3rd europe-iran forum presentations (day 2)
DESCRIPTION
ÂTRANSCRIPT
BHB EMISSARY
ORGANIZER:!
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
SETTING THE AGENDA!FOR IRAN’S NEW ECONOMY!Zürich, Switzerland- May 3-4, 2016!
Event Presentations May 4th, 2016
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Opening Keynote!IRAN DEAL IMPLEMENTATION!Jarrett Blanc, U.S. Department of State!John Andrews, The Economist (Moderator)!
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Opening Keynote!REVITALIZATION OF IRANIAN INDUSTRY!Mehdi Karbasian, IMIDRO!Peggy Hollinger, Financial Times (Moderator)!
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Special Session 3!DENTONS: FROM DEAL TO DELIVERY!Pirouzan Parvine, Dentons Europe!Ramin Hariri, Dentons Europe!Navid Rahbar-Sato, Vozara Law Firm!John Andrews, The Economist (Moderator)!
Deal to Delivery in Iran Pirouzan Parvine, Ramin Hariri, Navid Rahbar
EU-Iran Forum, May 4, 2016
1
Ø Any Iranian project need a preliminary due diligence identifying legal, financial or reputational risks Ø Identify the “real” decision makers
Ø Impact of US and EU sanctions? How to cover risk of “snap back”?
Ø Do I need a license?
Ø How to protect my investment? Ø Bilateral investment treaties
Ø FIPPA
Ø Can I have 100% ownership?
Ø How can I finance my project?
Ø What are the local content requirements?
Ø How the best structure the deal (corporate and tax)?
5/3/16 2
Pre-transactional phase: Due diligence /compliance
Ø How to prepare the next steps ? NDA, LOI, Head of Terms? A Mix of these?
§ MOU, LOI and all declarations of intent.
§ NDA and Non Circumvent : confidentiality vs business secrets
§ Head of Terms and Feasibility studies
Ø The pre-deal target you need to reach shall dictate the content of the pre-agreement you need to have agreed
5/3/16 3
Opening dialogue: From talk to deal
Ø Heads of Terms applied to M&A deals
Ø Heads of Terms applied to Industrial JVs
Ø Heads of Terms applied to Infrastructure and Energy
Ø Highlight on some specific issues Ø Legal form: Incorporated / Unincorporated
Ø Shareholders Agreement: possible in Iran ?
Ø Exit strategies: preemptive rights / put & call
Ø Termination/ Liquidation
Ø Applicable Law: the “mysterious” Swiss law
Ø Dispute resolution: international arbitration ? Other alternatives?
5/3/16 4
Negotiation of Head of Terms
Ø Iranian Petroleum Contract (IPC) main issues
Ø Focus on collaboration, transfer of technology and know-how
Ø Management structure : Joint Steering Committee (exploration) and Joint Operating Company (development and production)
Ø Participation of local partner
Ø Remuneration structure
Ø Pricing model
Ø Cost recovery
Ø Financing and reserve lending
Ø Snap back
5/3/16 5
Negotiation of Head of Terms
Thank you
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6
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Special Session 4!STRATEGIES TO SECURE FINANCING !Parviz Aghili, Middle East Bank!Ali Ashraf Afkhami, Bank of Industry and Mine !Ladane Nasseri, Bloomberg (Moderator)!
What is the likely ,meframe for the establishment of normal banking rela,onships between Iranian and major non-‐American interna,onal banks? Presenta)on by: Parviz Aghili, Managing Director of Middle East Bank Date: May 3-‐4 Zurich, Switzerland. • Iran should not be overlooked by the world community or excluded from the global affairs! With her educated, intelligent, hardworking and diverse popula)on; its strategic loca)on, abundance of natural resources, Iran could at least marginally, contribute towards improvement of the world economy. Its contribu)on however, could be much more in beMerment of economies and poli)cs of South-‐West Asia, par)cularly the Middle East region. Considering these facts, one should ask why major interna)onal banks a r e h e s i t a n t i n e s t a b l i s h i n g r e l a ) o n s h i p w i t h I r a n i a n b a n k s .
• I will give you my impression before I am finished. But let me start by my presenta)on with a set of data about Iran’s popula)on, its economy, and its energy resources. Then, I will talk about Iran’s banking industry and its shortcomings. And then my concluding remarks on reluctance of major interna)onal banks to start working with Iran, followed by a request from smaller banks, regional banks, those located in the neighboring countries to Iran, and those far away from Iran, to properly examine the JCPOA; hear what the authori)es in the European countries say, and even a number of US secretaries in the US Administra)on say.
• I will give you some figures on Iran’s economic indicators, some informa)on about the banking industry, and close by giving you my view of the )meframe for involvement of interna)onal banks in facilita)ng trade with I r a n .
1) Economic Indicators GDP, External & Internal Debt, Exports – Imports & BOP Government Budget Review of World Energy
2) Banking Industry
Aggregate Balance Sheet of all banks Bad Debts of our banks and Equity Investments by banks Monetary Policies of Central Bank of Iran
3) Timeframe for Establishment of Correspondence banking Rela)onship
3.1) What Iranian Government had to do per terms of JCPOA? Nuclear items
3.2) What UN, EU and US had to do?
Libing of all UN, EU and some of the US Sanc)ons
3.3) What Iranian banking System has to do?
