Iran possesses the world’s largest gas reserves of 34 trillion cubic meters and one of the largest oil reserves of 157.8 thousand million barrels, according to the experts of major global oil and gas company BP.
“Prospects for 2016/17 are brighter, owing to the prospective lifting of economic sanctions. Higher oil production, lower costs for trade and financial transactions, and restored access to foreign assets, are expected to lift real GDP to about 4–5.5 percent next year.”
The IMF added that much of the acceleration in growth will depend on the “spillovers from increased oil production to the rest of the economy.”
Tehran is preparing to claim back its due share of the global oil market after the 2012 sanctions against its economy are dropped in early 2016.

In July, Iran signed a historic deal with the P5+1 group of international mediators, including Russia, the United States, China, the United Kingdom, France and Germany, to ensure the peaceful nature of Tehran’s nuclear program in exchange for the easing of sanctions.
Under the accord, Tehran has agreed to reduce its stock of enriched uranium, decrease the number of centrifuges in the country and reconfigure a heavy-water reactor at Arak. The deal’s implementation is being overseen by the International Atomic Energy Agency.
IMF Commends Iran’s Effort to Improve ‘Macroeconomic Conditions’
The International Monetary Fund’s Board of Directors praised the actions of the Iranian government that helped improve the country’s macroeconomic situation, the Fund also said.
“Directors commended the authorities for the progress in improving macroeconomic conditions in a difficult economic environment.”
The IMF Board noted that the expected lifting of sanctions on Iran will help to improve the economic conditions in 2016 despite the sharp drop in global oil prices. The Fund has underscored, however, the need of comprehensive economic reforms to sustain the progress toward stability.
“Directors encouraged the authorities to maintain their focus on disinflation,” the release added.

“A vast section of our oil and gas resources are located in the marine areas and a large number of our educated labor are educated in marine-related disciplines,” he said at the 17th Marine Industries Conference (MIC 2015) in Kish Island on Tuesday.

“There are also land-locked countries in Iran’s neighborhood which need Iran for their marine access. This has created appropriate conditions for Iran’s transit role,” he added quoted by Shana petro-energy information network.

Jahangiri referred to plummeting oil prices from 100 dollars per barrel last year to the current 30 dollars and said the government of Iran with an oil-oriented economy has exerted its utmost to manage the challenge and curb is negative effects on the public.

Saying that sanctions against Iran are scheduled to be lifted in the coming days, the first vice president said the post-sanctions period requires prudent planning so that its economic opportunities will be duly utilized.

Iranian Offshore Oil Company (IOOC), is one of the world’s largest offshore oil producing companies. With over a half century of experience, the company shares one third of Iranian oil export, operating in Iranian side of the Persian Gulf and Oman Sea.
The main operation area of IOOC is the Persian Gulf where four other oil producing countries are located on the other side.

Speaking at a seminar here on Tuesday evening themed Role of FTZs in Resistive Economy, he said, ‘If we interact with the world with our advantages and have a prudent diplomacy, Iran will turn to be the region’s center of development.’

‘Iran is the only country that can be the center of stability and security. It not only has its own security but also provides security,’ he added.

Jahangiri who opened the 17th Marine Industries Conference (MIC 2015) in Kish Island on Tuesday said that in the post-sanctions era, Iran has to mobilize all of its active forces around economic issues.

He reiterated the role of free trade zones in the development of the country and said Iran wants to turn its Persian Gulf islands to trade and tourism hubs.

Jahangiri also said Iran regards itself responsible for the security of the Persian Gulf.

‘So far we have defended the Persian Gulf as the center of stability and it will be the same in future. This will help all the countries in the region to march toward development with friendly relationships,’ he said

The event, started on December 19, has been organized in a collaborative effort by Iran Organic Association to promote a healthy-food message through the citizens and pave the way for direct selling.
Two workshops will also be held on the sidelines of the event on Tuesday and Thursday evening.
According to Tehran.ir, the festival will be underway until December 25, from 9:00 am to 9:00 pm.

Russia may give Iran a state export loan in the amount of $5 billion in 2016, Russian Industry and Trade Minister Denis Manturov said Tuesday.
“We are talking about granting a state loan, naturally under the Iranian government’s guarantee…I think that if all the formalities can be agreed upon in the first quarter of next year, then next year part of it may be provided,” Manturov told journalists in the Iranian capital.
Preliminary agreements on granting Iran the $5-billion loan were signed during Russian President Vladimir Putin’s visit to Tehran at the end of November; Sputnik News reported.

