Page 50 - IRANRptSep18

Russian exports to Iran.
MMK now plans to decide its fate in November, when the dust has settled on a wave of protectionist measures introduced by the US and Europe in recent months. “We hope that by that point, the transformation on global markets will have ended and there will be clarity,” Andrey Eremin, the company’s director for economics, was quoted as saying.
9.2.6 Renewable energy corporate news
China Water Company is to build two dams in Iran’s West Azerbaijan Province near the border with Turkey, according to a memorandum signed with the Maku Free Zone, the Financial Tribune reported on August 18. Chinese companies, both state and private, continue to operate in Iran despite the onset of renewed heavy sanctions targeted at Tehran by Washington. On the ground, Chinese car companies already in Iran are pushing ahead with new models, while Chinese technology firms are unmistakably active. According to the report on the China Water Company deal, the memorandum signed with the Chinese company envisages two dams named Badowli and Showt. They are to be realised based on an engineering, procurement, construction and financing (EPCF) deal. Ministry of Energy approval has reportedly been awarded.
Feasibility studies for the two dams took as long as 17 years, while the application procedure for permission to build the dams lasted not much longer than 12 months, according to officials close to the project.
UK renewable energy investor Quercus is withdrawing from a deal it announced a year ago to invest €500mn in solar plants in Iran, AFP reported on August 15. Since the US announced it was reimposing heavy sanctions on the Islamic Republic and secondary sanctions on any foreign traders or investors who chose to stay in business with the country, a string of European companies have said they can no longer work in Iran due to their links or exposure to the US financial system as well as American investors and shareholders. "Following the US sanctions on Iran, we have decided to cease all activities in the country, including our 600 MW (megawatt) project," Quercus chief executive Diego Biasi said.
The 600 MW plant would have been the sixth largest in the world.
Iran wants to raise its share of renewable-produced electricity, partly given air pollution issues and to meet international commitments. It was hoping to have about 5 gigawatt in renewables installed by 2022.
In June, before the US implemented its new sanctions policy, more than 250 companies had signed agreements to add and sell power from about 4 gigawatt of new renewables in the country, which has only 602 MW installed, Iranian energy ministry data showed, according to Reuters.
50 IRAN Country Report September 2018 www.intellinews.com