Strong Supervision from the Central Bank Transparency & Disclosures by banks, Implementa)on of Corporate Governance, Compliance Department (FATF, AML&CFT) Risk Management and Basel Accords II, III IFRS Accoun)ng Standards
2010 2011 2012 2013 2014 2015* Gross Domes,c Product
Constant 2004 trillion IRR 2,069 2,158 2,012 1,973 2,032 -‐ Current billion US$ (PPP) 1,274 1,350 1,283 1,277 1,352 -‐ Current billion US$ 466 578 585 477 421 -‐ Constant 2005 billion US$ 279 290 270 265 277 -‐ Growth rate 6.5% 4.3% -‐6.8% -‐1.9% 3.0% 0.7%**
Government Debt (billion US$) External debt 22.8 19.2 7.7 6.7 5.1 5.7 Internal debt (US$ equivalent IRR) -‐ -‐ -‐ -‐ 135.7
Trade (billion US$) Imports of goods 75.5 78.0 68.8 61.1 65.0 38.6 Gas and oil products 6.8 5.7 2.7 3.1 3.9 1.7 Other goods 68.7 72.3 66.1 58.0 61.1 36.9 Exports of goods (BOP Based) 112.8 145.8 97.3 93.1 86.5 50.4 Oil Exports 90.2 119.1 68.1 64.9 55.4 27.1 Non-‐Oil Exports 22.6 26.7 29.2 28.2 31.1 23.3 Net Services -‐10.0 -‐9.8 -‐7.3 -‐7.1 -‐7.0 -‐3.0 Non-‐Oil Exports (Customs Based) *** 26.6 33.8 31.9 31.2 36.5 29.8 Manufacturing 20.2 27.6 25.1 25.0 29.1 22.0 o/w Petrochemicals 11.6 15.0 10.6 10.8 14.5 NA Others 8.6 12.5 14.5 14.3 14.6 NA
Mining 1.3 1.0 1.2 1.7 1.3 0.5 Agricultural and Tradi)onal 5.1 5.2 5.6 4.5 6.1 4.2
Balance of Payments (billion US$) Current account balance 27.6 58.5 23.4 26.4 15.9 10.0 Current account balance as % of GDP 5.9 10.4 4.0 7.0 3.8 NA Capital account (net) -‐25.2 -‐16.9 -‐6.7 -‐11.5 -‐1.7 2.1 Total reserves, including gold **** 75.3 74.4 95.8 108.0 121.2 129.8 Note: 2014 refers to 3/20/2014 to 3/20/2015 (Corresponding to Iranian year 1393), etc. * First 9 months only ending 12/20/2015 ** Sta)s)cal Centre of Iran *** BOP based & Customs Based exports are different. Customs based exports include oil and gas products -‐-‐ which are included in "oil exports" data of BOP. On the other hand, these do NOT include es)mates of smuggled goods and "suitcase trade". Therefore, the two data series on non-‐oil exports are not comparable. **** Es)mates/best guesses
IRAN-‐ GDP, External & Internal Debt, Exports -‐ Imports & BOP
Government Budget -‐ Iran 3/20/2014-‐15 3/20/2015-‐16 3/20/2016-‐17 (in billion $) Actual Es,mated Planned as % Rev
Current Income Taxes 23.5 29.2 33.4 68% Others 10.0 13.4 15.8 32% Total 33.5 42.6 49.2 100% Current Expenditures Wages & Salaries 21.5 21.5 25.5 52% Subsidies 7.0 5.2 5.3 11% Social Benefits 10.3 16.3 21.6 44% Other Expenditures 10.1 14.7 12.6 26% Total 48.9 57.6 65.0 132% Net Current Posi,on (15.4) (15.0) (15.8) -‐32% Disposal of Capital Goods & Assets Sales of Oil & Associated Products 25.6 23.1 22.6 46% Others 0.7 0.9 1.5 3% Total 26.3 24.0 24.1 49% Acquisi,on of Capital Assets (Development expenditures) (14.6) (16.8) (19.8) -‐40% Net Capital Assets 11.8 7.3 4.3 9% Sales of Financial Assets Proceeds of Debt Instruments 2.0 3.6 9.1 19% Local Borrowings 0.1 0.1 0.1 0% Proceeds/Sale State-‐Owned Firms 7.6 5.8 5.3 11% Repayment of Outstanding Loans 0.3 0.3 0.1 0% Withdrawal from Na,onal Development Fund (NDF) 0.1 1.4 0.2 0% Others -‐ 0.1 0.1 0% Total 10.2 11.3 15.0 31% Purchase/Buyback of Financial Assets Repayments for Past Acquisi,ons (5.5) (2.3) (2.4) -‐5% Principal Repayment of Past debt Inst. (0.5) (0.6) (0.6) -‐1% Repayment of Past Dues (0.2) (0.3) (0.2) 0% Repayment of Foreign Debts (0.3) (0.2) (0.2) 0% Total (6.6) (3.5) (3.5) -‐7% Net Financial Assets 3.58 7.9 11.6 23% Net Cur Posi +Net Cap Ass +Net Fin Ass 0.0 0.1 0.1 0.0
Proved Reserves of Oil and Natural Gas at year end 2014 Country
Oil Natural Gas Oil Equiv. of NG Total (bil.Barrels) (trillion M3) (bil.Barrels) (bil.Barrels)
Venezuela 298.3 5.6 35.2 333.5 Saudi Arabia 267.0 8.2 51.6 318.6 Canada 172.9 2.0 12.6 185.5 Iran 157.8 34.0 213.9 371.7 Iraq 150.0 3.6 22.6 172.6 Russian Federa,on 103.2 32.6 205.1 308.3 Kuwait 101.5 1.8 11.3 112.8 United Arab Emirates 97.8 6.1 38.4 136.2 United States 48.5 9.8 61.6 110.1 Libya 48.4 1.5 9.4 57.8 Nigeria 37.1 5.1 32.1 69.2 Kazakhstan 30.0 1.5 9.4 39.4 Qatar 25.7 24.5 154.1 179.8 Turkmenistan 0.6 17.5 110.1 110.7
Total of Oil Reserves Plus Oil Equivalent of Natural Gas Reserves and Value of Total Reserves in $trillion at $/bar as stated (2014)
Country Oil Natural Gas Oil Equiv. of NG Total Value of Total Reserves (in trillion $)
