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					  4 ECONOMY                                                                                                                                                                                         h t t p : / / w w w. t e h r a n t i m e s . c o m / e c o n o m y

           MAY 1, 2011                                                                                                                                                                  TEHRAN TIMES INTERNATIONAL DAILY

                               T         Arvand Free Zone hosts envoys from 50 countries                                                             Khatam-ol-Anbia inks $1b gas field development deal
Iran world’s 15th                          Tehran Times Economic Desk                                     Creating economic, com-                     Tehran Times Economic Desk                                  fields are among the newly-
                                        TEHRAN — Ambassadors and                                       mercial and trade cooperation               TEHRAN — Iranian Central Oil                                   discovered fields in Iran. Total
copper producer                         charge de’affairs from more than                               grounds among the countries                 Fields Company has signed a                                    in-situ gas reserve at Halgan
                                        50 countries paid a visit to marine                            and reviewing problems to im-               contract, worth some $1 bil-                                   is about 12.4 billion cubic feet,
   Tehran Times Economic Desk           platforms, oil establishments, oil                             prove relations were some of                lion, with Khatam-ol-Anbia                                     equivalent to 355 billion cubic
TEHRAN — Iran ranked as the             and gas industries, and Abadan                                 the goals of the trip, IRINN re-            Construction     Headquarters,                                 meters.
world’s 15th copper producer            refinery in Arvand Free Zone,                                   ported.                                     affiliated to Iran’s Revolution-                                   It is forecasted that almost
in 2010. Iran produced 279,000          southwest of Iran.                                                Jafar Hejazi, the governor gen-          ary Guards Corps, to develop                                   70 percent of Halgan field’s de-
tons of copper in the mentioned             The guests came from coun-                                 eral of Khuzestan province in the           two gas fields.                                                 posit, equivalent of 8.9 trillion
period which accounted for 2            tries, including Croatia, Syria, Kyrgyzstan,     meeting said that Khuzestan potentials for eco-                The development plans aim to produce       cubic feet, can be recovered. The volume of
percent of the total global pro-        Czech Republic, Austria, Ghana, Nigeria,         nomic investment are very suitable. He added              about 19 million cubic meters of natural gas    recoverable gas condensates at Halgan field
duction, the Islamic Republic of        Uganda, Ivory Coast, India, Tajikistan, Indo-    that the government invested $4 billion in the            per day.                                        is about 98 million barrels.
Iran Broadcasting reported.             nesia, Pakistan, Uzbekistan, Ukraine, and        zone and this fact shows that Khuzestan has a                 According to Mehr news agency, Hal-              The Sefidbaghoon gas field has about 6
    Iran has the world’s ninth, and     Azerbaijan.                                      very good potential for attracting investments.           gan and Sefidbaghoon non-associated gas          trillion cubic feet of natural gas.
Asia’s third, largest copper re-
serves. The nation holds 3.2 billion
tons of cooper reserves which ac-
counts for 4 percent of the world’s
total reserves. National Iranian
Copper Industries Company (NICI-
CO) is one of the largest compa-
nies listed on the Tehran Stock
Exchange and was the largest
                                         Oil futures close near $114 a barrel
                                        SAN FRANCISCO (MarketWatch) —
                                        Crude-oil futures climbed Friday to close
                                                                                                                                                                                        Iran, Turkey trade doubled,
                                                                                                                                                                                                U.S. is angry
                                                                                                                                                                                                     Tehran Times Economic Desk
non-oil exporter in Iran in 2010 with   near $114 a barrel, buoyed by weakness
                                                                                                                                                                                       Growth of economic relations between Iran and Turkey
exports worth $1.3 billion.             in the U.S. dollar as traders kept watch
                                                                                                                                                                                       has prompt angry reactions from U.S. over two large
                                        on developments in the Middle East and
                                                                                                                                                                                       neighbor Muslim countries.
