iran monthly report - may 2017 · 2017. 6. 14. · iran monthly report may 2017 issue 3 sanctions...

CountryOverview

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EconomicOverview

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May2017IssueNo.22

FrontierPartnersIranMonthlyReport

FrontierPartnersPublications

MarketOverview

BusinessActivityOverview

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May2017

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IranMonthlyReport May2017Issue

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NuclearAgreementUSformerSecretaryofState,JohnKerry,andothertopofficialsthat served under US ex-president, Barack Obama, havefounded an organization named "DiplomacyWorks" aimed atdefending the July 2015 nuclear deal between Iran and theWorldpowers.Thegroup'sCouncilofAdvisorsincludesAntonyBlinken, formerDeputySecretary of State;Nick Burns, formerUndersecretaryofStateforPoliticalAffairs;PuneetTalwar,theformerAssistantSecretaryofStateforPolitical-militaryaffairs,andJenPsaki,formerWhiteHouseCommunicationsDirector.

CountryOverview

David Howell, Chairman of the British Parliament’s House of Lords International RelationsCommittee said that Britain can no longer rely onUS leadership onMiddle East policy andmustworkmorecloselywithEuropetoensuretheIrannucleardealstaysinplace.

TheEUforeignpolicychiefhailedthe2015multilateralnucleardealwithIranasa"milestone",which could set a precedent for resolving global issues through diplomacy. In her annualbriefingtotheUnitedNationsSecurityCouncil,FedericaMogheriniunderlinedtheneedforallsidestocomplywiththeaccord.ShealsosaidthatthescrappingofthedealwithIranwouldbeintheinterestofnoone,somethingthattheUnitedStatesmusthavecometounderstandbynow.

TheDirectorGeneralofthe InternationalAtomicEnergyAgency(IAEA),YukiyaAmanostatedthatthehistoricdealbetweenIranandthegroupofsixworldpowersis“asignificantgain”fornuclearverification.

The Iranian Interior Ministry released a list of the 6 candidates qualified by the country’sGuardian Council to run in the forthcoming presidential election as Hassan Rouhani, Es'haqJahangiri, Mostafa Hashemi-Taba, Seyyed Ebrahim Raeisi, Mohammad-Baqer Qalibaf andMostafaAqa-Mirsalim.FormerpresidentMahmoudAhmadinejadwasnotqualifiedtorunasacandidate.

FormerUNchiefKofiAnnansaidthatUSPresidentDonaldTrumpshouldtalktoIran,whichbysigninganucleardealwithsixmajorpowersandreelectingPresidentRouhaniistryingtoreachouttotheworld.

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SanctionsTheUSSenateForeignRelationsCommitteeapprovedamodifiedversionofanIransanctionsbillthatincludeschangesrecommendedbyformerObamaadministrationofficials.

U.S.PresidentDonaldTrumpextendedwidesanctionsreliefforIrancalledforunderthe2015internationalnucleardeal.

TheUSTreasuryDepartmentimposedsanctionsontwodefenseofficials,anIraniancompanyandmembers of a China-based network for what it called supporting Iran’s ballisticmissileprogram. In reaction, Iran added nine US individuals and entities to its list of sanctions forhumanrightsviolationsandcooperationwithIsrael.

TreasuryHead,StevenMnuchinsaidthattheUSadministrationisreviewingpreviouslyissuedlicensesforBoeingandAirbustosellaircrafttoIran.

According toAmericanmedia reports, anew legislation is circulating through theUSSenatethatwouldrequirethegovernmenttocrackdownontheIranianairlinecompany,MahanAir.

OtherNewsHassanRouhaniwaselectedtoserveasecondterminthepresidentialvotethatsawaturnoutunseen in recenthistory.He secured23.5millionvotes, leadingby8millionballots fromhisnearest hardline rival Ebrahim Raeisi, who got 15.7 million votes, indicating a 57% to 38%victory.HisinaugurationceremonyisscheduledforAugust6.

