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Korean agency raising Iran credit rating

By
Golrokh Askarieh
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The Korea Eximbank said it is considering to upgrade Iran’s credit rating to C2 from C3, the sixth-highest on its nine-grade rating system, Yonhap news agency reported.

Eximbank forecast Iran’s economy to grow by four percent this year after sanctions were removed on the country on Saturday.

KEXIM said the upgrade will lead to an increase in the state lender’s credit line to Iran, which fell to $60 million last year from $1.44 billion in 2011.

In July last year, the agency pledged to provide financial support to Korean firms trying to secure business in Iran as international companies jockey to enter the market.

Eximbank has offered project financing, loans and credit and signed an MoU with an Iranian entity to build 10 hospitals and pharmaceutical centers in the country.

On Friday, South Korean media reports said an Iranian firm had signed an agreement to invest some $2 billion over the next decade to construct a pharmaceutical plant in the Asian country.

Under the agreement, the company will build an Iranian traditional medicine joint research institute in Osong in South Korea’s North Chungcheong Province, they said.

South Korea is one of the biggest buyers of Iranian crude and Eximbank has said it could support Korean firms looking to secure a slice of $31 billion of gas and $25 billion of oil projects being offered by Iran this year.

The bank reportedly invited 10 major builders to explain to them the overall investment environment in the Islamic Republic, telling them the Iranian government will seek bidders for $160 billion worth of projects this year.

South Korean Steel firm POSCO has said it was in touch with several Iranian firms on potential business tie-ups.

Executives of Hyundai and Daewoo engineering and construction companies and other private builders such Daelim Industrial Co and Eximbank and Korea Expressway Corp visited Tehran last August.

They were among 30 representatives of oil, gas and construction industries accompanying South Korean Minister of Land, Infrastructure and Transport Yoo Il-ho on an official visit to Iran.

Defense minister: Iran to continue supporting Iraq in fight against terror

By
Golrokh Askarieh
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In a meeting with the visiting Iraqi National Security Adviser Faleh al-Fayyad in Tehran on Sunday, Brigadier General Hossein Dehqan said unity among Iraq’s Shia and Sunni groups in the campaign against terror has been a major achievement.

The Iranian defense minister also stated that Iraqis should remain united until the day of final victory over Daesh Takfiri terrorists.

Fayyad, for his part, said the Iraqi army and popular fighters have recently gained ground against terrorists in the country, adding that Daesh is approaching its collapse.

He added that Iran played a leading role in Iraq’s fight against its enemies.

The northern and western parts of Iraq have been plagued by violence ever since Daesh began an offensive in the country in June 2014.

Army soldiers and Popular Mobilization Units have joined forces and are seeking to take back militant-held regions in joint operations.

Iran firing up first LNG project

By
Golrokh Askarieh
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According to General Manager of marketing at NIGEC Mostafa Sharif, the company plans to sell at least 20% of its 49% shares in Iran LNG joint venture project to foreign companies.

Along with Iran Oil Pension Fund which holds the remaining 51%, NIGEC hopes to complete the project in just under three years, making the country’s first LNG exports ready for the market.

Iran LNG is a $3.3 billion project to produce 10.5 million tons of liquefied gas per year. It is 60% complete, according to officials, pending imports of new equipment and structures to bring it online.

Revival of abandoned projects

With sanctions formally removed on Saturday, many of Iran’s oil and gas development projects are expected to gain pace as foreign companies are offering funds and technology in anticipation of big dividends.

Sharif, quoted by London-based Argus Media, said Iran Oil Pension Fund may also seek to sell some of it 51% stake in Iran LNG. Discussions with foreign oil companies could be concluded this year, he added.

German industrial gases group Linde has already offered to help Iran complete its LNG projects which also include LNG Pars and LNG Persian.

The three projects had been awarded to Royal Dutch Shell, Spain’s Repsol and France’s Total to produce 40 million metric tons of LNG a year for exports but the three companies abandoned them in 2011 when Iran came under sanctions.