(bil.Barrels) (trillion M3) (bil.Barrels) (bil.Barrels) 30 35 40 Iran 157.8 34.0 213.9 371.7 11.1 13.0 14.9 Venezuela 298.3 5.6 35.2 333.5 11.7 13.3 Saudi Arabia 267.0 8.2 51.6 318.6 11.2 12.7 Russian Federa,on 103.2 32.6 205.1 308.3 10.8 12.3 Canada 172.9 2.0 12.6 185.5 6.5 7.4 Qatar 25.7 24.5 154.1 179.8 6.3 7.2 Iraq 150.0 3.6 22.6 172.6 6.0 6.9 United Arab Emirates 97.8 6.1 38.4 136.2 4.8 5.4 Kuwait 101.5 1.8 11.3 112.8 3.9 4.5 Turkmenistan 0.6 17.5 110.1 110.7 3.9 4.4 United States 48.5 9.8 61.6 110.1 3.9 4.4 Nigeria 37.1 5.1 32.1 69.2 2.4 2.8 Libya 48.4 1.5 9.4 57.8 2.0 2.3 Kazakhstan 30.0 1.5 9.4 39.4 1.4 1.6 Note1: The sta)s)cs are reported in June 2015 by Bob Dudley, CEO of BP Note2: One billion M3 of NG = 6.29 million brls. of oil
REVIEW OF WORLD ENERGY
Aggregate Balance Sheet of All Iranian Banks and Non-‐bank Credit Ins,tu,ons as at January 20, 2016
Assets (in tril.Rials) (In bil.$) % Notes & Coins 105.7 3.5 0.6% Statutory Reserves in CBI 1,064.1 35.1 6.4% Loans & Credits to Public Sector 1,146.2 37.8 6.9% Loans & Credits to Non-‐Public Sector 6,942.9 229.2 41.5% Assets in FOREX 2,175.9 71.8 13.0% Other Assets 5,282.4 174.4 31.6%
Total Assets 16,717.2 551.8 100.0% Below the line items 2,483.5 82.0 14.9% Total 19,200.7 633.8 Liabili,es Deposits of non-‐public sector 9,195.9 303.5 55.0% Due to the Central Bank 836.9 27.6 5.0% Due to public sector En))es 293.6 9.7 1.8% Liabili)es in FOREX 1,699.4 56.1 10.2% Other Liabili)es 3,975.8 131.2 23.8% Capital A/C (Shareholders' Equity) 715.6 23.6 4.3%
Total Liabili,es 16,717.2 551.8 100.0% Below the line items 2,483.5 82.0 14.9% Total 19,200.7 633.8 Note: Official Conversion Rate of Rls./$ = 30,296
Ra,o of non-‐performing loans to total loans (percent)
2010 2011 2012 2013 2014 2015
13.8 15.1 14.7 14.1 12.1 12.2
Monetary Sta,s,cs (in trillion Rls. , End of the period)
2009/10 2010/11 2011/12* 2012/13 2013/14 2014/15 2015/16**
Monetary Base (M0-‐ Tri.Rls.)
597.3
713.0
794.2
1,013.6
1,184.9
1,311.5
1,467.8
Growth rate in M0 (%) 11.9% 19.4% 11.4% 27.6% 16.9% 10.7% 20.5%
Money (M1 -‐ in Tri.Rls.)
601.7
758.7
897.6
1,136.7
1,196.0
1,207.6
1,181.1
Growth rate in M1 (%) 14.5% 26.1% 18.3% 26.6% 5.2% 1.0% 7.4%
Liquidity (M2-‐ in Tri. Rls.)
2,361.6
3,251.6
3,906.2
5,079.8
6,395.5
7,823.8
9,493.9
Growth rate in M2 (%) 23.9% 37.7% 20.1% 30.0% 25.9% 22.3% 27.2%
Liquidity (M2-‐ in Mil.$)
238.1
314.5
356.3
414.3
300.9
295.1
319.7
Liquidity Mul,plier
3.95
4.56
4.92
5.01
5.40
5.97
6.47
Annual Infla,on Rate (CPI) 10.8% 12.4% 21.5% 30.5% 34.8% 15.6% 13.2%
Source: Central Bank of I.R. Iran Note: 2014/15 refers to 3/20/2014 to 3/20/2015 (Corresponding to Iranian year 1393), etc. * Es)mated data with expanded sta)s)cal coverage ** Period of March 20, 2015 to January 20, 2016. Growth rates in this column are calculated with respect to corresponding date of the previous year.
IRAN Steps Up
1
AAA,hami -‐ 4 May, 2016 -‐ Zurich-‐ Switzerland
In the name of God
2
§ 1978 Victory of Islamic RevoluKon
§ 1979 The first SancKon imposed by US
§ 1980 Imposed War (8 years)
§ 2006 SancKons imposed by UN
§ 2012 DevaluaKon of Rial (2.5 Kmes)
§ 2012 Embargo on oil imposed by EU
§ 2013 Formal negoKaKons started between Iran & P5+1
§ 2015 Landmark “JCPOA” agreement Signed (14th July)
3
Important Events
Pivotal Turning Point: 16 Jan, 2016 ImplementaKon Day
2011 2013 2014 2015
§ InflaKon (%) 28 45 15 11.9
§ Economic Growth (%) -‐2 -‐6.2 +2 1.5*
§ Unemployment (%) 12.6 13 10.5 10.2
§ Oil export (million bpd) 2.2 0.8 1.2 1.8
§ Non Oil export (billion $) 28 33 50 43
§ Import (billion $) 61 51 52 42
§ Oil price (average $) 107 105 60 36
4
Iran Economic Highlights
* Economic Growth forecast for 2016 as IMF : 4%
Banks (2015)
No Deposits FaciliKes % %
§ State Owned 9 67 69
§ Private 20 29 28
§ Credit Inst. 4 4
3
5
* 9 so called Investment Banks are acKve in Iran’s financial & capital market
Stock Market
2011 2013 2015 NOW
§ No of Companies : 322 317 315 315
§ Tedpix (x 000) 23 45-‐88 62 78
§ Market Cap (billion $) 80 164 106 135
2015 § Turkey: No of companies 392 Market Cap 188 (billion $)
§ Malaysia: No of companies 892 Market Cap 382 (billion $)
6
Stock Market
AlracKve industries P/E Share of Total Market %
§ Petrochemical 4-‐5 25
§ Refineries 7-‐8 8
§ Banking 4-‐8 12
§ Basic Metals 5-‐10 10
§ Investment 5-‐6 9 § Mining / AutomoKve / CommunicaKon 6/4/4
§ ConstrucKon-‐material/ PharmaceuKcal/ IT 2/1/1
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§ CreaKng Hope and OpKmism to the Future
§ Increasing Demand, Thriving the Economy
§ ReconnecKng again to SWIFT, making Financial TransacKons more Efficient, Cheaper, Faster, Safer
§ ExpecKng a Significant increase on Investment & FDI
8
The most important Outcomes of 5+1 Deal
§ Higher oil producKon and upward Oil export from 1 mn bpd (during 2013/14/15) to 2 mn bpd in recent months
§ Improving Iran’s RaKng from B+ to BB-‐ ,stable outlook.
