Bijan Zangeneh, on the sidelines of agreement ceremony for manufacturing CRA (corrosion resistant alloys) pipes, told reporters that the main topic of the OPEC (Organization of the Petroleum Exporting Countries) meeting which is going to be held on Thursday would be the extension of the November 2016 agreement on cutting oil supply.

As to Saudi Arabia’s possible resistance to the extension, he said that Saudis are now favoring high oil prices. The minister also ruled out any cut on Iran’s oil production.

Responding to a question on the time of Iran’s gas export to Iraq, Zangeneh told that the main obstacle in this regard is the letter of credit (LC) that should be issued in order to export gas.

The 172th meeting of the OPEC will be held in the organization’s headquarters in Vienna on Thursday.

Russia and Saudi Arabia, the two biggest oil producers in the world, have already announced that the agreement of oil output cut was required to be extended for another nine-month period.

The agreement was signed first in the official meeting of the oil OPEC in November 30, 2016 in Vienna; it was the first such consensus of the cartle since 2008 on cutting oil output aimed at pushing up the prices by curbing global supply glut.

According to the agreement, implemented since the first months of this year, OPEC decided to cut its oil production 1.255 million bpd for six months.

Iran, Nigeria and Libya were exempted from the cuts, as they are struggling to restore their oil production levels which were hit by sanctions and internal crises.

Saman bank opened its first agency in Rome in order to provide financing, investment, banking, and legal consulting services and also to create conditions for investment and to introduce investment opportunities to the European, especially Italian, investors.

According to Saman Bank’s Public Relations and Customer Care official Mansoor Momeni, using the positive atmosphere created after the nuclear deal, Saman Bank opened the Rome agency based on the previous experiences and with the purpose of facilitating Iranian industrialists and traders’ activities.

The Saman Bank’s Public Relations and Customer Care official said that, according to the contract signed between Italy Export Guarantee Funds (SACE) and the Iranian Saman Bank, an exclusive credit line was set up for Saman Bank.

During the fourth edition of Iran-Europe Banking and Business Forum in late April in Tehran, 2017, it was announced that some Iranian banks would shortly open agencies in Europe.

After the nuclear deal, AKA Joint Comprehensive Plan of Action (JCPOA), there have been a lot of openings in banking, such as expansion of banking relations with other countries, removing limitations on Iranian banks in other countries and temporary suspension of Iran from among the countries not cooperating with the Financial Action Task Force (FATF).

The Joint Comprehensive Plan Of Action (JCPOA) has paved the way for great projects in offshore and onshore sectors, said Mansour Moazzami, referring to the landmark agreements between Iran and the world major powers.

According to the agreement signed in 2015, Iran accepted to curb its nuclear program in return for sanctions relief.

Describing JCPOA as a good opportunity for the country, which may not last forever, Moazzami who is also Managing Director of Industrial Development & Renovation Organization (IDRO) of Iran added that according to the assessments, Iran would require an investment of $ 30 billion in its offshore sector.

Speaking at the International Offshore Industries Conference, he added that agreements would be signed with Korea’s Daewoo, as well as National Iranian Tank Company (NITC) and Islamic Republic of Iran Shipping Lines (IRISL) on shipbuilding.

The 7th International Offshore Industries Conference May 22-23 is being held at Sharif University of Technology in Tehran, attended by experts, policy makers, engineers, contractors, manufacturers, university professors and other communities of the maritime sectors.

Pedram Soltani in the meeting with Marco Passalia pointed to an Iranian delegation’s visit to Switzerland last October and declared that another delegation is on its way to that country.

Pointing to the banking, tourism, technology, pharmaceuticals, services and many other fields of cooperation, the official predicted a good future for the economic ties between the two countries as a result of the Joint Iran-Switzerland Council.

Soltani also urged private sectors of the two countries to pave the way for banking relations as one of the main prerequisites for economic ties.

Describing Iran-Switzerland’s cooperation as unsatisfactory for the time being, he stressed that Switzerland Irann could boost cooperation with the Commonwealth of Independent States (CIS) through its collaboration with Iran.

