Iran’s Petrochemical exports to Britain resumes after lifting of the international sanctions, as Iran sends its first petchem consignment to the country, according to Mehr news agency.
EU countries accounted for about 13 percent of the country’s exports of petchem products before the unfair imposition of international sanctions on the country. That said, each year about $2.5 billion worth of Iranian petchem products were sent to countries in Europe.
Currently, Iran strives to take back its stake of this strategic product. The UK is the fourth largest European country renewing its ties with Iranian petrochemical companies after France, Italy and Germany.
It is noteworthy to say that other countries such as Bulgaria, Romania and Greece are also among Iranian petchem products.
The preferential trade agreement between Iran and D-8 Countries
The preferential trade agreement between Iran and five members of the D-8 countries including Malaysia, Nigeria, Turkey, Indonesia, and Pakistan has been put into operation, Trade Promotion Organization of Iran (TPO) reported on Monday.
As accorded during the D-8 2nd Trade Ministers Council in the Pakistani capital on February 17, the penned agreement was implemented on July 1st among the named six countries.
Preferential trade agreement is a pact that reduces tariffs for certain products to the countries who sign it. While the tariffs are not necessarily eliminated, they are lower than countries not party to the agreement. It is a form of economic integration.
The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development cooperation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
The establishment of D-8 was announced officially by the Summit of Heads of State/Government in Istanbul on June 15, 1997.
VC Funds Market in Iran Fara Bourse
Stock market officials have agreed with the presidential office for scientific and technological affairs to jointly help launch venture capital funds in the Iranian capital market.
Head of the Securities and Exchange Organization Mohammad Fetanat signed an agreement with vice president for scientific and technological affairs, Sorena Sattari, to ease the presence of science-based and tech companies in the capital market through VC funds – investment funds that manage the money of investors who seek private equity stakes in startup and small- to medium-sized enterprises with strong growth potential.
These investments are generally characterized as high-risk/high-return opportunities. There are different types of investment funds operating in the market now, but none has the same function as VC funds. So, it would be the first time that the VC funds are allowed to operate in the Iranian market.
Rise in gas condensate exports
Iran’s Pars Especial Economic Energy Zone (PSEEZ) exported $1.687 billion of gas condensate in the first quarter of the current Iranian calendar year (March 20-June 20, 2016), showing a 57% growth compared to the same period the preceding year, the CEO of the PSEEZ organization, Mehdi Yousefi, told Shana news agency on Tuesday.
According to him, PSEEZ exported 4.178 million tons of gas condensate in the said time, which registers 107 percent rise, compared to the same period in the previous year.
The official expressed hope that the country will witness a hike in its exports of gas condensate after getting new development phases of South Pars gas field as well as those of different petrochemical complexes operational.
PSEEZ is located in the port city of Assaluyeh, southwestern Bushehr Province. The petrochemical complexes in the zone receive gas and gas condensate feedstock from South Pars gas field, shared with Qatar in the Persian Gulf.
Exports up in prior Iranian month
Some 12.565 million tons of oil and non-oil products were loaded and unloaded at ports of Iran during the third Iranian calendar month of Khordad (May 21-June 20), registering 15.1 % rise compared to the corresponding month in the preceding year, IRNA reported .
From total amount of loaded and unloaded goods during the period, the share of non-oil products stood at 8.16 million tons, while that of oil products w around 4.405 million tons.
Iran Customs Administration figures revealed that the country registered a trade surplus of $0.916 billion in the 12-month period thorough March 19, 2016. Iran’s balance of trade turned positive with its exports tallying $42.415 billion, compared with $41.499 billion worth of imports. Gas condensate, oil and petrochemical products constituted the major part of Iranian exports.
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