Foreign companies are also weighing $800 million-$1 billion of investment in floating production of LNG from associated gas at offshore fields in the Persian Gulf, a senior energy official has said.

Last November, Minister of Petroleum Bijan Zangeneh said Iran and Belgium were in talks for possible FLNG production off the Kharg Island.

Linde Chief Executive Wolfgang Buchele visited Tehran in September, announcing the company’s readiness to resume its “legitimate presence in Iran” as “one of the biggest players in the global market” in the LNG industry.

“We are definitely seeking to cooperate with Iranian companies on transfer of technology” to carry out petrochemical and other projects, he said then.

Investment plans

Germany’s BASF, the world’s largest chemical producer, also plans $6 billion of investment in Iran’s petrochemical sector, director of planning at the National Petrochemical Company (NPC) Hamid Reza Rostami said last month.

Zangeneh has said the lifting of sanctions would enable Iran to fulfill its 20-year vision plan, including its target to produce $70 billion of petrochemicals a year at current prices.

With more than 34 trillion cubic meters under its belt, Iran owns the world’s largest natural gas reserves but its share of the global trade in gas is less than one percent. Officials hope to attract $40 billion in the gas industry now that sanctions are lifted.

Iran seeks to raise gas production to 1.2 billion cubic meters (bcm) a day in five years, from 800 million cubic meters now. Annual output totals 166 bcm, which is mostly used at home.

UK to pay £50m to British companiese seeking to work in Iran

By
Golrokh Askarieh
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UK Export Finance has reintroduced cover to support UK companies seeking to compete for business in Iran, the agency said in a statement on Sunday.

Cover is now available on a case-by-case basis in Pounds Sterling and Euros. Within this, and in recognition of the UK’s place as a global centre of excellence for financial and professional services, UKEF will make available a £50 million facility guaranteeing payments to UK professional advisory service providers advising the government of Iran.

This can cover advice on areas such as: accounting standards; capital market development; compliance with global regulatory requirements; accessing and reducing the cost of financing; and facilitating new trade. UKEF will also consider applications for direct lending to purchasers of British exports to Iran.

To improve UK-Iran trade, UKEF will work directly with the Export Guarantee Fund of Iran and the Iranian Ministry of Economic Affairs and Finance.

Minister for Trade and Investment, Lord Francis Maude, said:
The UK government fully supports expanding our trade relationship with Iran and we would encourage UK businesses to take advantage of the commercial opportunities that will arise from sanction relief. Following the reopening of the British Embassy in Tehran in August last year, UKTI now has a presence on the ground to support trade between our 2 countries.

UK Trade and Investment and UK Export Finance will be leading a whole of government approach to engage with UK companies to ensure that we are well equipped to benefit from increased trade with Iran as the country re-establishes itself within the international business community.

Iran has received extensive economic and financial sanctions relief as a result of meeting its obligations under the nuclear deal agreed on 14 July 2015, meaning the country is now able to trade more freely.

On 16 January Implementation Day was triggered following the verification by the International Atomic Energy Agency of Iran meeting its requirements as part of a comprehensive agreement on Iran’s nuclear program. This has resulted in the termination of EU nuclear related financial and economic sanctions, and the suspension of US nuclear related secondary financial and economic sanctions.

The Implementation Day started when Iran’s Foreign Minister Mohammad Javad Zarif and the EU Foreign policy chief Federica Mogherini read a joint statement in Vienna, Austria.

National Animal Day Marked in Iran (PHOTOS)

By
Golrokh Askarieh
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In ancient Persia, people celebrated a day named “Bahmanagan” in which they did not eat any type of meat. Environment and animal rights activists have now named the day “National Animal Day”, which is annually marked on January 16 to protect the rights of animals.

 

 

6 Iranian films vying in 14th Pune Intl. filmfest.

By
Golrokh Askarieh
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The Pune International Film Festival, established in 2002 and now enjoying its 14th year, has given its silver screen in its latest edition to six Iranian film productions.