Ina jointpressconferenceinRiyadhwithSaudiArabianForeignMinisterAdelbinAhmedal-Jubeir,USSecretaryofStateRexTillersonsaidhehasnevershutoffthephonetoIranoranycountry thatwants a "productive conversation".He also said hewould talkwith his Iraniancounterpart"attherighttime".

Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman rejected thepossibility of normalization of ties with Iran, after Tehran had raised the possibility of de-escalation if Riyadh halts its Yemen bombardment. Salman also said that any struggle forinfluencebetween IranandSaudiArabiahas totakeplace "inside Iran,not inSaudiArabia,”withoutelaboratingontheremark.Inanunexpectedresponsetothethreat,ForeignMinisterMohammadJavadZarifsaidIranisreadytopresentpeacetoSaudiArabia.

A senior United Arab Emirates official said the re-election of moderate President HassanRouhanicouldbeachanceforTehrantoreset"itstroubledrelations"withitsneighbors.

ACanadiandelegationmadeupofGlobalAffairsofficialsarrivedinTehranfortalkstofacilitatetherestorationofdiplomaticties,thefirstsuchvisitsincethepreviousCanadiangovernmentcloseditsembassyinTehrannearlyfiveyearsago.

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EconomicOverview

AtagatheringoflawmakersinTehran,PresidentHassanRouhanihighlightedthedeterioratinginternationalsituationsincetheUSPresidentDonaldTrumptookofficefourmonthsagoandcalledformorediscretionregardingmattersofforeignpolicy.

FinancialADeputyEconomyMinisterstatedthatwhat Iranhasdonesofartoconformto internationalstandards concerning anti-money-laundering and combating terrorism financing initiativeswould be sufficient for the Financial Action Task Force (FATF) to permanently terminate allcountermeasuresagainstthecountry. Iranexpectsthatthedecisionmade last June,basedonwhichcountermeasuresagainstthecountryweresuspended,wouldbecomepermanent.

Iranian private bank Saman has opened a representative office in Rome after obtaining therequiredauthorizationsfromIranianandItaliancentralbanks.

Iranhasreceivedmorethan$4billionfromtheEmiratesNationalOilCompany(ENOC)aspartofthe country’s retailer’s settlement of its debts owed to Iran for pre-sanction oil and gaspurchases.

Internationalanddomesticprivatecompanies intherenewableenergyindustrywillbeeligiblefor tax holidays of 5-13 years as part of incentives to prop up investment in the renewablesector.

IncomeAccording to the Statistical Center of Iran (SCI), the average annual income of Iranianhouseholdsinurbanareasstoodatabout$7,410andtheirexpensesat$6,970inthepreviousfiscal (March2016-17), registeringa15.6%and11.7%growth respectivelycomparedwiththeprecedingyear.Forruralareas, theaverageannual incomeandexpensesstoodat$4,280and$3,905,indicatinga9.7%and6.1%growthrespectivelyforthesameperiodunderreview.

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InflationAccordingtothelatestreportreleasedbytheCentralBankofIran(CBI),theaveragegoodsandservicesConsumerPrice Index(CPI)forurbanareasinthe12monthsendingMay21,reached9.8% compared with last year’s corresponding period. The CBI put the inflation rate for theprecedingIranianmonth,whichendedonApril20,at9.5%.Theindexregisteredayear-on-yearincreaseof11.8%comparedwiththesimilarmonthoflastyear.TheCBIreportcameaftertheStatisticalCenterofIran(SCI)putthesametimeperiod’sinflationrateat7.1%.

The average Producer Price Index (PPI) in the 12 months ending May 21, reached 5.9%comparedwithlastyear’scorrespondingperiod,thelatestreportbyCBIshowed.TheCBIputtheprecedingmonth’sPPIinflationat5.4%.Ayear-on-yearincreaseof8.5%wasregisteredintheindexcomparedwiththesimilarmonthoflastyear.

GrowthAccordingtoCBI,theIranianeconomygrewby15.7%duringthethirdquarterofthelastIranianyear(September22-December20,2016),comparedwiththecorrespondingquarteroftheyearbefore.Theratestoodat4.6%withouttakingoilproductionintoaccount.

