EU Supporting JCPOA
* In its annual briefing to the United Nations Security Council, Federica Mogherini stressed on the importance of all parties to respect the 2015 multilateral nuclear deal with Iran. She also stated Iran’s compliance with the accord affirmed by the International Atomic Energy Agency and said that the JCPOA implementation has the full support of the EU; she also added that dishonoring the deal is in no one’s interests specifically after the US president decision to review the deal.
* Referring to the eagerness among international oil firms to cooperate with Iran, an official in this sector announced that such negotiations are progressing well and going through final stages despite the existing impediments; not willing to lose such an opportunity, foreign governments are also trying to settle the problems to actually impelement the agreements. Among such oil and gas companies are Russian ones that are ready to invest in hydrocarbon production in Iran; this has been facilitated mainly by the good political relations between Tehran and Moscow.
- Pasargad Oil has reported to make IRR 1,029 EPS for the FY ended 20 March 2017; while the projection has registered a 23% decline compared to the previous year, the company has managed to cover 104%.
- With its IRR 1,200 EPS for the FY ended 20 March 2017, Khash Cement officials decided to distribute 91% of this figure among shareholders in its general meeting.
- Parsian Rail Transportation Development succeeded to receive the 150% capital raise plan from the Securities and Exchange Organization of Iran; it is to be done based on shareholders’ paid-in capital and claims. Furthermore, Niroutrans has also received the permission for a 67% capital raise plan based on shareholders’ paid-in capital (50%) and retained earnings (17%).
In the Market
In global markets, oil prices surpassed $50 per barrel; copper, zinc and lead prices, despite that of iron ore’s, also witnessed an ascending trend.
The CEO of the oil company in Philippine announced their need to 400,000 barrels per day, 200,000-250,000 of which will be supplied based on the MoU signed with the Iranian National Oil Company. At the end of today’s session, most companies in the Oil Products space witnessed balanced to positive trades, although most refineries ended in the red. Iranol Oil also gained more than 1%.
The majority of symbols in the Chemicals industry went through balanced trades, led by Polyacryl Company. 5.5 mn shares of Parsian Oil and Gas Development were also block traded in the retail market.
Despite the negative sentiment in the Metals group, Shahid Bahonar Copper and Iran Pipe and Machinery went up more than 4%; Yazd Alloy Steel Industries was next going up by 2.28%.
A delegation from Germany is to pay a visit to Iran over May 16-21 to discuss cooperation possibilities in the rail sector with government officials and industry players. Besides, the Minister of Road and Urban Development announced the government plan to operate 1,800 km of railroads until the end of the current year. Among names in the Transportation sector, Tide Water Middle East and Rail Pardaz-e Seir went up the most.
As was said in the previous week, a contract worth $270 mn was signed between 5 Iranian companies, including Iran Khodro and Iranian Vehicle Manufacturers Association and 5 foreign companies, namely Hyundai Motor Company, to jointly design and produce a modern platform in Iran; producing 23 models of car with local brands is the final goal. Leading the Automotive space, Saipa’s negative movements dragged nearly the whole sector into the red. Among the few, Electric Khodro Sharq and Khavar Spring Mfg. ended above their flat lines.
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