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In a meeting with head of Tehran’s Chamber of Commerce Masoud Khansari, Swedish Ambassador to Tehran Peter Tiller said the newly-established bureau is run jointly by the Swedish government and private sector, Tasnim News Agency reported.

The commercial attachés in the bureau have diplomatic passports and reside in the embassy, the envoy added.

Tehran and Stockholm eye rise in their economic relations after implementation of a 2015 agreement struck between Tehran world powers over its nuclear program.

Earlier in June, Iranian Foreign Minister Mohammad Javad Zarif paid a visit to Sweden and held meetings with senior Swedish officials, including Prime Minister Stefan Lofven.

In a meeting with the Scandinavian nation’s Minister for Enterprise and Innovation Mikael Damberg, Zarif discussed ways to strengthen economic interaction in the post-sanctions era.

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According to IRNA, last week, Statistical Center of Iran put the inflation rate for urban areas at 9.5 percent in the period, adding that point-to-point inflation was 6.1 percent.

Consumer Price Index (CPI) for urban areas was 240.9 in the month to June 20, which shows a 1.2 percent rise compared to the figure for the previous month, added the CBI report.

The figure also shows 6.8 percent increase compared to corresponding figure of last year.

Iranian inflation eased into single digits for the first time in a quarter century, said President Hassan Rouhani on Tuesday.

Banks including the state-run Bank Melli Iran reduced their one-year deposit rate to 15 percent from 18 percent.

CBI Governor Valiollah Seif said in May that Iran hadn’t had single-digit inflation in 25 years and predicted that the target would be reached in the summer months. Last week, he hinted that a fall in inflation would be followed by an interest rate reduction.

“It’s usually accepted for interest rates to be 1-2 percent higher than the inflation rate, and serious undertakings are in place to have interest rates be in line with this,” ISNA cited Seif as saying on June 15.

“The CBI believes that any method must be used to change interest rates to an acceptable level.”

Since world powers and Iran agreed an accord which removed most trade and finance restrictions in return for nuclear modification, crude exports have risen almost to pre-sanctions levels and global companies have signed deals.

Lower inflation and interest rates will add to that momentum by encouraging capital investment by companies that have struggled to secure reasonable financing, according to Mona Haji Ali-Asghar, chief operating officer at Kardan Investment Bank. Money will also probably flow from saving accounts into property and equity markets, she said.

"But I think we need a few months to see the full impact on the economy, and it’s also important than some structural developments in the economy happen alongside this,” she said.

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Gholamreza Manouchehri, deputy head of the National Iranian Oil Company (NIOC), told the Financial Times that the companies already selected included government-backed Petroiran, Petropars and Mapna Group. But he said that a complete list was still being finalized.

The names of the companies has been eagerly awaited by Western energy companies such as BP, Total and Eni, as they hope to gain access to the OPEC member's oil and gas reserves after years of sanctions.

Many sanctions were lifted after Tehran reached a deal last year with world powers to modify its nuclear activities.

Iran, which sits on the world's fourth-largest oil reserves and largest gas reserves, has since been courting investors but has delayed announcing the terms of its contracts.

It has roughly doubled oil exports to more than two million barrels per day since January, and is seeking to attract almost $200 billion of Western investment to boost production by at least 600,000 barrels a day within five years.

Bijan Namdar Zanganeh, Iran's oil minister, said on Sunday that Iran — once the second largest OPEC producer — expected to sign a first post-sanctions oil contract with a foreign company within three months.

But US energy majors, including ExxonMobil and Chevron face an additional wait as Washington maintains sanctions prohibiting US entities dealing with Iranian companies, with a few special cases such as airlines, despite the nuclear accord.

Boeing this week agreed a provisional deal to sell jetliners to Iran Air — the state carrier — becoming the first large US company to net a potential multibillion-dollar deal since the nuclear deal.

Of the energy companies selected, Petroiran is a subsidiary of the National Iranian Oil Company and is tasked with onshore and offshore development.

Petropars, another state-linked entity, has signed a memorandum of understanding with one German company and has already held talks with western majors, according to Iranian media.

Mapna is an Iranian power and infrastructure group. It signed an agreement with Siemens in March that will see the German company provide two gas turbines to a power plant in the southern port of Bandar Abbas.