TheStatisticalCenterofIran's(SCI)latestreportindicatedthatIran’seconomygrew8.3%inthelastfiscalyear(March2016-17)comparedtotheyearbefore.

InvestmentAccordingtothelatestreportreleasedbyFDiIntelligence,adivisionoftheFinancialTimesLtd,having attracted $12.2 billion worth of foreign direct investment (FDI), Iran was the secondbiggestFDIdestinationintheMiddleEastandNorthAfricaregionin2016.

The Director of the Organization for Investment, Economic and Technical Assistance of Iran(OIETAI), affiliated with the Ministry of Economic Affairs and Finance has announced thatforeign investments in Iran increased by $3.12 billion during the last Iranian fiscal year thatendedonMarch20,2017.

Accordingto the IranPetroleumMinistry, thecountry’senergyprojectsareexpected todrawforeign investments worth $50 - $80 billion in the near future, of which $10 billion will berelatedtothepetrochemicalsector.

AccordingtotheDeputyMinisterofIndustry,Mine&Trade,Iranplanstoattract$50billioninforeign investment for themining sector by 2022within the framework of its Sixth Five-YearDevelopmentPan(2017-22).

According to theMinistry of Industries, Mining and Trade, under the current administrationmorethan19,000industrialprojects launchedbypreviousgovernmentshavebeencompletedwithmorethan$19billionofinvestment,creating302,000directjobs.

Iranneedsabout$21billiontocomplete3,500kilometersofthe22railprojectscurrentlyunderconstruction,aDeputyMinisterofRoadsandUrbanDevelopmentannounced.

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Production According to the Investment Director of the Industrial Development and RenovationOrganizationofIran(IDRO),Iranianautomakersareaimingtoproduce3millionunitsby2025.The Iranian Automotive industry output experienced a 20.1% year-on-year jump in the firstmonthofthecurrentfiscalyear(startedMarch21,2017).

PresidentHassanRouhaniofficiallylaunchedPhase1ofthePersianGulfStarRefineryinthecityof Bandar Abbas in the southern Hormozgan Province, which is hailed as the Middle East'slargestprocessingfacilityforgascondensate.

AccordingtotheHeadoftheCenterforTobaccoPlanningandSupervision(CTPS),atotalof2.6billioncigaretteswereproducedinIraninthefirstmonthofthecurrentfiscalyear,registeringa63%increasecomparedwiththecorrespondingperiodoflastyear.About250millioncigaretteswereimportedduringthesameperiod,down87%year-on-year.

Iran'spetrochemicalproductioncapacitywillstandat72milliontonswiththecommissioningofsixpetrochemicalprojectsintheyeartoMarch20,2018,accordingtoareportpublishedbytheNationalIranianPetrochemicalCompany(NIPC).

Iran produced 6.37 million tons of crude steel in the first four months of the current year,indicatingagrowthof14.3%comparedtothefigureforthesameperiodof2016.

TradeIran’s non-oil foreign trade during the firstmonth of the current Iranian year stood at $5.07billion. According to the latest report by the Islamic Republic of Iran Customs Administration(IRICA),Iranexported8.06milliontonsofnon-oilcommoditiesworth$2.72billionandimported2.09milliontonsworth$2.34billionduringtheperiod.

Iran’stradewithChinahasseena70%growthunderthecurrentIraniangovernmentcomparedtothepreviousone,risingfrom$45billionduringthefouryears inofficeof formerpresidentMahmoudAhmadinejad’sadministrationtoover$76billionsinceincumbentPresidentHassanRouhanitookofficeinAugust2013.

RegulatoryAccording to anewdirective issued by theMinistry of Industries,Mining and Trade,which isaimed at increasing domestic production, creating jobs and reviving Iran's aging apparelindustry, foreign representatives, branches and distributors seeking business licenses arerequiredtoproducegoodsworth20%oftheirimportvalue(inRialterms)insideIranandexportatleast50%oftheirdomesticproduction.Thelicensesissuedaspertheaboveconditionwillbevalidfortwoyears,withthepossibilityofextensioniftherearenoviolations.

