The specialist trade financing bank said in a statement it plans to sign the agreement during the current quarter to support contracts that South Korean companies win from Iran in sectors including power generation, construction and steel-making.

The statement was issued while the Ministry of Trade, Industry and Energy of South Korea has already announced that it will lift all bans toward relations with Iran as soon as the ‘Implementation Day’ starts.

Seoul hopes that lifting anti-Iran sanctions would lead to create newer and more proper opportunities for the South Korean companies to develop trade exchange with the Iranian side.

The IAEA Director General Yukiya Amano released a report on January 16 verifying nuclear program in Iran.

Then, the US and the European Union lifted anti-Iran sanctions and the implementation of the July 14 nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA) started as Iranian Foreign Minister Mohammad Javad Zarif and European Union foreign policy chief Federica Mogherini issued a joint statement announcing the ‘Implementation Day’.

Francis Maude, UK’s minister for trade and investment, said the UK government fully supports expanding trade with Iran, UK’s Export Credit Agency said in a press release on Sunday.
The United States and European nations lifted oil and financial sanctions on Iran and released billions of dollars of its assets after international inspectors concluded that the country had followed through on promises to dismantle large sections of its nuclear program.
“We would encourage UK businesses to take advantage of the commercial opportunities that will arise from sanctions relief,” he said.
UKTI now has a presence on the ground to support trade between the two countries, Maude added.
“UK Trade and Investment and UK Export Finance will be leading the government approach to engage with UK companies to ensure that we are well equipped to benefit from increased trade with Iran as the country re-establishes itself within the international business community.”
To improve UK-Iran trade, UKEF will work directly with the Export Guarantee Fund of Iran and the Iranian Ministry of Economic Affairs and Finance.
The cover is now available on a case-by-case basis in pounds sterling and euros, to guarantee payments to UK professional advisory service providers advising the government of Iran. This can cover advice on areas such as: accounting standards; capital market development; compliance with global regulatory requirements; accessing and reducing the cost of financing; and facilitating new trade.
UKEF will also consider applications for direct lending to purchasers of British exports to Iran, Financial Tribune reported.
Previously, the UK had between £400-500 million ($600-700 million) in direct exports, and about as much in indirect exports.
Iran imported $614 million worth of goods from Britain during the past Iranian year (ended March 20, 2015), while it exported commodities worth $72 million, according to data provided by Iran’s Customs Organization. The imports mostly included medicine, medical equipment and grains, while the main exports were steel and iron products, hand-woven carpet, saffron, date and raisins.

Addressing the closing ceremony of the International Investment Opportunities Summit in Creative City of Isfahan late on Thursday, Ashton Flooring, representative of German Company, said that Germany boasts of big experience in producing clean energies and is interested to present the technology to the entire world.

Describing the sun as divine valuable gift bestowed on mankind, he said that the great source of energy is available to the mankind for free.

Despite Iran’s access to fossil fuels, it has supported the law for clean energies and is seeking to take advantage of clean energies, he said.

Referring to Isfahan province’s suitable climatic situation, the German expert said that the province has the best conditions for establishing solar power plant.

Solar power plants are environment-friendly, he said, noting that one kilowatt sunlight produces 2,000 kilowatts of clean energy and prevents emission of 1,200 kilograms of dioxide carbon, he said.

The two-day International Investment Opportunities Summit in Creative City of Isfahan was attended by 40 economic delegations from Kuwait, UAE, Turkey, South Korea, Spain, Georgia, Switzerland, Germany, Iraq, Oman, Austria, China, Afghanistan, Poland, Canada, Russia and Greece as well as two political delegations from Spain and Austria.

He made the remarks in his work office in Jakarta on Thursday while receiving Iran’s Ambassador to Indonesia Valiollah Mohammadi and a number of directors of Iranian companies active in infrastructural projects.

Deputy Foreign Minister of Indonesia Abdurrahman Mohammad Fachir also attended the meeting.

Referring to constructive and growing relations between the two countries in different fields, Jusuf Kalla expressed his country’s interests for cooperation with Iran in infrastructural projects.

He said that Indonesia’s development planning basically focuses on infrastructures.

In this direction, Indonesia wants to increase 35,000 megawatts of electricity to its electric generation capacity in next five years.

Kalla said that government has plans to build freeways in other islands of the country as well as construction of one million small houses for low income people.

He expressed hope that the Iranian companies would participate in these projects.

Referring to good relations between the two countries, Valiollah Mohammadi presented explanations concerning abilities and capacities of Iran in different fields of energy, electricity generating power plants, construction of freeways and dam.

He added that Iranian the companies are ready to compete in the Indonesian market.

He also condemned terrorist event in Jakarta, capital of Indonesia, on Thursday.

Directors of Iranian companies attending the meeting explained their respective companies’ capabilities in different fields of construction of electric power plants, construction of dam, freeways, offering engineering and technical services, construction of water and waste water management system, exporting different types of agricultural corps, energy, marine installations.

Kalla and Mohammadi also answered questions by reporters concerning the outlook of bilateral cooperation.