The document was signed by Iran’s Minister of Communications and Information Technology Mahmoud Vaezi and visiting Azerbaijan’s Minister of Economic Development Shahin Mustafayev.

The 10th joint economic commission meeting began in Tehran on Monday and ended after its final document was inked.

The two officials will continue economic meetings as of Wednesday in East Azerbaijan province in northwest of Iran.

During the meetings, the two will review ways to widen bilateral relations.

Making the remarks in the opening ceremony of the 17th International Maritime Industries and Navigation Exhibit, he said Iran’s marine industries see new markets opening up before it.

He further referred to many advantages the Iranian marine industry is enjoying like long coastlines in the Persian Gulf, much important trade, oil and military port cities as well as big navy fleets active in such areas as transportation and fisheries.

He said well-educated human resources and skilled experts have taken the burden to make the marine industries indigenous in the country in the years of sanctions.

He said the Iranian marine industry is important because it has paved the ways for development of other sectors in the country and also for its remarkable achievements which puts it among the best in the world.

The 17th International Maritime Industries and Navigation Exhibit was inaugurated by First Vice-President Eshaq Jahangiri here in this Persian Gulf island.

During his stay in Kish, Jahangiri will visit executive works underway for construction and development projects at the island.

Minister of Industry, Mines and Trade Mohammadreza Nematzadeh, Navy Commander Rear Admiral Habibollah Sayyari, Head of the Cultural Heritage, Handicrafts and Tourism Organization Masoud Soltanifar, Secretary of Free Industrial and Special Economic Zone Akbar Torkan, Vice-President for Scientific and Technological Affairs Sorena Sattari and Head of the Department of Environment Masoumeh Ebtekar accompany Jahangiri.

Member of Association of Iran’s Marine Industries Engineering Peyman Masoudzadeh told IRNA that some 200 domestic and foreign companies registered to attend the event so far.

Masoudzaded said that 50 foreign companies will participate in the exhibition either directly or through their Iranian partners.

Iranian modern cargo ships and warships are due to be put on display in the four-day event.

Amir Hossein Zamani-nia made the remarks here on Tuesday on foundation anniversary of NIDC.

He said that cooperation of NIDC with foreign companies resulted in increased capability of private sector and development of activity in the field of oil and drilling.

Concerning the July Iran nuclear deal, Zamani-nia said that the US is to cancel sanctions and implement Joint Comprehensive Plan of Action and it is expected that by mid-January sanctions will be removed totally.

Director General of Petroleum Ministry public relations department Akbar Nematollahi read message of Petroleum Minister Bijan Zangeneh on anniversary of NIDC.

In the message, minister appreciated hard work of NIDC employees and asked them for observing standard, qualification of works and manpower training as goals of the industry.

The document was signed by the two sides’ officials in the presence of Iran’s Minister of Communications and Information Technology Mahmoud Vaezi and visiting Azerbaijan’s Minister of Economic Development Shahin Mustafayev.

According to the document, the exchange of electricity between the two countries will become operational during the first three months of the year 2016.

On the basis of the document, the two countries’ power networks will be connected to each other.

By implementation of such agreement, the ground will be prepared for Azerbaijan, Georgia and Russia to make a link between their electricity networks.

Mahmoud Vaezi told IRNA after his meeting with visiting Russian Minister of Industry and Trade Denis Manturov.

Such agreement is aimed to facilitate exchange of Iran’s rial and Russia’s ruble, Vaezi said.

The agreement will also pave the way for further Tehran-Moscow economic relations, the minister added.

About his meeting with the Russian trade minister, Vaezi said the two reviewed ways to remove hindrances to bilateral cooperation.

Russia will take due steps towards decreasing its Customs Tariff in line with Iran’s interests, Vaezi said.

Referring to start of the three-day Russian national industrial fair dubbed as the ‘Trade and Industrial Dialogue: Russia and Iran’ on Monday, Vaezi said such exhibitions will create opportunities for the two sides to review capabilities for bilateral relations.

Vaezi further announced that first deputy prime minister of Russia is due to be in Tehran on Wednesday.

For his part, the Russian minister stressed importance of increasing joint investment.

Cordial relations between Tehran and Moscow have prepared good grounds for expansion of economic cooperation, Manturov said.