§ Placing Iran’s Economy on a higher & more inclusive growth trajectory.
§ Restoring access to Foreign Assets.
9
The most important Outcomes of 5+1 Deal
§ Exchange market : TargeKng Single currency exchange rate
§ Economic growth : ExpecKng 4% (2016), but targeKng 8%
§ Oil producKon : Will increase from 2.5 mn bpd to 4 mn bpd
§ Oil export : Will increase from 1 mn bpd to
2.5 mn bpd 10
Post SancKon PerspecKve
§ liquidity: Managing and Controlling
trend & rate
§ Recession : Gradual Exit from stagnant situaKon
§ Monetary Policy :
11
Post SancKon PerspecKve
• Single Digit InflaKon rate, • Managed QE, • Incremental reducKon in banking Interest rate
§ Iran is the Second Largest economy in Middle East
§ Iran’s Sovereign Debt is likely to be very low
§ More Diverse Economy than Oil & Gas dependent neighbors
§ Ideal basis for business in Middle East, an interface with Europe, a Hub/Corridor to Region's Market
12
What Makes IRAN Special?
§ People, a Success factor: a young highly educated workforce
§ Balanced RelaKonship between Employers & Employees
§ Trying to have an Update Regulated Banking System
§ The most Secure country in the region
13
What Makes IRAN Special?
The Policies
§ Fostering a stronger Private Sector to be created
§ Tightening the PoliKcal & Economic relaKons with Global Community
§ Providing more Business Friendly Environment
§ Revising the Tax Regime to be more Encouraging and Transparent
14
The Policies
§ IniKaKng a Sound Environmental Policy & Measure
§ Moving Towards more Free & Lean Economy
§ Equipping the Customs RegulaKon and Clearance Process with an efficient Integrated Electronic System
§ Moving the Banks towards meeKng InternaKonal Standards, preparing to rejoin the global financial market.
§ ProtecKng Foreign Direct Investment (FDI) through FIPPA
15
Free Zones : • Kish Island • Chabahar • Qeshm Island • Anzali (Gilan)
• Jaask • Aras
Special Economic Zones : • Assaluyeh (Boushehr) • Sahlan(Tabriz) • Parand & Rey (Tehran) • Sarakhs (Khorasan) • Salafchekan (Qom) • Sirjan & Arg (Kerman) • Amirabad (Mazandaran) • Arvand (Abadan & Khoramshahr) • Bandar Imam Khomeini (Khuzestan) • Persian Gulf Mining Industry (Hormozgan)
16
Free Zones
A Big Picture of PotenKal OpportuniKes
Over 100 Billion $ PotenKal Market a year In Iran
+
Huge ReconstrucKon Projects in
Iran’s Neighboring Countries
are
Open To Business
17
Challenges
18
► Country/Companies Risk RaKng :
Risk Porvolio : • PoliKcal, Legal, ReputaKon
• Market, CompeKKon, Supply chain
• Technology, HR
• InflaKon, Exchange rate
► ECA Coverage
19
Challenges
► Firms need access to Finance, on Kme
► Updated Banking Standards : • Basel III, Corporate Governance, Compliance
• AML/CFT, FATCA, FATF
► ReintegraKon to Global Banking Community
► IniKaKve Financial Packages/SoluKons
► Snap Back
20
Challenges
21
We always face Challenges, but
there are People like you
who are determined enough
to Meet and Cope with them
The way Forward
Bank of
Industry & Mine
(BIM)
22
At a Glance
23
§ BIM Founded: 1979 By merging of the followings:
• Industrial Credit Bank (1956) • Industrial and Mining Development Bank of Iran (1959) • Development and Investment Bank of Iran (1973) • Iranian Banks Investment Company (1975) • Industrial Guarantee Fund (1960)
§ Paid Capital: $ 1 Billion
§ Employees: 1200
§ RaKng: (BB-‐) , Stable Outlook
At a Glance
24
§ Branches: 60
§ I & M market share: % 16
§ Total Asset * (March, 2015) $ 8.5 Billion
§ Opened LCs (2014 & 2015) $ 9.1 Billion
§ No of Completed Projects (2014 & 2015) 480
* Total Asset at 2016 will read $ 10.6 Billion
Bank of Industry & Mine is a
Development Bank Focusing on Providing
Banking Services for
Private Sector
25
AcKviKes
§ Project Finance § Corporate Banking § Investment Banking
§ Islamic Banking
§ DerivaKves & New Tools § Asset / Wealth Management
26
Subsidiaries
Europäisch -‐ Iranische Handelsbank AG
EIH based in Hamburg
27
SMEs
BIM has recently established
a Strategic Business Unit (SBU)
to finance & serve
Entrepreneurs
for their SME Projects,
more efficiently through a customized
Empowering Package
28
Social Responsibility
§ Commiled to Environment ProtecKon
§ Empowering the People
§ Social JusKce Accomplishment
§ Helping People to Help Themselves
29
IRAN Neuroscience InsKtute (INI(
► The Iran Neuroscience InsKtute “INI” will be a unique facility housed in a building with the same
design as Hanover InternaKonal Neuroscience InsKtute.