                                        North Africa for potential supply disrup-
                                                                                                                                                                                           Iran and Turkey trade has increased considerably
Lebanon cuts                               “There are a number of factors
                                                                                                                                                                                       in recent years especially after Recep Tayyip Erdou-
                                                                                                                                                                                       gan took office in Turkey and Mahmoud Ahmadinejad
                                        pushing the price of crude oil higher:
GDP forecast                            a weaker dollar, accommodative (Fed-
                                                                                                                                                                                       in Iran. In Ahmadinejad term Turkey has come up from
                                                                                                                                                                                       Iran’s fifteenth economic partner in six years ago (first
BEIRUT (Reuters) — Political            eral Reserve) policy and the beginning
                                                                                                                                                                                       year of Ahmadinejad’s presidency) to the fourth eco-
bickering in Lebanon has harmed         of an expansionary growth cycle,” said
                                                                                                                                                                                       nomic partner in last year.
the economy which is now ex-            Jason Schenker, president and chief
                                                                                                                                                                                           The value of bilateral trade has doubled in last Ira-
pected to grow at 2.5 percent,          economist at Prestige Economics in
                                                                                                                                                                                       nian calendar year (ended on March 20, 2011) in com-
down from an earlier projection of      Austin, Texas, in emailed comments.
                                                                                                                                                                                       parison to two years ago. According to statistics of Ira-
around five percent, the caretaker       “These factors are likely to remain in
                                                                                                                                                                                       nian Customs Administration, the trade value went up
finance minister said.                   play for some time and pose continued
                                                                                                                                                                                       92 percent in last year and reached from $2.6 billion in
   Raya Al-Hassan said Leba-            asymmetric upside risk to crude-oil
                                                                                                                                                                                       2009 to $5 billion. Six years ago this amount was only
non saw a limited capital outflow        prices.”
                                                                                                                                                                                       $1 billion.
of around one percent of bank              Light, sweet crude for June deliv-
                                                                                                                                                                                           Also Turkey’s rank among Iran main economic
deposits in January.                    ery tacked on $1.07, or 1%, to settle
                                                                                                                                                                                       partners has improved in recent years. Turkey was
   “Starting from the end of 2010       at $113.93 a barrel on the New York
                                                                                                                                                                                       fifteenth economic partner of Iran in 2005, which im-
we started witnessing a slow-           Mercantile Exchange after touching          unit to a basket of major currencies, fell to   John Person, president of NationalFu-              proved to eleventh partner in 2006, 9th in 2007, 8th
down in some of the,” Hassan            a low of $112.25 in electronic trading      its weakest level since July 2008. It was       tures.com.                                         in 2008 and 6th in 2009. In last year Turkey became
said.                                   overnight. The June contract finished        last at 72.924 Friday, after hitting a low of       Also, “no one wants to sell oil in front       Iran’s fourth trading partner for the first time. This
   “The most important indica-          at its highest settlement price since       72.834. That compares with 73.127 in late       of a weekend in case there is a flare-up            growth in ties of two main Muslim states somehow
tor was the inflows. It started to       September 2008.                             U.S. trading Thursday.                          in the Middle East,” and Friday’s rally in         is outcome of western companies’ withdrawal from
slow. It was 11 percent in 2010            Tracking the front-month contract,           “Oil is up on a weaker dollar and the       the U.S. stock market “gives confidence             Iran market after U.S. economic pressures in recent
and 23 percent in the past two          crude futures tallied gains of 1.5% for     fact that since the U.K. markets are            that businesses are not being hindered             years. This fact shows that Iran by improving rela-
years. We were expecting this           the week and 6.8% for the month.            closed for the Royal Wedding, we are            by the cost increases in energy prices,”           tions with Turkey reduces the effects of U.S. eco-
normalization in the inflows,”              The dollar which compares the U.S.       missing that segment of traders,” said          he said.                                           nomic pressures.

                                                                                                                               ‘Iran, Kenya to set up
                             em   ent                                                                                               joint bank’
              An   nou
                                                                                                                           An Iranian official has announced an arrangement
     Firs                                             N.I.O.C.
