Oil Prices Rise

Oil prices rose above $79 a barrel to a 2009 high on Monday in Asia as investors looked to the corporate earnings of big US retailers this week for signs the consumer may be regaining confidence.
Benchmark crude for November delivery rose as much as 52 cents to $79.05 a barrel but later fell back and was up 24 cents at $78.77 by midday Singapore time in electronic trading on the New York Mercantile Exchange, AP reported.
The contract added 95 cents to settle at $78.53 on Friday.
Last week, crude broke out of a five-month trading range between $65 and $75 a barrel on a weakening US dollar and expectations that oil demand will eventually recover as the global economy grows next year.
Investors will be eyeing third quarter results from retailers this week for clues about the strength of the US consumer.
Apple Inc., McDonald’s Corp., appliance maker Whirlpool Corp. and toy maker Hasbro Inc. are among those reporting this week.
In other Nymex trading, heating oil rose 0.62 cent to $2.03 a gallon. Gasoline for November delivery slipped 0.48 cent to $1.97 a gallon.
Natural gas for November delivery jumped 6.2 cents to $4.84 per 1,000 cubic feet.
In London, Brent crude for December delivery rose 13 cents to $77.12 on the ICE Futures exchange.

Dumping $ Planned
After the Independent reported that Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies--instead of the dollar--starting in nine years, spokesmen for those governments denied it, Prison Planet wrote.
The Independent’s reporter explained why the governments were denying the rumor. But now the governments themselves are starting to admit that they are switching out of the dollar.
For example, Russian Prime Minister Vladimir Putin said last Wednesday that Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings. As Russia’s newspaper RIA Novosti writes, Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said.
The premier said a final decision on the issue can only be made after a thorough expert analysis.
“Energy companies, in particular Gazprom, have raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans,” Putin said.
And Iran’s Presstv reported that Iran wants to completely drop the dollar from its foreign exchange. Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its transactions.
In line with this plan, Iran has informed Japan that it should use the yen instead of dollar to pay for the oil it buys from the Islamic Republic.
In addition, Iran has decided to open a bourse for oil and gas transactions in currencies other than the US dollar, especially the euro.

Int’l Polymer Seminar Underway

Ninth International Seminar on “Polymer Science and Technology” opened in Polymer and Petrochemical Research Center in Tehran on Sunday and will continue until October 21, academic secretary of the event announced.
Speaking at the inaugural ceremony, Mahmoud Mehrabzadeh said the seminar seeks to present the latest achievements of the country in the field of polymer, promote communication between industry and university and introduce Iran’s status in the field to the world, IRNA reported.
The seminar focuses on 14 pivots such as environment-friendly polymers, polymer wastes and recycling, modern applications of polymer, nanostructure, synthesis of polymers, processing of polymers, polymercomposites and resins, he added.
Commenting on the articles submitted to the seminar, he noted that close to 700 articles have so far been sent to the secretariat, of which 266 are delivered and 414 articles are presented in form of posters.
Some 41 articles have been submitted from Azerbaijan Republic, US, Algeria, Australia, Pakistan, Czech Republic, China, Japan, Singapore, Canada, Norway, Malaysia, Mexico and India.
Some 17 foreign guests from the US, Australia, France, Malaysia, Norway, Singapore, Sweden and England are present at the event.
An exhibition on Iran’s achievements in the field of polymer is being held on the sidelines of the seminar, involving 40 companies and scientific centers.
Describing such seminars as useful in exchanging information and experience, Mehrabzadeh said the number of participants has increased this year.

Qatar Calls for Fostering Cooperation

Qatari minister of Finance called on Monday for expansion of bilateral cooperation with Iran. Yusif Husayn Al-Kamal made the remarks in his meeting with Iran’s new Ambassador to Qatar Abdollah Sohrabi, IRNA reported.
The minister said Doha attaches great importance to its relations with Tehran and the Qatari officials would spare no efforts to promote bilateral cooperation in various spheres.
The Iranian ambassador underscored in the meeting the need for bilateral economic ties between the two states.
Sohrabi said the two countries should expand economic, trade and energy cooperations in line with bilateral interests.

Construction Deal Inked With Kenya

Jam Industrial Group and a Kenyan company signed a contract on construction of apartments and a motor oil refinery in Kenya.
According to the contract which was signed in the Iranian embassy in Nairobi, 60 percent of the construction material and equipment needed for the projects are to be imported from Iran and 150 Iranian specialists will be working there, Mehr News Agency reported.
Kenya is the door to East Africa. Rise in exporting technical and engineering services to this country will open doors for outsourcing Iranian expertise to the African continent.
Kenya, like other African countries, is increasingly strengthening trade and investment links with countries such as China and Iran.
Iran has also agreed to help construct dams in the East African nation and buy more Kenyan tea.
It would also like to set up a pharmaceutical plant in Kenya.