The “INI” is planned to be completed at 2017.
► “INI” is financed by BIM.
30
Social Responsibility
Sample of Financed Projects
31
► Kavian Petrochemical Plant $ 480 million Ethylene
► MS Petrochemical Plant $ 580 million urea – ammonia
► Ilam Petrochemical Plant $ 230 million Ethylene
► Lorestan Petrochemical Plant $ 233 million HDPE
► Mahabad Petrochemical Plant $ 230 million LDPE
32
Sample of Financed Projects
► Power Plants § 3000 MW (6 x 500 MW plants) $ 1.8 billion
► DesalinaKon Plants § 3 x 100k M3/day Capacity $ 360 million
► Cement, Tile, TexKle, Food & Beverage, …
33
Sample of Financed Projects
► Steel Mills : Neyriz, Baz, Shadgan, Ghaenat, Sepid Dasht, Mianeh, Sabzevar $ 1.8 billion
► Aluminum : Hormozgan $ 350 million
► Copper : 2 new plants
► PharmaceuKcal & CosmeKcs : several projects with potenKal market value $ 8 billion
34
Sample of Financed Projects
§ The 1st Fast Train Tehran – Isfahan $ 1.8 billion
§ 2nd Fast Train Tehran – Mashhad* $ 2 billion
§ Expansions of Imam Khomeini Airport 25 million passengers/ year *
§ Expansion of AviaKon Fleet*
§ 2 x 10 MW Solar Farm : Yazd, Zahedan
35
* In process of Financing by BIM
Sample of Financed Projects
Financing Resources
► NDFI (NaKonal Development Fund of Iran)
► Managed Fund AllocaKon
► Diversified Financial Tools § Sukuk
§ ConverKble Bonds § IPO
36
Financing Resources
► Corporate Deposits
► InternaKonal Financial Market
► Credit Lines
► Mutual Funds
► FDI
37
38
We just need to be beler at working together
40
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Panel Discussion 4!THE FUTURE OF IRAN’S “MOTHER INDUSTRIES”!Bahram Sobhani, Mobarakeh Steel!Alireza Ghaffoori, NICICO!Reza Ashraf Semnani, MIDHCO!Peggy Hollinger, Financial Times (Moderator)!
Iran Steel Industries Mobarakeh Steel Co.
By: Bahram Sobhani
CEO, Mobarakeh Steel Company
Chairman, Iranian Steel Producers Association
( Zurich - May, 2016)
Source: Worldsteel
World Crude Steel Production (m.Tons)
2
700
900
1100
1300
1500
1700
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
1062
1148
1250
1348 1343
1238
1433
1537 1560
1649 1670 1623
WORLD STEEL Rankings 2015
1- China 804 million tones (50%)
2- Japan 105 m.tones (6.5%)
3-India 90 m.tones (5.5%)
4- USA 79 m.tones (4.9%)
5- Russia 71 m.tones (4.4%)
6- South Korea 70 m.tones (4.4%)
7- Germany 43 m.tones (2.6%)
8- Brazil 33 million tones (2%)
9- Turkey 31.5 m.tones (2%)
10- Ukraine 23 m.tones (1.4%)
11- Italy 22 m.tones (1.4%)
12- Taiwan 21.5 m.tones (1.4%)
13- Mexico 18.3 m.tones (1.2%)
14- Iran 16.1 m.tones (1%) 15- France 15 m.tones (0.9%)
16- Spain 14.9 m.tones (0.9%)
17-Canada 12.5 m.tones (0.77%)
18- United Kingdom 11 m.tones
19- Poland 9 m.tones
20- Austria 7.7 m.tones
Total World Production in 2015:
1623 million Tons
3
Source: World steel
20 20 20 19
16 17 17
15 15 14 14
13 13 12
11 10
5
10
15
20
25
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f 2017f 2018f 2019f 2020f
Forecast for Iran Steel Industry Position by2020
4
Iran is the largest crude Steel Producer in MENA region
Source: World steel
Saudi Arabia; 15
Iran; 38.9
Other Middle East; 12
Egypt; 13.3
South Africa; 18.3
Other Africa; 2.2
5
Crude steel production share of Iran in MENA 2015 )%(
Source: World steel in figures 2015
Steel production technologies
DR/EAF [VALUE]
BF/BOF 17%
BF/BOF
75%
DR/EAF
25%
6 Source: World steel
Iran 2015 World 2015
Market share of steel business in Iran
Domestic Sale
12 m.tons
75%
Export 4
m.tons 25%
7
Iran 2015
Domestic Sale 65%
Export 35%
MSC 2015
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012 2013 2014 2015
11.6
9.5
11.5 11.7
9
6.5
3.6 4.3 4.5
1.5 0.8
1.3 1 1.2 1.5
2
3.3 4
Import Export
8
Iran Import/Export of Steel 2007-2015 (Million Ton)
Source: irica.gov.ir
MSC’s Group Export Share 2015 : 51%
Iran advantages in developing iron and steel industries
1 - Rich Iron Ore mines
30-40 5%
40-50 18%
50 -55 total Fe 69%
55-60Total Fe 8%
Iron Ore reserves based on average Fe content
2 - Rich Natural gas reserves : First in the world with 34 trillion cube meter
3 – Appropriate geographical location : locating between the east and west and access to free waters.
4- Growing population and consumption per capita.
5 – Competitive advantages in producing steel in the region as a base for developing local industries (Automotive, Oil & Gas and …)
6 – Availability of young skilled and educated workforces.
