Page 41 - IRANRptDec19

Iran and the US account for 85% of the world’s production of pistachios according to the Iran Pistachio Association. However in recent decades, given inefficiencies in export and drought in Iran, American pistachio farmers have pushed ahead of their main rival.
In May, the IME launched the world’s ​first saffron futures market​. T​ he market for the highly valued flower stem used as a condiment received a warm reception.
On the first day of trading, 102.7kg of crown saffron transferred hands, with 1,027 contracts signed. The average price per gram on the day was IRR67,800 to IRR70,000, Tasnim News Agency reported.
8.4 ​Fixed income
8.4.1​ Fixed income - bond news
National Iranian Oil issue IRR 20bn of fixed rate bonds in mid-March
Iran badly needs​ ​foreign investment​ ​to boost output from its oil and gas reserves because much of its hydrocarbon production has been restricted or crippled by years of Western sanctions.
A manager at National Iranian Oil Co (NIOC) said on March 12 there were 200 undeveloped oil and gas fields in Iran. “The recovery rate of Iranian fields is 10% lower than the average rate of recovery in the world,” Karim Zobeidi, NIOC’s deputy for planning, was quoted as saying by Shana.
The chief executive of NIOC, Masoud Karbasian, was cited as saying at the same time by the news agency that the company would issue 20 billion Iranian rial ($476,000 or $154,000 at the free market exchange rate) of fixed-rate (Manfa’at) bonds in mid-March.
The bonds would help finance the development of NIOC’s oil and gas projects, Karbasian said. They were to be sold on the Fara Bourse, an over-the-counter market for securities in Tehran.
9.0​ Industry & Sectors 9.1 ​Sector news
9.1.1​ Oil & gas sector news
Iranian President Hassan Rouhani said on December 4 that Tehran is actively pursuing offshore oil projects with Azerbaijan in the Caspian Sea, according to IRNA.​ The news agency referred to a conversation Rouhani had with First Deputy Prime Minister of Azerbaijan Shahin Mustafayev.
Iran and Azerbaijan have rarely agreed on Caspian Sea affairs in recent years, with, for instance, has dragging its feet over the ​landmark Caspian Sea convention​ ​demarcating the sea between the five Caspian states on its shores. The slowness in ratifying the convention is hindering projects including the Alborz/Alov hydrocarbon block which Tehran and Baku both lay claim to.
41​ IRAN Country Report​ December 2019
www.intellinews.com