Promoting Hong Kong Ties

Director general of Foreign Investments Office discussed with his Hong Kong counterpart ways of developing economic and commercial cooperation.
According to a report by Iran’s Investment and Economic and Technical Assistances Organization, Saman Qasemi referred to the friendly ties between the two states and stressed the need to expand banking relations, IRNA reported.
He also proposed that a memorandum of understanding between the two sides. Referring to the facilities provided for foreign investors in line with the policies of the Article 44 of the Constitution, he noted that foreign companies can take part in Iranian projects.
He went on to say that this is a suitable opportunity for Hong Kong investors.
Describing Iran-Hong Kong economic and commercial ties as desirable, the official said the scientific and technological exchanges will help promote ties.
Head of Hong Kong Investment Office, Galipan, for his part, described Iran as a country with a stable economy and lucrative investment opportunities.
He called for setting up a joint company for investing in other countries.

Majlis Approves Subsidy Cut Bill

Iran’s Parliament has approved two articles of a subsidy reform plan that would cut energy subsidies and bring prices closer to international markets.
Lawmakers approved Article One and Two of the bill which would allow the government to adjust energy prices based on the final prices the government pays for them, Presstv reported.
The bill needs the approval of the Guardian Council before it can be implemented.
Lawmakers have yet to agree on other details of the bill, under which subsidies on energy carriers such as gasoline, gas and electricity will be cut and a portion of the recovered revenue will be distributed among lower income citizens.
The subsidy bill aims to reduce dependence on fuel imports by lowering demand.

Iraqi Delegation in Tehran

Tehran Province Commercial Organization (TPCO) is hosting a commercial and trade delegation from Iraq during Oct. 19-22.
Hedayat Hatami, a senior official of TPCO, said 22 Iraqi companies working in the food industry including confectionary and chocolates are in the delegation, Mehr News Agency reported.
He said the delegation will visit Iranian factories and go to the international confectionary and drinks fair.
Hatami continued that Iraq is one of the main markets for Iranian goods, adding if businessmen want to increase their revenue from that country, they must invest there.
The Iranian official said the trade with Iraq stood at $4 billion during March 2008-March 2009, expressing hope that the figure would rise to $6 billion this year.
“Tehran province has a good position in exporting technical and engineering services as well as foodstuff to Iraq,” he said.
Iranian construction firms are active in several places in Iraq and currently dominate the country’s building projects. Iraqis are said to be very fond of their designs and luxurious styles, particularly the newly rich in northern Iraq.
Iraq imports a wide variety of goods from Iran including construction materials, medicine, fruits and spices, fish, air conditioners, office furniture, carpets and garments.
Meanwhile, over $270 million worth of goods have been exported to Iraq via southwestern Khuzestan province since March 21.
Head of Khuzestan Commerce Department Mohammad-Hossein Cheraghi told IRNA that the exported goods consisted of agricultural, industrial and mineral products, construction material, cement, fruit, vegetables and fish.

IDB Eager to Join Railroad Project

President of the Islamic Development Bank Ahmed Mohammad Ali announced IDB’s deep interest in joining a key railroad project linking Iran to Kazakhstan via Turkmenistan.
“The Islamic Development Bank is truly keen to join projects in Turkmenistan particularly the North-South international transit railroad,” Mohammad Ali said at a meeting in Ashgabat with Turkmen President Gurbanguly Berdimuhamedow, Fars News Agency reported.
He also referred to the successful cooperation of IDB in different projects, and said the bank is ready to develop and expand interactions with Turkmenistan in the future.
During the meeting, Berdimuhamedow stressed his country’s commitment to the principles of fruitful and mutual cooperation and attached significance to IDB’s role in the successful fulfillment of different projects in Turkmenistan.
The primary agreement on construction of railroad among Iran, Turkmenistan and Kazakhstan was signed between presidents of Turkmenistan and Kazakhstan in April 2007 in the city of Turkmenbashi and the final agreement was signed in a meeting in Tehran in September of the same year among the three presidents.
The total route of the railroad is 1,000 kilometers, of which 90 kilometers would be in Iran, 700 kilometers in Turkmenistan and 210 kilometers in Kazakhstan.

European Co. to Develop Lavan Gas Field

Iran has finalized the technical and financial aspects of the development contract of southern Lavan gas field with an unnamed European company.
“The Iranian Offshore Oilfields Company (IOOC) has reached an agreement with a European firm which has prepared the master development plan of the Lavan gas field,” head of IOOC Mahmoud Zirakchianzadeh told Shana on Sunday.
He added that four million tons of LNG would be exported to Europe annually once an agreement is reached with the European company.
“The European company has received a state permit to participate in Iranian project,” he said.
Zirakchianzadeh said earlier in April that the development of the gas field would require between $3-billion and $6-billion investment, but declined from naming the European company who would make the investment.
Lavan gas field, which was discovered in 2003, has in-place gas reserves of around 12 trillion cubic feet.
Turning gas into liquefied natural gas (LNG) for export purposes was the main objective in developing the Lavan gas field. Iran sits on the world’s second-largest gas reserves after Russia.

Record Mine Exploration

Iranian Mines and Mining Industries Development and Renovation Organization set a new record in mine exploration last year (which ended March 2009) by digging more than 200,000 cubic meters.