7 – Enough experience in operation of steel plants and engineering Know-How
8 - Available infrastructures for implementation of steel plants throughout the country
9
Mobarakeh Steel Company (MSC) at a Glance
10
Integrated steel making plant (From iron ore to finished products)
Iron Ore Mine Concentrate Pelletizing (7.5 mt) Direct Reduction (11.5 mt)
Cold Rolling (1.5 mt) Hot Rolling (6.1 mt) Countinous Casting(7.6 mt) Steel Making (7.6 mt)
Galvanizing (0.2 mt) Color Coating (0.1 mt)
Tin Plating (0.1 mt)
11
Overview of MSC
Established in 1991 as the first flat steel producer in Iran.
Best location, center of I.R.Iran
Largest integrated steel making plant in MENA with 11 EAF’s
World largest DRI Producer, 12 m.ton with 11 Midrex Units.
Share of 50% in domestic crud steel production
Well known brand in European market
14
MSC production plants & subsidiaries
13
Sangan Iron Ore
Mobarakeh Steel Co.
Hormozgan Plant
Saba Plant
Kashan Fajr Co.
Charmahal Plant
Sepid dasht Plant
MSC
Tuka Foolad Investment
25%
Foolad Metil Holding
32.16%
kashan steel co.
52.57%
Hosco.
96%
Foolad Sang Co.
98.87%
Sangan iron ore mine
99.6%
Msc Engineering Co. 99%
IRISA
68.2%
Felez Tadarok 99.6%
Tamko 37.68%
Tara Steel Trading Co. 70%
Sepahan Sport &Cultural Club
95%
Chaharmahal Car Body
66.3%
Sepiddasht steel Co.
9 Companies 22 Companies
Mobarakeh Steel Group
16
65%
2013
Com
plet
ion
of M
SC d
evel
opm
ent
from
5.4
to 7
.2 m
.ton
s an
d 1.
6 m
.ton
s SA
BA
10.3
2010
Com
plet
ion
of d
evel
opm
ent
from
4.2
to 5
.4 m
.ton
s
7.6
2006
Join
t of
SAB
A
to M
SC
4.9
2004
Com
plet
ion
of
deve
lopm
ent
to
4.2
m.t
ons
4.2
1993
Star
t
2021
15
2023
18
2025
25
2016
6.4 Jo
int o
f HO
SCO
to M
SC
15
Com
plet
ion
of H
orm
ozga
n de
velo
pmen
t fro
m 1
.5 t
o 3
m.t
ons
and
Sipi
d D
asht
(1m
t)
12.8
2019
2.4
Capacity Development in Mobarakeh Steel Group
Our Vision
(M.Tons /Y)
Mobarakeh Steel
Company %50.5 Khuzestan
Steel Company
%24.7
Esfahan Steel Company
%16.8
Others %8
Source: IMIDRO
MSC Production Share In Iran (2015)
%
16
47 47
49.5 50.1 50.1 50.5
2010 2011 2012 2013 2014 2015
Finished Steel Export at MSC (Ton/Y)
595'
000
571'
249
1,01
8,53
4 1'47
5'35
0
1'79
3'67
8
0
200'000
400'000
600'000
800'000
1'000'000
1'200'000
1'400'000
1'600'000
1'800'000
2'000'000
2011 2012 2013 2014 2015
17
Domestic Sale 65%
Export 35%
Domestic Sale and Export of MSC
26
Domestic Sale 75%
Export 25%
2015
2014
19
MSC export markets
Europe 63%
Middle East
27.5%
Far East 9.5%
2015
0
10
20
30
40
50
60
70
2011 2012 2013 2014 2015
19.6 20.4 30
53
63
MSC Export Share to Europe
%
MSC is recognized as Excellence Organization in 2015 and the only winner of Golden Iranian Business Excellence Award (Evaluated based on EFQM)
International & National Certificates and Awards
20
Winner of the Global MAKE awards (Most Admired Knowledge Enterprise) 2011 to 2015
MSC among 25 Leader Knowledge Companies beside SUMSUNG, TOYOTA, TATA Steel and …
International & National Certificates and Awards
21
WSD’s World-Class Steelmakers Ranking
MSC Rank in the World : 10
22
23
Conclusion
Is Mobarakeh Steel Company one of the
best investment opportunities
in Iran?
? ? ? 24
25
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Workshop 4- Salon 1!MANUFACTURING!Tobias Sigerstad, Scania !Peggy Hollinger, Financial Times (Moderator)!
1
Scania’s commitment to Iran continues
Tobias Sigerstad
Country Manager Iran Scania CV AB
Sustainable Transport Solutions
Haulage Construction Distribution
Special purpose Network and services City and suburban
Intercity and coach Used vehicles Engines
The world of Scania
n 1,000 sales points n 1,600 workshops n More than 95% parts availability n Round-the-clock assistance
Production units 1891 Sweden 1957 Brazil 1964 Netherlands 1976 Argentina 1992 France 1993 Poland 2014 Finland 2014 India Sales and services units
Number of employees 42,000 persons
Regional Product Centres
Sales and services units
Production units
Mammut – Scania’s partner since 2005
Oghab – Scania’s partner since 2000
Factory location: Semnan Area: 500 000 m2 Production shops: 55 000 m2 Project cost: 22 Million EUR Capacity: 1700 units per year Direct employees Oct 2015 600 employees (+50 coming).