Soltani explained that since Iran is going to be a Eurasian Economic Union soon, the business opportunity should be utilized the most, as the region is ideal for exports.

“Iranian and Swiss companies could launch joint activities in different fields, with exporting to the CIS as part of their agenda’, he added.

Passalia, for his part, emphasized that his country’s current focus is on a few countries, adding that Russia, Kazakhistan and Iran are among the main export, trade and joint economic cooperation targets of Switzerland.

Pointing to the Iranian delegation to Switzerland as composed of energy, steel, and banking activists, he predicted that in foreseeable future, big agreements would be signed between the two countries.

He welcomed Iran’s Chamber vice president’s suggestions on trade with Eurasia, and expressed his country’s interest in trade with the region.

Vice president of Switzerland’s Canton Ticino Chamber of Commerce also stressed on the importance of free trade to his country, adding that Switzerland has signed 39 agreement in the field with various regions all over the world.

Managing Director of Tavanir Aarash Kurdi and Executive Vice-President for Overseas Operation of KEPCO Hyang-Reol Lyu signed the MoU.

In a signing ceremony, Kurdi said that the first MoU is in the field of CDM, which by technical assistances of the South Korean side; the collecting, refining and recycling SF6 gas is to become operational in Iran.

He added that SF6 is frequently used as insulator in high-voltage electrical equipment and using the gas in world electric industry is under international protocols and now the Korean side is to share its know-how with Iran in this concern.

Concerning the second MoU, KEPCO is to launch energy saving system in Iran and implement a probationary project that in case of success, the system could be used in high-rise building, hospitals.

KEPCO Vice-President hoped that cooperation with Tavanir to be promoted to higher levels.

Seif made the remarks in the Fourth Iran-Europe Banking and Business Forum which was held on Saturday at IRIB’s International Conference Center, Tehran.

Various banks have held detailed negotiations with Iran’s banking network, he said.

He pointed to the history of Iran nuclear deal which is also known as Joint Comprehensive Plan of Action (JCPOA), saying that it resulted in maintaining economic balance in the country.

One of the JCPOA’s achievements is that CBI and the banking system as well are fulfilling their responsibilities in planning, developing economy, strengthening financial sector, constructive engagement with international financial markets, establishing up-to-date standards, clarifying banking operation system, etc.

He referred to suitable conditions of Iranian banks and international institutions to resume baking ties with Iran, saying that Iran’s economy with unique capacities is one of the best possible alternatives for foreign investment.

Seif underscored the importance of the international cooperation role in revitalizing Iran’s domestic economy and in technological development of the country.

Referring to the advantages Iran’s economy have for attracting foreign investment, Peyman Ghorbani said at the 4th Trade and Business Forum Iran Europe that lowering the inflation rate to below 10 is a result of President Rouhani’s administration.

Ghorbani said that Iran’s economic growth is positive now and that although a big part of the growth took place in oil industry, non-oil parts like agriculture, industries and mining have also experienced some growth.

He mentioned Iran’s fourth rank in oil reserves, first in natural gas reserves, 10th in mines, 15th in tourism, and the big number of educated young population as among Iran’s economic advantages.

The Monetary and Banking Research Institute is now holding the 4th Trade and Business Forum Iran Europe in the IRIB International Hall. The conference started on April 29 and will finish on April, 30.

The Industrial Development and Renovation Organization of Iran (IDRO) delegation visited Slovakia and signed a cooperation document with this country’s industry ministry and chamber of commerce.

The delegation paid also a visit to the Czech Republic and inked a Memorandum of Understanding with the country’s industry ministry, industry federation and chamber of commerce.

According to the agreement, a taskforce will be established to facilitate technology transfer and encourage joint investment.

IDRO delegation during his trip to the Czech Republic last week visited Shkuda Transport and Shkuda Electric which produce locomotives.

The Iranian delegation has also reached a primary agreement to start cooperation with Bontrans Company for production of train cars.