                                                                                                    National Iranian
                                                                                                    Drilling Company
                                                                                                                           between the Islamic Republic of Iran and Kenya for
                                                                                                                           the establishment of a joint bank, Press TV report-
                                                                                                                           ed. Following the signing of last month’s memo-
    TWO PHASES PUBLIC TENDER NO: 3602-33/6-TS/90                                                                           randum of understanding (MoU) between Iran
                                                                                                                           and Kenya, officials from the two countries em-
         TENDER SUBJECT: PROVISION OF TUBING & DRILL                                                                                                                                              New Iran-Turkey deals anger U.S.
                                                                                                                           phasized the necessity of launching a joint bank
                                                                                                                                                                                           In line with improving economic ties between the
                                                                                                                           in the near future in line with the stipulations of
         COLLAR EQUIPMENT FOR SURFACE WELL TESTING                                                                         the MoU, Mehr news agency reported Saturday.
                                                                                                                                                                                       two neighbors, sources said that Turkey accepted
                                                                                                                                                                                       to conduct India’s payment for oil import from Iran,
        (F.B.DST) & RELATIVE SERVICES ON CALL OUT BASIS                                                                       The latest announcement was made during
                                                                                                                                                                                       last week. But U.S. show anger about these ties and
                                                                                                                           a late Friday meeting between Seyyed Jafar He-
 National Iranian Drilling Company (NIDC), a wholly owned subsidiary of National Iranian Oil                                                                                           warned Turkey about financial transactions with Iran.
                                                                                                                           jazi, the governor of Iran’s southwestern province
                                                                                                                                                                                           The problems in disbursing money to Iran for oil
 company (NIOC) intends to award the above-mentioned contract services to a well known                                     of Khuzestan and Kenyan Ambassador to Tehran
                                                                                                                                                                                       shipments first surfaced in December, when India’s
 and qualified contractor through a competitive & public tender. On this occasion and for the                               Rashid Ali.
                                                                                                                                                                                       Central Bank stopped payments through a regional fi-
                                                                                                                              Earlier in March, Governor Hejazi and Kenyan
 purpose of receiving the electronic Tender documents files, the interested local and foreign                               Premier Raila Odinga signed the MoU, which in-
                                                                                                                                                                                       nancial clearing house that the United States says is
 companies (legal entity), up to May 10, 2011, may obtain set of bidding document, which is                                                                                            used by Tehran to avoid international sanctions.
                                                                                                                           cluded an agreement to expand trade relations
                                                                                                                                                                                                     Ankara replaces London as
 containing the proposed contract terms and conditions, by sending their formal application                                and cooperation between Imam Khomeini port
                                                                                                                                                                                                     Tehran’s 4th trading partner
 along with its company’s name, activities and email to the NIDC Contracts Department-                                     and Kenya’s Port of Mombasa. The two sides
                                                                                                                                                                                           Iranian Economy and Finance Minister Seyed
 Ahwaz- Iran, Fax: 0098 611 4443795 or                                                                                     also pledged to strengthen tourism, cultural and
                                                                                                                                                                                       Shamseddin Hosseini in a meeting with Turkish State
                                                                                                                           educational cooperation.
 Email:ahkarimi@nidc.ir                                                                                                       Hejazi said that the expansion of tourism indus-
                                                                                                                                                                                       Minister Hayati Yazichi expressed the pleasure that
                                                                                                                                                                                       Ankara has replaced London as Tehran’s fourth trad-
 It is worthy to add that:                                                                                                 try and financial transactions along with boosted
                                                                                                                                                                                       ing partner.
                                                                                                                           trade ties are among the priorities set in the MoU.
