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Iranian company doing regional business despite sanctions

Oil&Gas Materials 8 May 2015 12:19 (UTC +04:00)
While sanctions have admittedly damaged Iran's economy, the country's business with other countries has not completely "died" as some maintain. In the past few years Iran has been conducting business with other countries especially through third parties, as Trend has learned from Iranian companies attending the Iran Oil Show 2015
Iranian company doing regional business despite sanctions

Tehran, Iran, May 8

By Mehdi Sepahvand, Temkin Jafarov - Trend:

While sanctions have admittedly damaged Iran's economy, the country's business with other countries has not completely "died" as some maintain. In the past few years Iran has been conducting business with other countries especially through third parties, as Trend has learned from Iranian companies attending the Iran Oil Show 2015.

"In market development we have had cooperation directly and indirectly with regional countries including Turkey, Iraq, Azerbaijan, Afghanistan, and Armenia," Farzad Fazeli, marketing director of Eyvaztechnic Co told Trend during the Iran Oil Show 2015 in Tehran on May 7.

Fazeli, whose company has been operating since 1993 and doing business in oil, gas and petrochemical equipments including the lever switches, control valves etc., said that lifting sanctions will benefit Iran in that Iranian companies would have to adopt standards that would compete those of Western companies entering Iran.

Companies both from Iran and the Western countries attending the Tehran oil show have told Trend that they are waiting for the international sanctions on Iran to be removed so that they can expand their business in Iran's lush market.

The latest statistics released by Trade Promotion Organization of Iran (TPOI) indicates that the country's industrial products export reached $14.98 billion in the last fiscal year, which ended on March 20.

Removal of the sanctions is expected through an agreement between Iran and six world powers to be reached by the end of June.

Fazeli went on to say that his company exported 30 metric tons of goods to Turkey in the Iranian fiscal year 1393 (March 21 2014 to March 20, 2015).

He added that the removal of the sanctions will also benefit Iranian companies since they will be acquiring raw material needed for their factories more easily, thus making their products more competitive.

Edited by CN

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