(Financial Tribune, Tehran, 30 December 2017) China’s Sinopec Engineering Company has signed a deal worth $1 billion to develop Abadan Oil Refinery, Iran’s oldest crude processing facility in the southern oil-rich Khuzestan Province, the Chinese oil and gas group announced. According to Iranian officials, the venture will be financed by China Export and Credit Insurance Corporation, or Sinosure. The funding is reportedly part of a deal worth $3 billion to overhaul and expand the facility. Sinosure is China’s major state-owned export credit insurance company. Its financing since its establishment in 2001 has totaled $290 billion for exports and investments. Commissioned in 1912, Abadan refinery is the longest-running Iranian crude refinery and once the largest oil refinery in the world.
Iran
Iran Has a Long Way to Go to Restore Pre-Sanctions Ties
(Financial Tribune, Tehran, 14 August 2017) Trade with Italy is being restored slower than expected following the removal of international sanctions against Iran over its nuclear program, reads an opinion piece written by Iranian co-chair of Iran-Italy Chamber of Commerce in the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture. In addition, Iran Aseman Airlines says business sources have informed it that undecided roles inside the US Treasury Department have delayed the issuance of licenses for the sales of jets the airline has ordered from global planemakers… The airline said in June that it expected Treasury permits to come as soon as a few weeks. However, the licenses for this order, as well as others whose agreements have been signed or are soon to be signed with Boeing, Airbus and other global aircraft manufacturers are still awaiting a go-ahead by the US. Meanwwhile the Swedish-Iranian Chamber of Trade and Commerce is organizing the First Nordic Iranian Business Summit and Expo in Stockholm. The summit is scheduled for November 20-21, 2017, and the expo for February 16-18, 2018, according to the events’ website. Hosting companies and delegations from Sweden, Norway, Finland, Denmark and other European countries as well as Iran, the events are aimed at introducing investment opportunities in Iran’s infrastructure, ICT, mining & steel, health & pharmaceuticals, banking & finance, environment and energy.