The short film ‘Elegy’ directed and written by Yousef Kargar, is participating in the Volkswagen International Student Competition: Live Action section. The film narrates the story of an old man who has been waiting for the return of his missing son for 25 years.

In the Global Cinema section, ‘I Am Not Angry!’ by Reza Dormishian, ‘Risk of Acid Rain’ by Behtash Sanaeiha, and ‘Avalance’ by Moreza Farshbaf are competing with other titles.

‘Risk of Acid Rain’ which has been screened in many international film festivals and garnered several awards, narrates the story of a lone employee of a tobacco company after retirement. Writer Mohammad Shams Langerudi also stars in the film.

‘Taxi’ by Jafar Panahi and ‘Immortal’ by Hadi Mohaghegh will be screened in Asian Cinema and World Competition sections, respectively.

The 14th Pune International Film Festival (PIFF) is currently underway in India, from 14-21 Jan, 2016.

Iranian book among best sellers on ISIL

By
Golrokh Askarieh
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‘War and Sexual Adventure in ISIS’ written by Iranian author Amirreza Porhelm was released by the American publication ‘Supreme Century’ in English language in April 2015 and reached global book networks sooner than any other title on the same topic.

Other books on the ISIL that were published months after Porhelm’s include ‘The Complete Infidel’s Guide to ISIS’ by Robert Spencer, ‘The ISIS Apocalypse’ by William McCants,  ‘Rise of ISIS’ by Jay Sekulow, ‘Inside ISIS’ by Benjamin Hall, and ‘ISIS Exposed’ by Eric Stakelbeck.

The Persian translation of Porhelm’s book titled ‘ISIS and Jihad Al-Nikah’ was published in May 2015 and received enthusiastically by Iranian readers.

‘War and Sexual Adventure in ISIS’ depicts the atrocities committed by ISIL and the enslavement of women and the process of brainwashing and deceiving people into carrying out suicidal attacks for a chance to go to heaven.

Doidukh village (PHOTOS)

By
IFP Editorial Staff
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Rouhani: Everyone happy with JCPOA except Zionists

By
Golrokh Askarieh
-

Addressing the Iranian parliament here on Sunday morning, the President said no one suffered any defeat neither in nor out of Iran due to nuclear agreement except for the Zionists, those who are seeking to sow discord within the Islamic Ummah and also extremist lobbies inside the United States.

He said the JCPOA will pave the way for Iran to move towards progress, interaction with the world and coordination.

He also termed the nuclear talks as a golden page in the book of country’s history and said during the negotiations Iran managed to bring big powers to acknowledge its nuclear rights while at the same time foiling an Iranophobia scheme.

The President added removal of sanctions is a great opening for Iran’s economy as it will provide access to international banking services as well as high-tech resources to Iran and will enable the country to absorb direct foreign investment and increase its non-oil exports.

He went on to reiterate the importance of avoiding focusing on any marginal issues in a bid to help better implementation of the Joint Comprehensive Plan of Action (JCPOA).

Now in the post-sanctions era, he said, the government is going to focus on working out productive ways to use the released assets to enhance economy.

Larijani thanks Supreme Leader’s guidelines for settling nuclear issue

By
Golrokh Askarieh
-
larijani

Larijani made the remarks in Majlis open session on Sunday.

President Hassan Rouhani is attending Majlis to submit budget bill for the next Iranian year beginning on March 20.

‘Today is an auspicious day for Iranian nation due to removal of anti-Iran sanctions,’ Larijani said.

Larijani also thanked President Rouhani and the negotiating team for their efforts to lift sanctions.

Yesterday, President Rouhani felicitated the Iranian nation on the occasion of removal of sanctions and the implementation of the Joint Comprehensive Plan of Action (JCPOA).

‘The JCPOA reached conclusion. I pray God … and congratulate you the great Iranian nation on the occasion of this victory,’ the President said in his Twitter account on Saturday.

The International Atomic Energy Agency (IAEA) released a report on Saturday, confirming that Iran honored commitments to the Joint Comprehensive Plan of Action.

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