Oil Industries Engineering and Construction group (OIEC) is a partly state-owned oil contractor, while Industrial Development and Renovation Organization of Iran (IDRO) is a conglomerate active throughout Iran's economy.

Manouchehri gave the list to the FT in response to queries about names revealed by an Iranian journalist at the Oil Ministry's in-house news service. The list also included companies Danaenergy, Jahanpars and Petrogohar, which have yet to be confirmed by the ministry.

Zanganeh, appointed Ali Kardor, whose background is in finance, as the new head of the NIOC last week. The appointment was seen as an attempt to tackle financial issues, which along with unattractive terms of contracts and low oil prices, have hampered new oil projects.

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"The Japanese government is preparing to dispatch a high-ranking delegation to Iran and resume its extensive trade exchanges with Iran; an agreement on investment has been signed by the two countries and a $10-billion credit line has been opened by the Japanese government," Japanese Ambassador to Iran Hiroyasu Kobayashi said, IRNA reported.

In a meeting with East Azarbaijan Governor General Esmaeil Jabbarzadeh, the Japanese envoy said that Iran and Japan have good views about each other, adding, "Our goal is to put into effect ideas for cooperation and we should make the best use of the opportunities."

In late May, Iran's Deputy Foreign Minister Abbas Araqchi voiced Tehran's readiness to expand ties with Tokyo.

"Iran and Japan had satisfactory relations during the sanctions-era as the two countries managed to maintain good mutual cooperation despite the difficult conditions of that time," Araqchi said in a meeting with his Japanese counterpart Shinsuke Sugiyama in Tokyo.

He thanked the Japanese government for opening a 10-billion-dollar credit line to facilitate trade exchanges with Iran, and said, "Continuation of this important step and making full use of this credit line will pave the way for participation of Japanese companies in Iran's economic projects."

Sugiyama felicitated Iran on the nuclear deal with world powers and the implementation of the Joint Comprehensive Plan of Action (JCPOA).

In February, Iran's Economy Minister Ali Tayyebnia and his Japanese counterpart Taro Aso in a meeting in Tokyo underlined the need for further expansion of mutual cooperation between the two countries, particularly in the economic and trade fields.

During the meeting in the Japanese capital, the Iranian and Japanese economy ministers explored avenues for bolstering bilateral ties.

"Cheap energy and labor in Iran and the region's big market are advantages for Japan to make its products competitive," Tayyebnia said.

Aso, for his part, reiterated that his country is ready for transfer technical know-how and conduct joint investments in Iran's infrastructure projects.

The Japanese economy minister said that Tayyebnia's visit to Japan can contribute to expansion of economic cooperation and boost the level of bilateral relations between the

two countries.

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Novo Nordisk singed the contract with Iran's Barakat Pharmaceutical Company on Monday.

The Danish company has obliged to make €70 million worth of investment to establish a plant for producing the medicine in the lands which belong to the Iranian company. 

Novo Nordisk will produce 'modern insulin' in Iran to meet the needs of Iranian diabetic patients and those in the regional countries.

Insulin is a hormone made by the pancreas that allows your body to use sugar (glucose) from carbohydrates in the food that you eat for energy or to store glucose for future use. Insulin helps keep your blood sugar level from getting too high (hyperglycemia) or too low (hypoglycemia).

If your pancreas secretes little or no insulin (type 1 diabetes), or your body doesn't produce enough insulin or has become resistant to insulin's action (type 2 diabetes), the level of glucose in your bloodstream increases because it's unable to enter cells. Insulin therapy is often an important part of diabetes treatment.

A senior official of the Danish company said the plant will provide 'diabetic treatment through high technology'.

Peter Soelberg added that the plant will not only transfer the technology of producing advanced medicines to Iranians, but also help generate jobs.

Rasoul Dinarvand, the head of Iran’s Food and Drug Organization, said Novo Nordisk has taken a big step for investing in the field of producing medicines in Iran.

"Iran can provide a good opportunity for Novo Nordisk to benefit from its lucrative market," he said.

Novo Nordisk says it is a global healthcare company with more than 90 years of innovation and leadership in diabetes care. 