Nov 2010 Iso 9001:2008
Strengthening customer profitability
+ Customer revenue
Drivers
Fuel
Admin
Vehicles
Tyres Repair and maintenance
+ Scania revenue
• Vehicles and Engines • Repair and maintenance • Financing and insurance • Used vehicles
– Customer costs*
• Uptime • Flexibility • Load capacity
– Scania costs
• Production of vehicles, engines and services
• Research and Development • Selling and administration • Financing
= Customer operating income = Scania operating income
* European long haulage
Global production system
Luleå
St. Petersburg
Busan
Kuala Lumpur
Taipei
Bangalore
Dubai
Johannesburg
Södertälje Oskarshamn
Slupsk Meppel Angers
Zwolle
Tucumán São Paulo
Regional product centre
Production
Global value chains
Western Europe
South America
Central and
eastern Europe
Other
Western Europe
South America
Other
Automotive Products Non Automotive Products
Global product
Scania truck deliveries Scania – strong presence in Iran
[VÄRDE]
Trucks
[VÄRDE]
Buses
Scania Marketshare Iran 2015
*2015 YTD until September
Scania
Product news 2016 – Oghab Parsian LE
Product news 2016 – V8 Truck
Sales and service network Iran
Sales and service point
Planned
Scania Partner Network
Increased investment ahead
Scania’s commitment to Iran continues
Solutions for Iran’s challenges
Sustainable transport – 99 percent particle reduction
Euro IV
Euro V
Euro VI
0.10 0.02 0.04 0.06 0.08
g/kWh
5
4
3
2
1
g/kW
h
Particulate mass
NO
x
Euro III Euro VI Euro IV+DPF
Regulated Fuel quality
Euro III 300 ppmS
Euro IV 50 ppm S
Euro V Euro VI
10 ppm S
Euro III 300 ppm S
Eur
o IV
+ D
PF
Road Safety
Driver Vehicle Infrastructure
Win-win-win
n Scania
n Familites
n Society
n Environment
21
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Workshop 4- Salon 2!FOOD AND BEVERAGE!Sharif Nezam-Mafi, Iran-Swizterland Chamber of Commerce!Bora Karamustafa, Solico Group!John Andrews, The Economist (Moderator)!
IRAN – “The Last Frontier” in FMCG
Zurich, 3rd of May 2016
Who we are: 50+ yrs. Experience in FMCG
ASSESS Landscape Analysis
Diagnostics
DEVELOP Category Strategy
Go-to-market
Route-to-market
EXECUTE Interim Management
Brand building
Sales & Trade Marketing
Helping Companies to GROW!
PHILIPWALL BORAKARAMUSTAFA
SOLICOGROUP-BiggestFoodCompanyinIran
IRAN – FMCG “Heaven” in terms of Market Dynamics
1
2
ü Population of 80 Million ü Young and fast growing, 55% < 30 yrs ü 40% Population in 5 cities with high urbanization rate ü Growing HH , 24.7mn
ü Higher number of women graduates than men
ü High literacy rate, 98% of youth ü Internet & modern retailing growing fast -
+30mn internet users
ü Regional Super Power ü Country representing the
Shi’ite community of the world.
3
4
ü One of the largest reserves of Natural Resources (Oil & Gas)
ü Worlds Third largest Cement producer ü 25th biggest economy of the world
Iran – 2 Advises to start with…
Be careful who you do Business with
Anti-western government
Nationalistic
Austerity public ideal
Western values and
lifestyle
Affinity to Western
brands
Luxury private ideal
Restrictive regulations
Rich country Big proportion in C, D & E
Permissive Practice
Islamic Republic Other Values also very important
GDP PPP, IMF 2014
World’s 4th biggest oil and 2nd biggest gas reserves
POLITICAL
BRAND BUILDING
GO TO MARKET
HUMAN RESOURCES
FINANCIAL
• Tight market for talent – An employer market
• New set of capabilities and skills à Training & Development
• Lack of commercial skills, esp. in selling and marketing
• Inflated CVs (Huge focus on Eng.)
• Limited availability of professional services (HR, Accounting, Logistics etc.)
Ø Complex and fragmented trade landscape
Ø Limited availability of national distributors
Ø Price controls on certain products
Ø High duties and customs complexities
Ø Import bans
Ø Grey imports and counterfeits 85%
Ø Push vs. Pull mentality
Ø Focus on the “Shopper”
Ø Sales Fundamentals /1st Moment of Truth
Ø “Hi/Bye”: Winning the Battle in the Store vs. Order Taking
Ø EQ vs. IQ: Total lack of conceptual & ideation selling
Ø Lack of investment in necessary tools & materials
Ø Distribution chains and infrastructure
Ø Consumer is “the Boss” mentality
Ø Legal and cultural restrictions in advertising
Ø Market research - Lack of data + reliability
Ø Complex media structure (IRIB + Satellite) àTracking
Ø Non transparent business model of most advertising and media
agencies
Ø Weak copyright protection and pervasive culture of copying
Ø Legal restrictions in social media channels
Ø HR Talent: Ø New set of capabilities Ø Hard vs. Soft skills Ø Not only technical, but also commercial
Ø Brand Building: Ø Consumer focus Ø Brand Owner-Agency ecosystem Ø Availability of data
Ø GTM: Ø Trade structure / channel management Ø Shopper based First Moment of Truth Ø Counterfeit and Grey Imports
PRESIDENTIAL ELECTION- SPRING 2017
SUN MON TUE WED THU FRI SAT
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
DOORS TO THE WORLD: Moderate-reformist bloc
becoming the largest parliamentary faction after
recent elections!
Sanctions lifting Q1 2016
Ease of doing Business
Q2-Q3 2016
Increase of Capital inflows
-$3trillion Diaspora -$150Billion unfrozen
Q3-Q4 2016
Fake & Grey to Authentic
Smuggling reduced Q4-2017
Market Growth X2/X3? 2017!
Ø ‘The person who wants a rose must respect the thorn.’
• Iranian proverb
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Workshop 4- Salon 3!TRANSPORTATION AND LOGISTICS!Philippe Delleur, Alstom!Wim Dillen, Port of Antwerp!Ladane Nasseri, Bloomberg (Moderator)!