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MarketOverviewThepresidentialelectionsandthevictoryofHassanRouhanihelpedtheTehranStockExchange(TSE) index increase by 1%. In contrast, the over the counter Farabourse witnessed a 0.9%decrease. The Average Daily Traded Value stood at $116 million, registering a drop of 15%comparedtothepreviousmonth.

MarketStatistics(May2017)

AverageP/ERatio 7.3

AverageDailyTradeValue($Million) 116

MarketCapTSE($Billion) 87.5

BestPerformingSectors(May2017)

Rank Sector Increase

1 Publishing&Media 25.1%

2 IT&Computers 13.6%

3 Paper&PaperProducts 13.4%

4 Sugar&By-Products 10.6%

5 Transportation&Storage 6.4%

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BusinessActivityOverview

Top5CompaniesbyMarketCap(May2017)

Rank CompanyName Value($Million) Percentage

1 PersianGulfPetrochemicalIndustry 6,218 5.6

2 MobileTelecommunicationCoofIran 3,425 3.1

3 MaroonPetrochemical 3,405 3.0

4 TelecommunicationCoofIran 3,107 2.8

5 MobarakehSteel 2,816 2.9

AutomotiveFrench automaker Peugeot officially started the mass production of its Peugeot 2008subcompactSUVs in thecentral siteof IranKhodro IndustrialGroup inTehran ina ceremonyattendedbythecountry’sPresidentHassanRouhani.

GrégoireBlaise,CEOofRenaultTrucksMiddleEastandNorthAfrica, stated that followinganagreementbetweenAryaDieselMotorsandRenaultTrucksinDecember,atrainingcenterwillbeopenedtoimprovetheskillsandefficiencyofboostmechanics.

The exclusive distributor of DS Automobile in Iran Arian Motor Taban announced thatconsideringthelownumberofsalesofthecars,therewouldbelittlechanceofthePSAGroup(whichownstheDSbrand)choosingtoassemblethecarsinIranforthetimebeing.

Italy'sPininfarinaautomotivedesignhousehassigneda€70million36-monthcontractwithIranKhodroGroupforthedevelopmentofatechnologicalautomotiveplatform.

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Germany’sSiemensandTAMCo,anautopartssubsidiaryofIranKhodro(IKCO),havesignedaMemorandum of Understanding (MoU) to develop joint projects and facilitate futureproduction.

EnergyOilUS-basedPallCorporationhasreportedlyreachedanagreementwithPanidEngineeringCo.,aprivatedomesticfirmbasedinTehran,tobuildaplantformanufacturingfiltrationsystemsforthe oil and gas industry. This is the first official collaboration between Iranian and Americanmanufacturersinthepetroleumsectorafterthe1979IslamicRevolutioninIran.

International energy majors Total S.A. and BP Plc did not to participate in Iran's annual oilexhibition and only sent representatives to assess investment opportunities. According toofficials,more than800 international companieswere present this year, anupgradeover the634thatcamein2016.

Austrian integrated oil and gas companyOMV,which had signed a preliminary agreement inJanuarytostudyBand-e-KarkhehOilfieldinthesouthernKhuzestanProvince,willtakechargeofthefield'sdevelopmentunderthenewstyleIranPetroleumContract(IPC).

The National Iranian Oil Company (NIOC) is in the final phase of talks with OMV to sign acontract to sell 40,000 barrels of oil per day to the Austrian Oil and Gas Company. Theprospective agreement will help Tehran pay its outstanding debt to OMV given that thecompanyhaddiscoveredanoilfieldinIranbutnotbeenpaidfortheexploration.OMVwillbeentitledto7.25%oftotalvalueofexportsforanunknownperioduntiltheduesaresettled.

Aconsortium,madeupofSpanishTubacexSAand Iran'sEsfahanSteelCompanyhassigneda$610millionagreementwiththeNationalIranianOilCompany(NIOC)toproducepipesmadeofacorrosionresistantalloyforanetworkof600kilometers,overthreeyears.ThepipeswillbeproducedusingJapan'sJFESteelCorporationtechnology,andthattheknow-howwilleventuallybemadeavailabletoIran.

