Aban Offshore penalised by the US for violation of Iranian regulations
The Dollar Business Bureau A Chennai-based company, Aban Offshore Limited, has agreed to pay $17,500 as a penalty for a settlement with the United States Department of Treasury for its potential civil liability due to an apparent violation of the rules of Iranian Transactions and Sanctions Regulations (ITSR). “It is determined that Aban Offshore did not voluntarily self-disclose the apparent violation to it, and that the apparent violation constitutes a non-egregious case,” Office of Foreign Assets Control (OFAC) at the US Department of Treasury said in a statement. The apparent violation occurred by the Chennai-based Aban Offshore on June 27, 2008 when the company’s subsidiary in Singapore put an order for supplying oil rigs from a vendor in the US with the purpose to re-export ...
Iran signs $16.6 bn deal with Boeing to buy 80 planes
The Dollar Business Bureau Iran on Monday said it has finalised a deal of $16.8 billion with Boeing to buy 80 passenger planes, which is made possible by the landmark nuclear deal last year. According to the state-run news agency IRNA, 50 Boeing 737s and 30 Boeing 777s aircrafts would be delivered in next 10 years. This is the biggest deal to be signed by an American firm with Iran since the 1979 revolution and takeover of the US Embassy. In September 2016, the US granted approval to Boeing and its European counterpart Airbus for selling aircrafts to Iran worth billions of dollars. Last year, the US and other major powers of the world agreed to lift sanctions on Tehran in exchange for ...
India to export $150 million rails to Chabahar in July
The Dollar Business Bureau As a part of the Chabahar pact inked between India and Iran to develop railways and other infrastructure, Indian steel firms will export rails worth $150 million to the Iranian port in July. “The maiden rail consignment worth $150 million will be sent in July,” revealed an official, after Iranian Ambassador to India, Gholamreza Ansari, held talks with Nitin Gadkari, Road Transport and Highways Minister, on Thursday. The official further revealed that Gadkari and Ansari considered to take the deal ahead. The Chabahar Port of Iran will give India access to Afghanistan and Europe via the Pakistani bypass. This historic pact was inked in May, during Prime Minister Narendra Modi’s visit to the Gulf country. Earlier in May, Gadkari stated ...
Indian tea exporters worried as Iran resumes world trade
Jasleen Kaur | The Dollar Business Removal of trade sanctions from Iran may trigger a new challenge for Indian tea exporters as the Islamic republic is likely to renegotiate its existing import contracts with Indian suppliers for converting its trade into dollar term. At present, the trade realisation between India and Iran is carried out as per the rial value. Now, the United Nations has lifted the trade sanctions from Iran following a nuclear agreement, analysts say that the country may ask its trade partners to forge fresh deals on dollar rates. Though the move will help Iran in saving on its forex outflows, Indian exporters may face huge losses due to stiffer competition among suppliers. “It is not good for India if they start ...
Trade pact with Iran will help India expand exports volume'
The Dollar Business Bureau Signing a Preferential Trade Agreement (PTA) with Iran can fill up the demand gap for Indian exporters in several other economies, said the Associated Chamber of Commerce and Industry (ASSOCHAM). “India-Iran PTA will help India expand the volume of exports to Iran, particularly of pharmaceuticals, iron and steel, auto components. Also Iran could serve as an outlet for Indian goods to countries in Central Asia and Afghanistan,” the industry body said in a study. It said that with the US spearheading the regime of easy relations lifting sanctions on Iran, this is the right time for India to engage in trade pact with Iran. In 2014-15, Iran’s trade with India was around $13 billion and it was more ...
