Source:

February 19, 2010

German, UK insurance firms cease Iran-related business; Russia delays S-300 delivery; Malaysian gasoline shipments.

NEW BUSINESS PROJECTS IN IRAN

GERMANY

(, )

(February 18, 2010) , the world’s largest insurance company, will cease doing business with Iranian firms.  The company says that it stopped insuring most gasoline shipments into and out of Iran last year.  See for details.

(February 18, 2010) , the world’s second largest insurance company, will halt its business with Iran.  The company says that its operations in Iran were minimal.  See for details.

INDIA

(, )

(February 7, 2010)  is in talks with Iranian authorities to begin sales in Iran. Entry into the Iranian automobile market is considered difficult because of Iran’s official approval requirements.  Six foreign firms have import licenses for sales in Iran: Mercedes Benz, Toyota, BMW, Hyundai, Lexus and Mitsubishi.  India’s Tata Motors owns Land Rover.  See for details.

UPDATES TO EXISTING BUSINESS PROJECTS

BELARUS

(, )

(February 17, 2010)  Following a meeting in Tehran, Belarus’ Foreign Minister, Sergei Martynov, said that the Belarusian-Iranian oil development project at Jofeir will come online in four to five months.  The jointly owned energy company, , won a $500 million exploration and development contract in 2007.  The Jofeir oil field is expected to produce 30,000 barrels per day once development is complete.  See for details.

CHINA

(, )

(February 10, 2010 will start drilling for Phase 11 of the South Pars project in March.  The Chinese energy company won a $4.7 billion contract last June.  The company increased its staff in Iran to 60 last December.  See for details.

FRANCE

(, )

(February 13, 2010) is still considering involvement in energy projects in Iran.  In an article published in Le Monde, Total CEO Christophe de Margerie noted that “the balance of supply and demand depends on Iran.”  Total pulled out of the South Pars gas field in 2009 amid rising political concerns.  See for details.

MALAYSIA

(, )

(February 11, 2010) Malaysian oil company is shipping petroleum products refined by India’s Reliance Industries to Iran.  Reliance said that it halted fuel shipments to Iran in May, 2009.  Petronas sent the oil-tanker Oriental Ruby with a 250,000 barrel cargo of gasoline from Reliance’s terminal at Sikka to Bandar Abbas.  Petronas has been selling roughly 16,000 barrels of motor fuel a day to Iran.  See for details.

RUSSIA

(, )

(17 February 2010)  Russia has delayed delivery of the sophisticated S-300 anti-air missile system due to “technical problems.”  The 2007 deal, estimated to be worth hundreds of millions of dollars, has been plagued by delays and questions.  This most recent delay comes a day after Israeli Prime Minister Benjamin Netanyahu visited Moscow. See for details.

TURKEY

(, )

(February 12, 2010) Turkish pipeline operator may take legal action against Iran over a price mechanism dispute for natural gas imports.  Under the current system, Turkey must pay for gas even if it is not used.  In 2010, BOTAS is obligated to import more gas than the average consumption rate of the past two years.  See for details.

UNITED KINGDOM

(, )

(February 16, 2010)  of London, a major insurer, will cut coverage for oil shipments to Iran in compliance with U.S. sanctions.  Lloyd’s legal team said that if sanctions are passed and implemented, it would ensure ships it underwrites are not heading to Iran.  Because Lloyd’s insures on a fleet-by-fleet basis, in the past Lloyd’s has argued that it is difficult to know which ships heads to Iran.  Lloyd’s underwrites 8 to 10 percent of the world maritime insurance market.  See for details.