Page 58 - IRANRptDec19

with the minimum purchase noted at 1,000 barrels.
The amendments to the purchase and payment terms are nothing new. An amendment to the Iranian budget was approved on February 17, requiring the Ministry of Petroleum (MoP) to offer 2mn barrels per month of light crude on IRENEX. This came in addition to the 2mn barrels of heavy crude oil and 2mn barrels of natural gas condensates and natural gas the ministry was already obliged to supply to the exchange.
The China National Petroleum Corporation (CNPC) has withdrawn from a $5bn deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf, it was announced by Iranian Oil Minister Bijan Zanganeh on the website of official Iranian energy news agency Shana on October 6. CNPC became the lead investor in plans to expand phase 11 of the project to develop South Pars, the world’s largest gas field, after France’s Total withdrew from the investment in August 2018 citing the threat of incurring US sanctions should it go ahead with plans. Zanganeh added that Iranian company Petropars will "carry out the job" in place of the Chinese investor. Petropars is owned by the Naftiran Intertrade Company (NICO), which is affiliated with the state’s National Iranian Oil Company.
Total had planned to invest an initial $1bn under its phase 11 contract with Iran, focused on a section of the field near a part known as the South Pars Oil Layer, adjacent to areas of the gasfield under Qatar's control.
Zanganeh also said on October 6 that Iran wants to improve relations and ties with all the countries of the Middle East and suggested the possibility of negotiations with Saudi Arabia on joint projects.
"We want to be friends with all regional countries. Out mutual enemy is outside the Middle East," Zanganeh said, in a clear reference to the US. "I have no problem meeting with Saudi Arabia's oil minister," he added.
The US, supported by Saudi Arabia, is pursuing a policy of throttling Iran’s economy with sanctions in an attempt at forcing Tehran to accept a diminished role in the Middle East with even stricter controls on its nuclear development programme to ensure it remains entirely civilian.
9.2.2 ​Automotive corporate news
Iran Khodro (IKCO), the biggest Iranian car producer, has announced that it is set to end general production of the Peugeot 405 sedan model that it has been making for more than 30 years, ILNA reported.
IKCO produces cars including a rebadged Peugeot 405-based Pars, an Irish-designed Samand model and the Peugeot 206 and 207i, along with the Runna, based off the same platform. The company also makes the Dena and Dena+. These cars, based on the 405 platform, emerged in 2015.
Kianoush Pourmojib, IKCO vice president for research and development, said that by June 2020 the company would end production of the dated Peugeot 405 for new buyers. However, he added that orders already placed for 405s would still be met. Also, IKCO plans to produce a limited amount of the Peugeot model for drivers of Iran’s yellow taxis. Such cabbies continue to demand the 405 due to its low cost, according to Pourmojib.
The car currently retails for Iranian rial (IRR) 631.6mn (€4,980 at the free market rate). The retail price of the vehicle is some 20.63% higher than the factory price due to demand, local price website IranJib says.
Vehicles on the market such as the Samand, Pars and Runna would compensate for the disappearance of the car, Pourmojib added.
He did not mention the recently showcased​ ​Peugeot 301 model​ ​which IKCO
58​ IRAN Country Report​ December 2019 www.intellinews.com