Website for Iran-Russia Petrochem Trade

Website for Iran-Russia Petrochem TradeWebsite for Iran-Russia Petrochem Trade

Iran's embassy in Moscow has launched a website to guide Russian investors interested in Iranian petrochemical projects, Tasnim news agency reported. The website, in Russian and English, is aimed at introducing the industry potentials to relevant Russian businesspeople.

The move comes after a senior official from the National Petrochemical Company (NPC) said that a number of Russian companies have expressed readiness to invest in petrochemical projects in Assalouyeh, Bushehr Province. "They are doing their feasibility studies now," the official was quoted by Tasnim as saying.

Introducing the new website, the Iranian ambassador to Moscow said that expansion of petrochemical ties between the two countries requires new measures regarding financial transactions. A Moscow-based subsidiary of Bank Melli is facilitating money transfer between Iran and Russia, as both countries have been slapped with US-led sanctions, Mehdi Sanaei stated.

“Following measures undertaken by Bank Melli, transfer of money between the two countries through Mir Business Bank in Moscow and the foreign exchange section of Bank Melli in Tehran is possible at any level,” Sanaei said in a meeting with a group of Iranian manufacturers based in the Russian capital.

He said the previous obstacles like high tariffs on exports, money transfer restrictions and visa problems have been largely overcome.

The diplomat said the only way for Iran to benefit from low tariffs would be to export goods to Russia through Armenia, Azerbaijan and Kazakhstan. He also said that Iran and Russia plan to sign a consular agreement later this year to ease visa requirements for businessmen and tourists.

Last month, Sanaei said Iran expects to sign an initial agreement with the Eurasian Economic Union in 2015 in order to reduce high tariffs levied on the exports of Iranian goods to Russia. Iran and Russia are planning to create a joint account to settle their mutual payments in their own legal tenders.

The US and the European Union have imposed an array of embargoes on Russian individuals and businesses over the crisis in Ukraine.

The US and its European allies have also imposed sanctions against Iran over Tehran’s civilian nuclear activities.

Last September, Iran and Russia agreed to use their national currencies in bilateral trade.