korean Ministry of Environment said it has dispatched six public and private sector officials for talks with their Iranian counterparts, including the country's Vice President Masoumeh Ebtekar, who also heads Iran's Department of the Environment, Mehr News Agency reported on Saturday.

During its visit to Tehran, the delegation will discuss details of the memorandum of understanding on environmental cooperation signed in May.

The visit comes just a few weeks after a group of Iranian officials and experts visited South Korea for a week to receive environment business-related training as part of move to strengthen cooperation between the two countries.

 

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Iran's flag raised in Maracanã Stadium, Brazil

Category: News

Iran's flag was raised in 2016 Rio Summer Olympics Opening Ceremony venue Maracanã Stadium.

Iranian flag was hoisted beside the flags of Poland and Iraq.

The opening ceremony of 31st round of the Olympics Games started in Rio, Brazil on Saturday.

Iran competes in the Games with 64 athletes of whom 9 are women.

The Rio 2016 Olympic Games is underway with 10,500 athletes from 205 countries who are to compete in 44 articles of 28 sports fields.

 

 

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Iran expects Airbus deliveries before 2017

Category: News

Iran expects the first deliveries of Airbus planes to be made by the end of 2016 provided that the United States provides the required authorizations for the deliveries.

"The first series of Airbus planes will probably arrive in Iran by the end of autumn provided that the Office of Foreign Assets Control (OFAC) [of the US Treasury Department] issues the required authorization to Airbus to do so," said Iran's Minister of Roads and Urban Development Abbas Akhoundi, reported Press TV.

Akhoundi added that there is no reason that the deal with Airbus — as well as another with Boeing — will not proceed.

He underlined that Iran is positive that OFAC will issue the authorizations for Airbus to deliver the planes Iran has purchased from the company.

The minister further said that the deal with Airbus covers more than 500 pages and contains many technicalities, adding that a majority of technical issues relating to the deal have already been finalized.

He also said that talks on financial issues are in final stages.

In January, Iran signed a major contract with European aviation giant Airbus worth about $27 billion to buy 118 planes within the next few months. The contract was signed during the visit to Paris by Iran's President Hassan Rouhani.

Iran also sealed a deal in June, worth around $25 billion, with the US aerospace heavyweight, Boeing, for the purchase of 100 passenger planes.

The deal with Boeing is still facing a possible ban by Congress in what many see as a result of the growing anti-Iran measures adopted by US lawmakers.

Iran is also working on purchasing planes from the aviation arm of Japan's Mitsubishi Heavy Industries. Officials in Tehran recently announced that Tokyo has agreed to fund Iran's purchase of Mitsubishi planes.

 

 

 

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Pakistan: Iran quickest, closest, cheapest energy source

Category: News

Islamabad will explore every possibility to acquire energy from Iran as it is the quickest, closest and cheapest energy source for Pakistan.

Pakistani Minister for Water and Power Khawaja Muhammad Asif said this in a meeting with Iran's Ambassador to Pakistan Mehdi Honardoust, IRNA reported.

The minister added that Islamabad and Tehran are tied in decades-old religious, social and cultural bonds and that Pakistan greatly values fraternal ties with Iran and considers Iran a close friend and a good neighbor.

"Energy sector in Pakistan is a lucrative sector for investment and Iran should invest in power generation, power infrastructure and power transmission and distribution projects," Asif stressed.

Pakistan is currently importing 74 MW of electricity from Iran.

Tehran had earlier announced its readiness to increase electricity exports to Pakistan respectively from 1000 MW to 3000 MW.

Underlining the significance of China Pakistan Economic Corridor (CPEC) as one of the most important project in the region, Asif noted that all regional countries should plan to make the most from project.

Honardoust added that Iran welcomed the CPEC agreement and believes that it can help develop regional trade and economic activities.

He added that after the lifting of sanctions against Iran, the country found great potentials for investment.

He stressed that investing in neighboring countries is amongst Tehran's top priorities.

"The essence of Pakistan-Iran friendship will be materialized in the form of some projects and Iran Pakistan Gas Pipeline is one of the best projects in providing safe and cheaper energy for Pakistan and creation of jobs in both countries," said the ambassador.

Honardoust and Asif also agreed on further meetings to improve cooperation and coordination in the fields of energy and trade.

 

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Bou Ali Sina Petchem's paraxylene unit operational soon

Category: News

The paraxylene unit of Bou Ali Sina Petrochemical Company will be operational in the next two to three months, said the director for control at the National Petrochemical Company (NPC) on Friday.

Ali-Mohammad Bosaqzadeh said told Shana that French Exness Company will cooperate with Iran on a short term basis by providing consultations and in the reconstruction of the unit.

He said various sections of the paraxylene unit, hit by fire, have been inspected and the company is working on improving the facility.

The 2001C storage tank and paraxylene tower of Bou Ali Sina Petrochemical Facility caught fire early July.