Hungarian oil and gas group MOL has expressed willingness to enter into partnership withIranianfirmsandtakepartinthecountry'soilandprojects.

Tourism&HospitalityTheDubai-based Rotana Hotels and Resorts have signed a deal with an unnamed partner toopenahotelinIsfahan.Previously,itwasthoughtthatthegroupwasonlyplanningtoopenfourhotelsinIran,twoeachinTehranandMashhad.

SpanishCompany,Paradores,has signedaMemorandumofUnderstanding (MoU)with Iran'sRevitalizationandUtilizationFundforHistoricalPlaces(alsoknownasSabta)that involvesthetransferofknow-howfortherestorationofhistoricalbuildings.

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FinancialItalianBancaPopolarediSondriohasconfirmedthatithasapprovedbankingtieswith20ofits Iraniancounterparts includingamoneytransferservicewith its Iranianpeersata0.15%fee.

IranianDeputyMinisterofRoadsandUrbanDevelopmentforInternationalAffairsstatedthat9 financial institutions from Norway, Denmark, Ireland, Britain, China and Japan haveannouncedtheirreadinesstofundthepurchasesofplanesfromglobalaviationgiantsAirbusandBoeing.HedidnotdisclosethenamesoftheinterestedfinancersexceptforUKExportFinance(UKEF).

China Export & Credit Insurance Corporation (commonly known as Sinosure) will provideexport insuranceforChineseconstructionandproduction investments in Iran.Accordingtothe signed Memorandum of Understanding (MoU), the Chinese export credit agency willinsurestate-ownedandprivateChinesecompaniesthat intendto investin Iranianprojects,enablingthemtousenewlinesofcredit.

Spain’s ambassador to Iran has announced that his nation’s banks are ready to financeprojectsintheIranianpetrochemicalindustry.

A delegation from the Central Bank of Turkeywill soonmeet their Iranian counterparts inTehran to remove hurdles in theway of bilateral banking relations, particularly difficultiesinvolving Iraniancitizens'bankaccounts in theTurkishHalkbank.Themeeting comes afterIran-TurkeybankingtieswereovershadowedbythedetentionofaseniorHalkbankofficialintheUSinMarchforallegedlyviolatingIransanctions.TheincidenthadcausedproblemsforIranianbusinesstransactionswiththebank.

Russia and Iran have integrated their bank-card systems, allowing their citizens to use thecardsineachother'scountryfromlateAugust,theCentralBankofIran(CBI)announced.

TheHead of Financial institutions at the Euler Hermes insurance, announced that GermanbankswouldsoonfinancemajorIranianprojects,asbilateralbankingrelationsexpand.

Slovakia’s EXIMBANKA SR and the Export Guarantee Fund of Iran (EGFI) have signed abankingandinsuranceagreement.

A cooperation agreement has been signed between China Development Bank and Iran’sTejaratBankbasedonwhichtheChinese lenderwillprovidea$300million loantofinanceIranianprojects.

GermanofficialssaidtheMiddleEastBankofIranhasreceivedalicensetoopenabranchinthestateofBavariaandthatSinaBankisalsointheprocessofobtainingasimilarlicense.

Euromoney's best bank transformation award for 2017 went to Iranian private lenderAyandeh.

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MiningCanada-based Anglo American Exploration and the University of British Columbia havestartedcopperexplorationoperations in22mineralzoneslocated intheIranianprovincesofEastandWestAzarbaijan,ArdebilandZanjan.

PetrochemicalsJapan’s ItochuCorporationhassignedadeal topurchase11,000tonsofpolyethylenepermonthfromthePersianGulfPetrochemicalIndustriesCompany(PGPIC).

PharmaceuticalsFrench industrial conglomerate Groupe NOX is conducting a feasibility study on theestablishmentofapharmaceuticalplantinIran.

SteelTheItalianDanieliGroup’ssteelmachineryproductionplantestablishedwitha€40millioninvestmentmadeentirelybytheItalianfirmwasinauguratedatEshtehardIndustrialParkinAlborzProvince.

