German Foreign Minister Frank-Walter Steinmeier said in a statement that the Iranian uranium shipment to Russia was ‘one of the first very important steps’ when it came to implementing the Vienna nuclear accord.

He reiterated that the Vienna nuclear agreement presented also a new chance for the crisis-stricken Middle East.

Steinmeier stressed that sanctions against Iran would be lifted as soon as the International Atomic Energy Agency (IAEA) confirms that Iran has complied with all its obligations under the Vienna deal.

The European Union has paved the way for the legal requirements of such a move, he added.

Steinmeier pointed out that the Vienna agreement proved that a diplomatic solution was possible, if both sides are convinced it serves their interests, even when both sides are suspicious or hold hostile views towards one another.

Addressing a ceremony marking the anniversary of establishment of National Petrochemical Industries Company, Sherimoqaddam said formerly, foreign companies were scared out of Iran due to sanctions but over the past months, German companies started talks with Iran and offered several proposals for contriution to the petrochemical projects.
He said Germans have made two big proposals to Iran: A big German company will make an eight billion euro investment and another four billion euros.
Commenting on the claim about finalization of the project for supplying petrochemical units with feedstock at 13 cents and said, ‘I am not well informed of the petrochemicals’ feedstock but the price will be announced in coming months.’
As for establishment of petro-refinery units, he said refineries usually are not profitable, so companies set up petrochemical units beside refineries to ensure profitability.
He went on to say that establishment of petro-refinery units in Iran is a right move. ‘Of course, petro-refineries need hefty investment, so new entrepreneurs should follow up the project.’
On shale gas industry development and the start of US gas exports and its impact on the market, he said Iran holds huge gas resources and enjoys exceptional condition worldwide but suitable business conditions should be provided for the purpose.

He made the remarks at a ceremony to praise the model industrialists of Alborz province.
He said that although lifting the sanctions can lead to a golden opportunity for Iranian exporters there are certain required parameters, such a competing capabilities that need to be well developed in order to achieve the goal.
‘The latest scientific achievements are at the service of boosting the competing capabilities and we need to attract investors who have the scientific and technical capabilities for marketing with reliance on traditional approach we cannot achieve a satisfactory share in the target markets,’ he added.
He said that the world has a positive approach towards Iran and this is a golden opportunity which needs to be properly used and managed, otherwise, the opportunity can turn into a threat.
‘We are currently busy providing the required infrastructures for foreign investment and efforts are underway to render support and incentives for exports,’ he said.

The two countries’ Joint Supreme Commission held from December 15 to 17 had very tangible outcomes; the most important one can be highly improving the level of bilateral political ties.

The relative memorandum of understanding meanwhile refers to several joint projects, including five executive plans in youth, sports, training, cultural, occupational, higher education and scientific research fields.

The most important issue, according to the people who have drafted the MoU is the common views of the two countries on political and economic developments of the region and the world, bringing Tehran and Algiers to harmony for the Muslim World one in the Persian Gulf region and the other one on the southern coasts of the Mediterranean Sea.

In security field, the Iranian and Algerian officials have reached agreement that terrorism is a malicious phenomenon with no borders. Terrorism brands the people as non-believers and has put at stake the security of the world and Islamic states.

In economic field Iran and Algeria have reached agreement that there are plots and plans hatched for the oil price falls and some OPEC member countries insist on further lowering the international oil prices.

Iranian First Vice President Es’haq Jahangiri and the Algerian Prime Minister Abdul-Malik Salal who co-chaired the joint commission have expressed resolute will to cooperate to boost the oil prices to a reasonable level to secure both countries’ interests.

In cultural field, presence of Iran as an honorary guest in the Algerian ceremony to announce Constantinescu as the Cultural Capital of the Arab World was enthusiastically reflected in the Algerian media.

The rich Iranian culture, arts and civilization were well introduced to the Algerian people during the ceremony and attracted their broad attention.