Barakat activities

Barakat Pharmaceutical Company is one of the largest pharmaceutical holding companies with more than 20 subsidiaries.

Hamid Reza Jamshidi, the managing director of Barakat Pharmaceutical Company, said the company has established a 220-hectare pharmaceutical town in Alborz province.

He said the company has received scores of requests for cooperation with foreign and Iranian firms.

Jamshidi noted that Barakat has so far signed three contracts with companies from Switzerland, the UK and Denmark for producing medicines.

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Latest figures from EU's statistical office, Eurostat, indicate that Iran's exports to Greece, France and Spain increased 108-fold, 60-fold and 9-fold respectively in April, compared to the amounts for the same month last year, reported Tasnim News Agency.

Imports by European Union (EU) member states from Iran saw a threefold rise in April, it added.

Total imports of the 28-member bloc amounted to €326 million whereas the figure stood at €107 million in 2015.

The report further said that trade turnover between Iran and Romania stood at €18 million in April — a 7.5-fold growth.

Belgium's imports from Iran also witnessed an unprecedented growth in April to stand at €17.1 million.

However, Italy's imports from Iran in the same period witnessed a 50 percent decline to reach €21.7 million.

Trade between Iran and Europe rose after Tehran and the P5+1 (Russia, China, the US, Britain, France and Germany) finalized the nuclear deal on July 14, 2015 and started implementing it on January 16.

The agreement terminated all nuclear-related sanctions on Iran.

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Majid Javedani-Tabrizinejad, a plenipotentiary representative of Iran to Skal, said, "Given Iran's new policy of détente and confidence building with the world in the post-JCPOA (Joint Comprehensive Plan of Action) era, I recommended the reopening of Skal Club in Iran."

Registration of Skal international in Iran, as a non-governmental organization, would take between three and six months.

Skal can facilitate the entry of foreign investors to Iran, he added.

When Skal introduces a tourism destination in Iran such as Takht-e Jamshid or Anzali Wetland, it will share the information with 87 member states, he noted.

Skal international is the sole organization that brings together the entire scope of travel and tourism.

Skal makes use of the services of people from all walks of life, from managers to senior officials. Skal meets on local and national platforms to discuss common issues in the world of tourism today.

Skal, whose staff includes senior members and professionals from the tourism industry, is an international non-governmental organization. It has 20,000 members with around 500 clubs in 87 countries worldwide, which are linked to the Headquarters of Skal International in Torremolinos, Spain.

Why Skal?

Skal is not a work organization, nor is it a forum to make connections. It is not something that you would go to do for business, it is an organization to conduct business with and support each other, encouraging enterprise.

The main purpose of Skal members within the clubs is to participate in local, national and international congresses all over the world to meet, socialize and discuss matters within the realm of travel and tourism industry.

Skal make no distinction on the basis of political views, religion, gender, language or status.

You may join Skal to gain new international friends and to make new business networks globally. Skal was established to improve professionalism in the travel and tourism industry. To do this, Skal members regularly meet at conferences, seminars, international meetings, and other associated organizations.

The activities that Skal participates in, creates the opportunity to meet new members from around the world. Each being from a different environment and background, it help creates new friendships, and new business opportunities and ideas.

There is a fund called the Florimond Volekaert Fund, which Skal members can benefit from if in need. This makes use of contributions from members around the world.

Skal members receive a Skal membership card which can be useful in obtaining discounts from many sightseeing spots and tourist attractions all around the world.

The magazine Skal News is complimentary for all Skal members and is published four times a year.

As a Skal member, wherever you are in the world, you are always invited to Skal club meeting.

Who can become a member?

Those who are senior officials and/or managers in transport (air, sea and rail), travel and tourism agencies, tour operators, tourism organizations, tourism boards, hotels, congress centers and tourism centers are all welcome to join members.

To become a member, first you must obtain a form from your nearest Skal club or you can fill in a form over the Internet (www.skal.org). Potential members must introduce at least two members in the club who can advise him/her. Once he/she has attended three club meetings, his/her membership will be considered by the Club Board, and the National Committee. Following the approval of Club Board and National Committee, membership application must also be endorsed by the Skal International Secretariat.

