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2018-05-21 10:50:00



IRNAThe US withdrew from the Joint Comprehensive Plan of Action (JCPOA) on May 8, four days ahead of the deadline (May 12) set by the country's president, Donald J. Trump, who, later, signed an executive memorandum to unilaterally reinstate nuclear sanctions against Iran.

Prior to this, during the past 30 months since the implementation of the JCPOA, signed between Iran and P5+1, in January 2016, particularly in the period after Trump took office as US president, Washington had always failed to demonstrate its full commitment to its pledges under the deal.

This comes as in this timespan, the Europeans, who have always insisted upon continuing the implementation of the JCPOA and described it as a win-win agreement, also failed to completely fulfill their commitments under the deal due to the obstacles created by the White House.

In fact the resumption of Iran's banking relations with other countries, was the most important part of the deal that remained far from being implemented following the going into effect of the JCPOA.

In the very beginning after Trump announced during his election campaign that he would scrap the Iran nuclear deal, all major European banks, which conducted transactions with Washington in the dollar, became very cautious in starting or resuming cooperation with Iran. Thus, Iran could develop relations only with small and medium-sized European banks.

However, now that the US has officially exited the JCPOA and unilaterally reinstated the nuclear sanctions, the Europeans are seeking solutions to counter them. On Tuesday, following negotiations between Iranian Foreign Minister Mohammad Javad Zarif and his French, British and German counterparts in Brussels, the EU foreign policy chief Federica Mogherini announced at a press conference the nine issues to be focused in expert discussions, already started today, with Iran, with a view to arriving at practical solutions in the next few weeks:

1. Maintaining and deepening economic relations with Iran,

2. The continued sale of Iran's oil and gas condensate petroleum products and petrochemicals and related transfers,

3. Effective banking transactions with Iran,

4. Continued sea, land, air and rail transportation relations with Iran,

5. Further provision of export credit and development of special purpose vehicles in financial banking, insurance and trade areas, with the aim of facilitating economic and financial cooperation, including by offering practical support for trade and investment,

6. Further development and implementation of Memoranda of Understanding and contracts between European companies and Iranian counterparts,

7. Further investments in Iran,

8. Protection of European Union economic operators and ensuring legal certainty, and

9. Further development of a transparent, rules-based business environment in Iran. These nine issues cover all the sanctions the US plans to reinstate against Tehran to, through cooperation between Iran and Europe as well as China, Russia — which are other signatories to the JCPOA — minimize the negative impacts of Washington's restrictions.

No sooner the JCPOA was signed between Iran and the six world powers in July 2015, than many European countries dispatched delegations to Tehran to sign economic contracts and engage in trade with companies in the Middle Eastern state. The US withdrawal, has, however, heightened concerns about the future of these agreements and collaborations. However, in the EU's official statement, maintaining and deepening economic relations with Iran has been highly stressed to continue the cooperation, already started in the post-JCPOA era, between European countries and the Middle Eastern state by working out pragmatic solutions.

Likewise, since banning Iran's oil exports was the first sanction imposed by the US, in their statement, Europeans has put extra emphasis on the continued sale of Iran's oil and gas condensate petroleum products and petrochemicals and related transfers.

The EU has also drawn up a special plan to help Iranian and European banks resume transactions with each other, without the latter having to suffer any harm.

Also selected as a main issue for future discussion is the cooperation in the transportation sector, particularly air transport, between Iran and Europe, which later became one of the main indices of the implementation of the JCPOA. In the post-JCPOA era Iran managed to sign contracts with giant aircraft manufacturers, including Airbus, Boeing and ATR, to purchase 200 airplanes.

With the US having pulled out of the JCPOA, the contract with Boeing has already been canceled. This comes as, Europeans who have already handed over 12 airplanes to Iran as part of their contracts, are doing their best to fully meet their contract commitments with the Middle Eastern state.

Among the other issues to be considered in future discussions between Tehran and other parties to the deal is the protection of EU economic operators in Iran and ensuring legal certainty for them. This comes as those European economic operators who were highly interested in participating in Iranian projects, exercised considerable caution in their activities in the country due to their US interests. In case a secure atmosphere, in which all legal guarantees are provided, is created in Iran, interested European economic firms and operators will be able to easily perform their activities in the country and expand cooperation with their Iranian counterparts.

As stipulated in Mogherini's official statement, Europeans have placed the removal of the main obstacles, as stressed by Iranian officials, to the implementation of the JCPOA and intend to, by giving firm guarantees, preserve the deal without the US.

Nevertheless, all the 28 members of the EU in addition to China and Russia, not just the three signatories to the deal, are involved in Europe's new project to preserve the JCPOA. They plan to design a new system to activate a mechanism for countering US sanctions and minimizing their negative impacts.



2018, May, 18, 09:05:00


REUTERS - European Union leaders united behind the 2015 accord, and Brussels announced it would launch a legal process banning EU-based firms from complying with the sanctions that President Donald Trump has reimposed on Iran.

2018, May, 18, 09:00:00


REUTERS - India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.

2018, May, 14, 11:35:00


PLATTS - Trump's plan to leave the Iran nuclear deal and reimpose sanctions could have major impacts for global oil, natural gas, metals and petrochemical markets.

2018, May, 14, 11:25:00


IAEA - As of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran.

2018, May, 10, 13:25:00


U.S. DT - President Donald J. Trump announced his decision to cease the United States’ participation in the JCPOA and begin reimposing U.S. nuclear-related sanctions on the Iranian regime. Treasury’s Office of Foreign Assets Control (OFAC) is taking immediate action to implement the President’s decision. Sanctions will be reimposed subject to certain 90 day and 180 day wind-down periods. At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect.

2018, May, 10, 13:10:00


PLATTS - Saudi Arabia's energy minister Khalid al-Falih said Wednesday that the country would work closely with OPEC as well as non-OPEC producers to mitigate the impact of any shortages that might arise following the US' decision to withdraw from the Iran nuclear deal.

2018, May, 7, 08:35:00


SHANA - Iranian Minister of Petroleum Bijan Zangeneh said Tehran preferred "reasonable" price for crude oil in a bid to avoid market instability.



2018, August, 17, 11:30:00


U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

2018, August, 17, 11:25:00


NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

2018, August, 17, 11:20:00


GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

2018, August, 15, 11:10:00


REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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