Bou Ali Sina Petrochemical Plant, owned by NPC, produces 1.75 million ton per year of aromatics and byproducts. The plant is located in Petrochemical Special Economic Zone (Petzone) in Bandar Imam, Khuzestan Province.

 

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A giant stellar void in the Milky Way

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A major revision is required in our understanding of our Milky Way Galaxy according to an international team led by Prof. Noriyuki Matsunaga of the University of Tokyo.

The Japanese, South African and Italian astronomers found that there is a huge region around the center of our own Galaxy, which is devoid of young stars, phys.org wrote.

The team published their work in a paper in Monthly Notices of the Royal Astronomical Society.

The Milky Way is a spiral galaxy containing many billions of stars with our Sun about 26,000 light years from its center. Measuring the distribution of these stars is crucial to our understanding of how our Galaxy formed and evolved.

Pulsating stars — called Cepheids — are ideal for this. They are much younger (between 10 and 300 million years old) than our Sun (4.6 billion years old) and they pulsate in brightness in a regular cycle. The length of this cycle is related to the luminosity of the Cepheid, so if astronomers monitor them they can establish how bright the star really is, compare it with what we see from Earth, and work out its distance.

Despite this, finding Cepheids in the inner Milky Way is difficult, as the Galaxy is full of interstellar dust which blocks out light and hides many stars from view. Matsunaga's team compensated for this, with an analysis of near-infrared observations made with a Japanese-South African telescope located at Sutherland, South Africa.

To their surprise they found hardly any Cepheids in a huge region stretching for thousands of light years from the core of the Galaxy.

Noriyuki Matsunaga explains: “We already found some while ago that there are Cepheids in the central heart of our Milky Way (in a region about 150 light years in radius). Now we find that outside this there is a huge Cepheid desert extending out to 8000 light years from the center.”

This suggests that a large part of our Galaxy, called the Extreme Inner Disk, has no young stars. Coauthor Michael Feast noted: “Our conclusions are contrary to other recent work, but in line with the work of radio astronomers who see no new stars being born in this desert.”

Another author, Giuseppe Bono, pointed out: “The current results indicate that there has been no significant star formation in this large region over hundreds of millions years.

“The movement and the chemical composition of the new Cepheids are helping us to better understand the formation and evolution of the Milky Way.”

Cepheids have more typically been used to measure the distances of objects in the distant Universe, and the new work is an example instead of the same technique revealing the structure of our own Milky Way.

 

 

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South Korea gearing for Iran trade in euro

Category: News

outh Korea is in the final stages of preparation to trade with Iran in the euro, which it aims to do 'as soon as possible', its finance minister said on Wednesday.

"It's probably going to happen by yearend," Yoo Il-ho told reporters, referring to efforts to finalize talks with Iranian counterparts, banks and possibly the United States as sanctions against the Middle Eastern country are being lifted, Reuters reported.

Yoo said he expects South Korean companies to conduct business with Iran in euros within this year.

Asia's fourth-largest economy has been trying to revive trade with Iran after a historic lifting of Western sanctions.

As a major buyer of Iranian oil, South Korea is bolstering efforts to facilitate trade between the two nations currently settled in the won.

Turning to the issue of trade protectionism, Yoo said it is time to consolidate international coordination to make sure countries don't impose more protectionist trade policies.

 

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Iran approves new oil contract model

Category: News

Iran approved an outline for a new oil contract model, taking the OPEC member a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market.

The outline was approved at a cabinet meeting Wednesday, reported Bloomberg citing IRNA.

Priority will be given to boosting production from jointly owned oil and gas fields, according to state radio quoting Oil Minister Bijan Namdar Zanganeh.

 The government wants to lure international oil companies that can make long-term investments worth billions of dollars and bring cutting-edge technology into the country after sanctions that restricted its crude supplies were eased in January.

Big oil companies such as Italy's Eni SpA and France's Total SA have expressed an interest in developing Iran's oil and gas fields. Iran has been working on the oil contract model for the past two years.

The country hopes companies will invest as much as $50 billion a year. It's already succeeding in meeting its pledge to regain market share it lost due to the illegal sanctions.

Production was 3.55 million barrels a day in July — 27 percent higher for this year and the most since December 2011 — according to data compiled by Bloomberg.

"Any process is going to take time and a lot of steps before any investment goes into the ground," Edward Bell, commodities analyst at Emirates NBD in Dubai, said by phone. "This isn't going to be a step change in the way markets are going now."

Brent crude prices fell 15 percent in July amid a growing recognition the global surplus of crude will take time to clear. Iran seeks to reach an eight-year high for daily output of four million barrels by the end of 2016, with foreign investment helping it regain the position as OPEC's second-largest producer. It was third-largest in July, according to data compiled by Bloomberg.

The new contract model was approved in a cabinet session presided by President Hassan Rouhani. The Oil Ministry will review each contract to be signed with potential new investors, including details on price, duration and other terms of the project, according to state radio.

 

 

 

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