Alstom presentation
MAY 2016
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 2
From a multi-sector group to a global player fully focused on transport
1928
Creation of the Alsthom company from the merger between Thomson Houston and SACM
2015
Alstom is refocused on its rail activities and acquires General Electric’s signalling activity
1989
Alsthom merges with GEC Power Systems and becomes GEC Alsthom
1998
Alcatel Alsthom becomes two independent companies. Alsthom becomes Alstom and is listed on the stock exchange
1976
Merger with Chantiers de l’Atlantique, creation of Alsthom Atlantique
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 3
n Tram, metro, suburban/regional, high speed, very high speed, locomotive
n Components: traction, bogie, motor 45%
n Maintenance n Modernisation n Spare parts, repairs & overhaul n Support services
23%
A leading position in rail transport
n Signalling solutions portfolio for: - Main lines - Urban - Control and security
n Sold as products or solutions
20%
n Integrated solutions n Infrastructure 12%
A group with annual sales of over €6 billion Note: all figures including the signalling activity recently acquired from General Electric
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 4
IRAN, New Line projects
• Ispahan – Ahvaz, 545 km ST § 2 M passengers, 45 tons freight
• Rasht Astara, 164 km ST § 2,7 M tons freight, 2 M passengers
• Gazvin-Zanjan, 171km DT § 6,4 M tons freight, Passenger
• Shadormalou-Ardakan, 201km DT § 19 M tons freight, Passenger
• Meybod – Badroud, 254km DT § 5 M tons freight, Passenger
• Badroud - Mohammadieh, 145km DT § 5,6 M tons freight, Passenger
• Mohammadieh - Samangan, 157 km DT § 7,7 M tons freight, passengers
• Samangan - Doroud, 130 km DT § 7,4 M tons freight, passengers
• Chadormalou-Heydarieh, 650 km DT § 25 M tons freight, passengers
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 5
IRAN, Electrification projects
• Bafgh – Bandar Abbas 613 km
• 900 Meuros needed § Power supply
§ Catenaries
§ SIG
§ 100 coco locomotives
• Tehran – Mashhad, 950 km
• 2 B euros, financed by China § Full electrification
§ SIG
§ 70 locomotives
• Gamshar-Ince Buroun, 600 km
• 1.2 B euros, financed by Russia § Financed by Russia, 1.2 Md euros
§ 40 locomotives
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 6
IRAN, High Speed Projects
• Tehran – Qom- Ispahan 440 km
• 700 Meuros needed § Infra + electrification Chinese EPCF
§ SIG + 30 HST
• Tehran – Tabriz, 736 km
• 3 Beuros needed § Full EPCF
§ Infra, SIG, electrification, power supply,
§ RS
• Qom – Arak, 140 km
• 300 Meuros needed § Full EPCF
§ Infra, SIG, electrification, power supply,
§ RS
© ALSTOM SA, 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited.
ALSTOM - 5/4/16 – P 7
IRAN, Urban Transportation needs
10 ci&es > 500 k hab > 1M Hamedan Arak Racht Gazvin Bandar Abbas Kerman Zahedan Urmieh Yazd Ardabil
9 ci&es > 1 M hab Tehran Ispahan Tabriz Shiraz Mashhad Kermanshah Ahvaz Karaj Qom
n 19 cities are authorized by the Ministry of Interior to set up rail urban transportation systems
3rd Europe-Iran Forum Zürich, 3-4 May 2016 Port of Antwerp Wim Dillen, Head of Business Development
4/5/2016
IRAN AND ANTWERP ARE VERY SIMILAR
2
IRAN AND ANTWERP ARE VERY SIMILAR
3
IRAN ANTWERP
Gateway function into Central Asia into Europe
Acces to consumer-market + 500 Mio people + 500 Mio people
Cargo generating yes yes
Maritime volume 2015 + 200 Mio tonnes + 200 Mio tonnes
Growth curve yes yes
Key values Trust /Reliability/Quality Trust/Reliability/Quality
OBOR-linked yes yes
4 KEY CHALLENGES FOR TODAY’S SUPPLY CHAINS
SUPPLY CHAIN KPI’S
Reliability
Total cost
Speed
Flexibility
Quality
Sustainability
BUSINESS CHALLENGES
Globalisation
Customer Expectations
Sustainable requirements
Risk management
Cost containment
TO BECOME MORE LEAN, AGILE, COLLABORATIVE AND INNOVATIVE
5 PORT OF ANTWERP OFFERS INTEGRATED, END-TO-END SUPPLY CHAIN SOLUTIONS
Maritime services
Distribution Intermodal solutions
Cargo handling Storage
Value added services
Trade facilitation
ICT services
Sustainable solutions
Profound knowledge and expertise
6 ROLE OF A PORT AUTHORITY: ENABLER OF THE NEW SUSTAINABLE GROWTH PATH
Landlord port Integrated, pro-active facilitator
EUROPE’S LARGEST INTEGRATED PETROCHEMICAL CLUSTER
Houston
Singapore
Antwerp Shanghai
Jubail
8
Training programs
Consultancy Services
SHARING KNOWLEDGE & EXPERTISE
Enhancing trade
Connecting Iran & Europe
9
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Panel Discussion 5!STRATEGIES FOR ENVIROMENTAL MANAGEMENT!Gary Lewis, United Nations !Christoph Grobbel, South Pole Group!Hamed Shakouri, University of British Columbia !John Andrews, The Economist (Moderator)!
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Panel Discussion 6!THEORY AND PRACTICE OF RISK IN IRAN!Henry Smith, Control Risks !Ellie Geranmayeh, ECFR!Barbara Slavin, Atlantic Council!Mostafa Beheshti-Rouy, Bank Pasargad !John Andrews, The Economist (Moderator)!
IN CONSULTATION WITH ! LEAD SPONSOR! KNOWLEDGE PARTNERS!
3RDEUROPE-IRANFORUM
Panel Discussion 7!THEORY AND PRACTICE OF RISK IN IRAN!Erik Belfrage, Consilio International !Joakim Reiter, UNCTAD !Koichiro Tanaka, IEEJ!John Andrews, The Economist (Moderator)!