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Hamidreza Masoudi said the phase has so far injected over 100 mcm of gas into the national gas network, Shana reported.

The platform 19A of the phase was loaded from Khoramshahr for delivery and installation at its designated spot on Thursday.

Masoudi said installation of the platform will hopefully take four months and once operational, the platform will add 500 mcf/d of gas to the gas field's gas output.

In addition, the installation of platform 19C will be completed within the next few weeks, he said, adding it will add one billion cubic feet of gas to the field's output.

He said the phase will produce 1.5 bcf/d of gas once the two platforms are fully operational.

Phase 19 of South Pars is set to produce 50 mcm/d of sweet gas, 75,000 bpd of gas condensate, 400 tons a day of sulfur, 1.05 million tons a year of liquefied petroleum gas and one million tons a year of ethane.

This development phase was awarded by Pars Oil and Gas Company (POGC) to a Petropars-led consortium of Petropars Limited and Petropars Iran and Iranian Offshore Engineering and Construction Company (IOEC) in June 2010 under an engineering, procurement, construction (EPC) contract.

Petropars Limited and Petropars Iran are responsible for onshore installations and drilling operations

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Asghar Fakhriyeh Kashan, Iran’s deputy minister for roads and urban development, has been quoted by the media in Tehran as saying that serious talks are currently underway over the deal, adding that they would lead to “good news” that will be announced within the next two days. 

Fakhriyeh Kashan added that the details of the deal cannot be disclosed at the current juncture adding that its finalization is still pending certain standard technicalities.

Iran Air - the national flag carrier airline of the Islamic Republic – said in early June that it is discussing what is seen as a “historic aircraft purchase deal” with Boeing.

Iran Air CEO Farhad Parvaresh told Reuters that serious talks with Boeing to the same effect are underway, expressing hope that these would lead to an agreement sometime soon.

Reuters added that the volume of the purchase deal with Boeing could be as big as the one that Iran Air sealed with another aviation giant Airbus earlier this year.

Iran signed a major deal worth $27 billion with Airbus in January to purchase 118 planes from the company.  The deal with Airbus was sealed during a state visit to Paris by Iran’s President Hassan Rouhani. 

Apart from Airbus and Boeing, Iran is also negotiating with several other global aviation giants over the purchases of planes including Bombardier and Embraer.

Iran has a fleet of 250 aircraft, of which officials say 90 are grounded due to the economy or missing parts.

They also say that 80 percent of Iran’s aviation fleet will need to be renewed in the next decade and that growth could add even more jets to Iran's shopping list.

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"The consignment of rail worth $150 million would be sent to Iran from India in July," a top official told PTI after Iran's Ambassador to India Gholamreza Ansari called on Road Transport and Highways Minister Nitin Gadkari on Thursday.

The consignment of rails will be shipped by steel companies, the official said, adding that both Gadkari and Ansari deliberated on taking further the historic pact between the nations on the strategic Chabahar Port in southern Iran which will give India access to Afghanistan and Europe bypassing Pakistan.

The pact to develop the Chabahar port and other infrastructure was inked last month during Prime Minister Narendra Modi's visit to Persian Gulf nation. Gadkari last month said that India would invest billions of dollars in setting up industries — ranging from aluminum smelter to urea plants — in Iran's Chabahar Free Trade Zone.

Also, railway PSU IRCON will build a rail line at Chabahar to move goods right up to Afghanistan. The rail links are being built so that the land-locked Afghanistan can get access to the Iranian port as an alternative to the Pakistani port of Karachi.

The official said that a meeting is also "scheduled next month between shipping minister and his Iranian counterpart to develop a work plan for industrial needs and investments needed for Chabahar Free Trade Zone". The focus will be setting up industries in the Chabahar Free Trade Zone.

Besides the bilateral pact to develop Chabahar Port for which India will invest $500 million, a trilateral agreement on transport and transit corridor has also been signed by India, Afghanistan and Iran, which the prime minister said could "alter the course of the history of the region".

Also, Gadkari has been stressing that the distance between Kandla and the Chabahar port is less than the distance between New Delhi and Mumbai and the pact would enable India quick movement of goods first to Iran and then onwards to Afghanistan and Russia through a new rail and road link.

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