TelecomSouth African MTN has signed an agreement to invest $300 million in the Iranian fixedbroadband provider Iranian Net and lend the company $450 million. The long-awaitedinvestmentwillgiveMTNa49%stakeinthecompany.

TheTelecommunicationCompanyofIran(TCI)haslaunchedanewprojectincollaborationwithChinesenetworkingandtelecommunicationsequipmentandservicescompanyHuaweiTechnologies, to integrate and upgrade the country’s landline and mobiletelecommunicationsnetwork.

TransportationAviationAccording to itsChiefExecutiveDennisMuilenburg,Boeing ismaking 'steadyprogress' tocompletethetermsofan80-jetlinersaletoIranAirandexpectstodelivertheinitialplanesnextyear.

Iran’s ATAAirlines has reached an agreementwith the Brazilian planemaker Embraer topurchase10newpassengerplanes.ATAdidnotcommentonwhethera firmcontracthasbeensignedorelaborateonthetypeandthevalueofplanesincludedintheorder.

ThefirstfourFrench-ItalianATRplanesmanufacturedforIran'snationalflagcarrier,IranAir,landedatTehran'sInternationalMehrabadAirport.

Deputy Iranian Transport Minister announced that Iran has decided not to purchasepassengerplanesfromJapan’sMitsubishi.

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RailSpain'sRailwayInfrastructureManagementStateCompanyandtheIranianRailwayCompanysignedaMoUtoexpandcooperation inrail trafficmanagement,modernizationofsignalingsystemandrailwaytransportationnetworkcommunication.

AtechnicalandfinancialMoUhasbeensignedbetweenGermanrailcompanyDeutscheBahnAG and Iran’s Bon Rail Company, a rail passenger transport firm affiliated with Iran’sMostazafanFoundation.

Iran has finalized a €2.2 billion deal with China National Machinery Import and ExportCorporation (CMC), to electrify a 926-km railroad from Tehran to the northeastern city ofMashhad.TheChinesegovernmentwillfinancetwothirdsofthecontractwiththeremainderbeingcoveredbyChineseinsurerSinosure(ChinaExportandCreditInsuranceCorporation).

Ports&ShippingFrance’sCMACGM,theworld’sthirdlargestcontainershippinggroup,hasopenedaTehranofficeandappointedanewagent.

Delegations/Visits/ConferencesDelegations Visitors Events

Thaidelegation,headedbyChateaudunNaitasiri,theHeadofEconomyandFinanceCommissionoftheNationalLegislativeAssemblyofThailand

ChairmanofIndonesianParliament’sBudgetCommissionAzizSiyamSudin

The24thannualmeetingoftheForumoftheStateNuclearSafetyAuthoritiesoftheCountriesOperatingWWERTypeReactors,heldinIsfahan

ACanadiandelegationmadeupofGlobalAffairsofficials

NorwegianDeputyForeignMinister,WebberChristianStrommen

The22ndInternationalOil,Gas,RefiningandPetrochemicalExhibition,heldinTehran

AdelegationfromGermany’sSaxonystate

GermanStateSecretary,MarkusEderer

The30theditionofTehranInternationalBookFair,heldinTehran

AdelegationfromSouthAfrica’sMinistryofTradeandIndustry,andDepartmentofTradeandIndustry

Germany'sDeputyMinisterforEconomicAffairsandEnergy,AnneJacobs-Schleithoff

The5thInternationalExhibitionofRailTransportationandRelatedIndustriesandEquipment,heldinTehran

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Delegations Visitors Events

SierraLeone’sMinisterofState,MohamedGibrilSesay

AconferenceheldinTehranattheIndustrialDevelopmentandRenovationOrganizationofIran(IDRO),attendedbyofficialsfromApex-Brasil(Brazilianbusinessexportagency)andSindipecas(Brazilianautopartsmakers’guild)toexploreatentativedealtojointlyproduceautospareparts

The24thInternationalFood,

BeverageandHospitalityTradeFairheldinTehran

The6thInternationalInnovationandTechnologyExhibition(INOTEX2017),heldinTehran

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iran monthly report - may 2017 · 2017. 6. 14. · iran monthly report may 2017 issue 3 sanctions...

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