Mansour Tafazzoli, the director for international affairs of Parsian Bank has been quoted by ISNA news agency as saying that talks have also been carried out to activate accounts in nine foreign banks for transactions with Iran that had so far been banned under the sanctions.
“We are ready to resume work [with foreign banks] after the implementation of the nuclear deal,” said Tafazzoli. The goal of the Iranian banks, he said, is to move ahead based on the performance of the other side in implementing its commitments.
Iran and the P5+1 group of countries – the five permanent members of the Security Council plus Germany – reached a deal last July based on which Iran will restrict certain aspects of its nuclear energy program in return for the removal of certain nuclear-related economic sanctions against the country.
A key juncture over the implementation of the deal is when the International Atomic Energy Agency (IAEA) acknowledges that Iran has carried out its share of commitments as per the nuclear deal.
An important step to the same effect is for Iran to remove the sensitive core of its Arak nuclear reactor. Iran said on Thursday that it had remove the core and that the IAEA inspectors are currently in Tehran to verify the move later in the day.
Valiollah Seif, the governor of the Central Bank of Iran (CBI), said earlier this week the CBI has started the proceedings for the much-awaited unfreezing of a total of around $30 billion that belong to Iran but have been blocked in overseas banks as a result of the sanctions.
Seif said the money could be made available to the CBI as early as next week.
He further added that unfreezing the dollars to Iran as well as the opening of blocked banking channels will be positive news for Iran and will accordingly show its effects on the Iranian economy.

“In the very near future we expect delegations from the two countries to meet,” the UAE-based ‘The National’ quoted Zahid Muzzafar as saying on Wednesday.

Pakistan’s Oil and Gas Development Company is government-controlled, but has publicly traded shares on the Karachi and London exchanges.

“Once we get the right signals from the international community and our own government’s decision we are all set to build that pipeline,” Muzzafar said, referring to the expected lifting of international sanctions related to Iran’s nuclear program that have restricted its oil and gas exports since 2011. Final clearance is expected this month.

The pipeline spur would run from Pakistan’s port city of Gwadar, where it has nearly completed its first liquefied natural gas (LNG) intake plant, to Iran’s border 80 kilometers away.

Pakistan has a rapidly growing need for natural gas and is also building a pipeline from Gwadar to the middle of the country as part of a network of pipelines that will include supply via Turkmenistan–Afghanistan–Pakistan–India Pipeline, or Tapi.

Pakistan has long-term aims to be an energy transit country such as Turkey, which connects central Asian oil and gas supplies to Europe and the rest of the world via pipelines that include the one that terminates at the Mediterranean port of Ceyhan.

Pakistan’s strategy would link supplies in central Asia, including Turkmenistan, as well as Iran – which rivals Russia as the world’s largest holder of gas reserves, to the huge markets in China and India, as well as serving its own growing demand.

Muzzafar said additional supplies from Iran can be linked into the system that is being developed currently, which includes a US$2.5 billion project to complete the LNG terminal at Gwadar and pipeline it 700km to Pakistan’s mid-country, terminating at Nawabasah.

First LNG cargo was bought on the spot market from Qatar. Pakistan has tendered for 60 cargoes over five years.

Muzzafar said, and the first successful bidders were Gunvor, a Geneva-based trading house, and Royal Dutch Shell.

The China-Pakistan Economic Corridor, a $46bn multi-pronged mega project, plans to link Gwadar, Khuzdar and other western Pakistan areas via roads, rail and pipelines to Dera Ghazi Khan, Dera Ismail Khan and Peshawar in the east, and onto the western Chinese city of Kashgar, 3,000km away.

“The current setting in Iran’s petrochemical industry has created a promising prospect for investment which is a precious capital for the country,” Abdolhossein Bayat told Shana.
“The petrochemical industry is the locomotive of the country’s development,” he added, “With the arrival of new capital and the increase in financial resources, the developing industry will undergo a huge transformation.”
“It is the time that NPC forecasts the prospects and clarifies its strategies,” said the board member.
He also urged the company to build on its past experience and tap all the available capacities to achieve the long-term targets.
“It is not necessary that government involves itself in the investment projects. Rather, it can regulate and implement the policies in order to support the investors,” Bayat said.

“We have made some contacts, yes,” the Financial Times quoted head of Airbus’s passenger jet unit Fabrice Bregier as saying.
Iran has been on the radar of Airbus and other aircraft manufacturers since the country reached a nuclear accord last July. Their anticipation is finally coming to an end with the lifting of sanctions, reportedly in the few coming days.
“This is potentially a huge market for Airbus and our competitors,” Bregier said of Iran which operates an aging fleet of airplanes in dire need of renovation.
After the lifting of the sanctions, “we would have no reason not to consider Iranian airlines as a normal customer like the rest of the world,” he said.
Airbus and Boeing have a sanctions regime in place against Iran since the Islamic Revolution which toppled the US-backed shah. As a result of the embargoes, hundreds of Iranians have lost their lives in a a series of air crashes.
Iran’s first post-revolution contacts with the two leading plane manufactures came after Tehran reached an initial nuclear agreement in November 2013. Under the accord, Airbus and Boeing were allowed to provide spare parts and safety manuals to Iran.
According to Minister of Roads and Urban Development Abbas Akhoundi, Iran’s civil aviation fleet consists of 248 aircraft with an average age of 20 years, of which 100 are in storage.
This undated photo shows an Iran Aseman Airlines Airbus A320-231 taxing on the runway at Mehrabad Airport, Tehran.
The country will need to buy 500 commercial jets of various models at a cost of $50 billion and has been talking to both Airbus and Boeing to acquire aircraft under lease or sale/leaseback deals, he has said before.
“Since there is no such money in existence in Iran, we have to go after the leaseback method,” the Tasnim news agency quoted him as saying last November.
“If we try to buy new aircraft, we will need 400 jets to develop our long- and medium-haul fleet and at least 100 planes for use in our local airports which will cost $50 billion with a rule of thumb,” Akhoundi said.
As for Airbus, the minister has said the European company made up about 50% of Iran’s aviation fleet and the two sides were “in direct negotiations.’
Airbus’s Bregier said commercial discussions had not yet begun as Western companies were banned from such talks until the nuclear agreement was implemented.