The two sides agreed on cooperation in the fields of energy, infra-structure, banking, consular services, trade and tourism.
Tayyebnia said that the agreement is outcome of activities of three working groups in trade, energy and infra-structure which can have effective assistance on development of bilateral cooperation.
He said that India interested in development of Chabahar Port and construction of railway network to connect to Central Asian countries.
Tayyebnia said that agreement on banking and insurance cooperation are among important articles of the agreement.
He expressed pleasure with signing the agreement and said that it can remove obstacles and existing problems on the way of trade and commerce between the two countries.
According to the agreement, Pasargad and Parsian banks will open branches in Mumbai and New Delhi and Saman Bank will also do banking activity in India independently.
An Indian bank will also open a branch in Iran.
Iran’s Ambassador to India Gholamreza Ansari said that the agreement would serve to develop cooperation between India and Iran considering the new situation in the region and the world.
He said that Iran and India will go ahead with good economic cooperation after implementation of JCPOA.
Tayyebnia arrived in New Delhi on Friday heading a delegation from Ministry of Roads and Urban Development, Ports, Central Bank and Petroleum Ministry to attend joint economic commission meeting.
He met with Prime Minister Shri Narendra Modi and Sushma Swaraj on Monday afternoon and discussed bilateral relations and regional and international cooperation

‘The reintroduction of Iranian oil to the market makes Saudi Arabia unlikely to significantly scale back production in the first half of 2016 to defend the price of oil,’ the forecast said, according to Sputniknews.
On July 14, Iran and a group of six international negotiators signed a historic accord to guarantee the peaceful nature of Tehran’s nuclear activities in exchange for sanctions relief. The lifting of sanctions will allow Iranian oil producers to re-enter the market.
‘The implementation of the Iran nuclear deal at the beginning of the year 2016 will add at least 500,000 barrels per day to the oil market followed by a slower production increase over several months,” the forecast said.
Stratfor added that Saudi Arabia could modify its output in the second half of 2016 after assessing the price impact of Iranian oil and evaluating declining commodity production in the United States.
‘However, the Saudi’s will not be able to coordinate a sustainable production cut with other major OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers,’ it said.
Amid global oversupply, world oil prices have continued to plummet, with Brent crude reaching an 11-year low in December. The continued fall of oil prices has been attributed to Saudi Arabia-led OPEC’s unwillingness to cut production out of fear of losing market share, according to media reports.

‘The government supports the presence of the private sectors in all economic areas, specially tourism sector,’ Jahangiri said, addressing the opening ceremony of five-star Espinas Palace Hotel in northwestern Tehran.

He noted that the presence of the private sector in the economic activities of the country will not result in economic instability.

Jahangiri said that the private sector can help to develop the country’s tourism sector.

Head of Technology and Research at Iranian Offshore Oil Company (IOOC) Javad Rostami said IOOC has placed studying over this field on agenda adding “years ago, studies carried out by an Indian company revealed that the development of the field has no economic justification.”
Rostami emphasized that for the second time the project to examine economic justification and feasibility of Binaloud oilfield has been handed over to a Canadian company; “currently, we are looking forward to receiving the final report by the company,” he asserted, according to MNA.
The official underlined that the ongoing studies will take into account the need for advanced technologies for the development of offshore fields stressing “Binaloud’s oil is of heavy type and we expect the results of the study to be fruitful.”
Binaloud oilfield marks one of the largest hydrocarbon fields in the Persian Gulf and its exploration dates back to the year 2002.
Farsi Block, an offshore hydrocarbon block in the Persian Gulf, consists of Binaloud oilfield and Farzad B gas field the development contract of which was signed with a consortium of three state-owned Indian companies in 2002 after the discovery of hydrocarbon reserves in the area.
On the basis of conducted studies, the oil in place of Binaloud has been estimated to mount up to one billion barrels with an API of 14.
According to a comprehensive development program, 1.1 billion cubic meters of natural gas are anticipated to be produced per day in the first phase of operation.