Iran Economy in Brief – No. 44

No Iron Ore Out; No Wagon Inn044

Minister of Industry and Trade of Iran, Mr. Nematzadeh, in a visit to Sangestan Manufacturing Complex in Markazi Province of Iran, announced that the new policy of his ministry is to completely stop the export of iron-ore by the next two years.

The reason is to provide the local manufacturers the opportunity to process the raw material and export finished products with higher added value.

With the same argument, the import of train wagons will also be halted. Instead, the Minister welcomes the import of modern technologies and machineries which could support the empowerment of the related sectors in the country.


Italian Fiat to Invest in Iran Petrochemicals

A delegation of Italian investors from Fiat have visited Iran to study and negotiate investment opportunities in the Iranian petrochemical industry.

The purpose of the visit was to prepare for investment in the Iranian petrochemical industries.

As major European banks are still lagging behind the current developments, Fiat representatives have offered the Iranian party collaboration on building banking channels.


New Petroleum Contracts

From the beginning of this month, Iran has started to use the new type of petroleum contracts, known as IPC.

IPCs are designed to offer a long-term collaboration between the Oil Ministry of Iran and foreign investors. They can last for 27 years and by engaging the interest of the foreign party, Iran can protect herself against the return of future sanctions.

American presidential election is not far away and the nuclear deal still somehow fragile.

Read about NEW FRAMEWORKS FOR PETROLEUM CONTRACTS