Friday, December 10, 2004

Iran upbeat with accords with Manila

IranMania News: "Iran upbeat with accords with Manila

Friday, December 10, 2004 - ©2004 IranMania.com

LONDON, Dec 10 (IranMania) - Iranian Deputy Minister and head of the Trade Development Organization Mojtaba Khosrowtaj said on Thursday that he was pleased with the outcome of Iran-Philippines joint commission session, IRIB reported.

Talking to reporters at the end of the session, Khosrowtaj said that Manila expressed readiness to expand oil, energy and petrochemical cooperation with Iran.

He termed the establishment of the first Iran-Philippines commercial association as one outcome of the meeting.

Alluding to the competitive status of Iranian energy sector, Khosrowtaj stressed that Iran has long-term market.

During the meeting, two countries agreed to expand bank cooperation to facilitate the activities of businessmen, he added.

In addition to the membership of Philippines in the World Trade Organization and the Association of South-East Asian Nations (ASEAN), Philippines, during the meeting has taken into consideration its national interests.

Iranian deputy minister alluded to the limitation of the member states of World Trade organization in expanding commercial ties with other countries, saying that, despite this fact, Filipino officials are ready to expand economic and commercial relations with Iran.

He also referred to the goals of his visit to Singapore, saying that Singapore is the main commercial partner of Iran in Asia.

"Iran is ready to expand economic and commercial relation with Singapore," he said. He termed the prospect of Iran-Singapore ties as profitable saying that the Singaporean volume of trade exchange stands at $400 bln annually.

"Singapore is the gateway for southeastern Asian markets," Khosrowtaj added.

The fourth session of Iran-Philippine joint committee wrapped up its work in Manila on Wednesday night with the signing of seven documents on cooperation.

The documents were signed in a ceremony attended by Iran's Commerce Minister Mohammad Shariatmadari and deputy commerce minister, Filipino Trade and Industry Secretary Cesar Purisima, parliament speaker, and heads of trade, women and energy commissions of the Philippine parliament as well as Iran's ambassador to Manila.

The fourth Iran-Philippine joint commission meeting began on Tuesday with Shariatmadari and Philippines Purisima co-chairing the session.

Shariatmadari arrived in the Philippine capital Manila on Tuesday to attend the 4th session of the Iran-Philippines Joint Commission.

He left Manila for Singapore on Thursday."

Iran to pull out of ThyssenKrupp

IranMania News: "Iran to pull out of ThyssenKrupp

Friday, December 10, 2004 - ©2004 IranMania.com

LONDON, Dec 10 (IranMania) - Iran is to sell its stake in the German heavy industry giant ThyssenKrupp in the medium term after pressure from the United States forced a representative from Tehran off the company's supervisory board, the Financial Times Deutschland reported on Friday.

"There is no sense in keeping hold of our stake, since we can no longer control our investment," the newspaper quoted a source close to the Iranian public holding company IFIC as saying.

There were no concrete plans to sell the stake just yet. But if the price were right, there was nothing opposing a sale, the source was quoted as saying.

At current market prices, Iran's 4.5-percent stake in ThyssenKrupp would be worth around 357 mln euros ($470 mln), FT Deutschland estimated.

On Thursday, it emerged that the Iranian government's official on ThyssenKrupp's supervisory board -- the deputy minister for economic and international affairs Mohamad-Mehdi Navab-Motlagh -- was not standing for re-election at the German company's upcoming annual shareholders meeting on January 21.

ThyssenKrupp itself made no comment on the matter. But press reports suggested the move was a result of pressure from the US, which was threatening to exclude the German steel and engineering giant from public contracts if Iran did not give up its seat on the board.

"We're not happy with the way we're being treated," the newspaper quoted the IFIC source as saying."