                                                                                                                                                                                           “We are very pleased that Turkey has replaced Brit-
 1- Tenderers should be able to provide Tender Guarantee Euro 8,600 for foreign Tenderers                                  The governor said that the African country could
                                                                                                                                                                                       ain as Iran’s fourth economic partner,” Hosseini said
 and Iranian Rials 125,000,000 for Iranian Tenderers & Good Performance Guarantee                                          facilitate the exportation of Iran’s pharmaceutical
                                                                                                                                                                                       on Wednesday.
                                                                                                                           drugs to Africa and export its key products, includ-
 (for winner contractor) according to the NIDC’s requirements as mentioned in the Tender                                   ing coffee and tea, to the regional countries via Iran.
                                                                                                                                                                                           Hosseini called for the further promotion of trade
 Documents.                                                                                                                                                                            between the two neighbors, and added, “Obstacles in
                                                                                                                              For his part, the Kenyan envoy stressed the
                                                                                                                                                                                       the way of trade between the two nations in the fields
                                                                                                                           need for investment in his country and called for
 2- The anticipated contract duration will be two years.                                                                   the easing of visa grant procedures for Kenyans
                                                                                                                                                                                       of imports, exports and customs should be removed.”

 3- Tenderers shall be required to provide written attestation proving that its company has                                eager to visit Iran.              (Source: Press TV)
 specific policy statement at senior and operational levels, proportionate to the subject                                                                                                           IMF praises Iran
                                                                                                                            Pakistan seeks new roadmap
 Contract, reflecting management commitment to Health, Safety and Environment protection.
                                                                                                                                 to revive economy                                                subsidy reform plan
 4- Tenders should be submitted in three separate sealed Envelopes marked “A”, “B” and “C”,                                                                                              (Contd. from p. 1)
                                                                                                                           ISLAMABAD (APP) — Major political parties of                   “There are indications that the newfound wealth
 Envelope “A” should contain Tender Guarantee, Envelope “B” should contain commercial                                      the Pakistan agreed on a roadmap presented by
 proposal of Tenderer and envelope “C” containing Technical proposal of Tenderer. It is                                                                                                flowing to Iran’s smaller towns and villages is reinvig-
                                                                                                                           the Pakistan Business Council (PBC), a recently             orating economic activity”, the report stated.
 worthy to add that opening and consideration of the Tenderer’s commercial proposal will be                                formed group of large enterprises, for the revival             IMF believes that assessing the impact of this plan on
 subject to NIDC approval for Tenderer’s technical proposal.                                                               of crippling economy by addressing key econom-              domestic energy use, is too early but some reports indi-
                                                                                                                           ic and social issues.                                       cate energy consumption may have declined by up to 20
 5- The Tender closing date shall be June 11, 2011.                                                                           The council recommended trade with India,                percent for some fuels. The impact of the energy price
                                                                                                                           levying of tax on agricultural income, estab-               increase on consumer prices has so far been limited by
 6- The date for opening of Envelopes A & C will be June 18, 2011.                                                         lishment of a ministry of energy and a national             the authorities’ efforts to slow down the pass-through to
 7- National Iranian Drilling Company shall reserve the right to reject any or all of the tender(s)                        energy authority, imposition of property tax in             retail prices through higher imports, inventory accumula-
                                                                                                                           major cities, more food subsidy for the poor-
 received, in whole or in part at its sole discretion and without any explanation. Furthermore                                                                                         tion, and administrative measures, IMF added.
                                                                                                                           est and revamping of the madressah education                   IMF believes that the smooth implementation of the
 applicants can visit this Tender announcement in the web site of NIDC & Petro energy                                      system.                                                     price reform is owing mainly to the clarity of the re-
 Information Network with the following address:                                                                              “All political parties have a consensus that             form’s objectives, technical preparation, and extensive
 www.nidc.ir                                                                                                               the time has come when they should sit to-                  communication efforts by the government regarding
                                                           National Iranian Drilling Company                               gether by burying their differences for revival of          the benefits of the reform and eligibility for cash trans-
                                                                                                                           the economy,” PBC chairman Asad Umar told                   fers.
                                                                        Contracts Department                               Dawn.

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