Following discussions with UANI in July 2017 over reported operations in the Iranian market, Swiss-based manufacturing company confirmed it terminated its Distribution Agreement with the Iranian company Ramor Group and is no longer distributing products to the Middle East.
The Swiss-based engineering and trading company is represented in Tehran, Iran by TL Technology Ltd.
--
TL Technology AG (“TL Technology”) was listed as an exhibitor at the Internationale Ausstellung für Metallbearbeitung (International Exhibition for Metalworking Companies; “AMB Iran 2017”), which took place on May 23-26 in Tehran, Iran. (AMB Iran 2017 Website, “Exhibitor Directory”).
In January 2017, the Reserve Bank of India, based on information obtained from the Indian Embassy in Tehran, named Banque Heritage SA as one of a number of international banks with correspondent banking relationships with Iranian banks. (RBI Website, “FAQs [Names of International banks which have entered into a correspondent banking relationship with Iranian banks],” 1/19/2017).
Kuehne + Nagel International AG (“Kuehne + Nagel”) participated in the February 20, 2017 Vereinigung der Bayerischen Wirtschaft e. V. (“vbw”) meeting with Iranian Foreign Minister Dr. Mohammed Javad Zarif and Ambassador S. E. Ali Majedi. Prospective engagement with the vbw Economic Liaison Office in Tehran, where the Tehran Chamber will serve as a local partner. Troublingly, the Tehran Chamber is affiliated with the Iran Development and Renovation Organisation (“IDRO”). (vbw Website, “Round Table mit dem iranischen Außenminister Dr. Zarif”).
--
Is represented in Tehran, Iran by Kala Navegan Shargh Co. Ltd and is represented in Bandar Abbas by Caspian Terminal Services Qeshm Co. Ltd.
--
Kuehne + Nagel listed Iranian companies Kala Navegan Shargh Co. Ltd. and Caspian Terminal Services Qeshm Co. Ltd. as significant subsidiaries and joint ventures in its 2012 Consolidated Financial Statements. (Kuehne + Nagel Website, “Significant Subsidiaries and Joint Ventures”).
"Tehran, Oct 26, IRNA - Export Guarantee Fund of Iran (EGFI) signed MoU with Hermes Insurance Firm of Germany and Swiss Export Risk Insurance SERV of Switzerland on re-insurance services to Iranian exports." (October 26, 2016).
--
"Iran has signed initial agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, IRNA news agency says. The Export Guarantee Fund of Iran (EGFI) signed the agreements in Lisbon on the sidelines of the annual meeting of Bern Union, an association of private and state export credit insurers from around the world, it reported Wednesday. Under the agreement, the Iranian and European sides will cooperate on “exchange of economic, trade and banking information, reinsurance coverage, coinsurance, and training.” IRNA quoted EGFI Managing Director Kamal Seyyed-Ali as saying that European export credit insurers were increasingly interested in financing projects after the lifting of sanctions on Iran." (Press TV, "Iran signs deals with German, Swiss insurers," 10/26/2016).
"Iran secured a deal with Switzerland in December for investment in the Aprin dry port. A $25-million contract was signed between the Islamic Republic of Iran Railways and Swiss logistics holding Trans Invest Group, to start work on Aprin transport terminal, 20 kilometers to the southwest of Tehran, where Iran’s north-south and east-west rail transit routes meet." (June 2017)
--
"PTB Perse International Forwarding Co. (Tehran), a subsidiary of the Swiss TransInvest Group, has won the tender for the concession to develop and operate Aprin Terminal, 20 kilometers from Tehran. The contract was signed at Iranian Railway headquarters in Tehran on September 18 at an official ceremony. The concession comprises a 25-year license for a so-called BOT (Build – Operate – Transfer) operator model, with a three-year construction phase and 22 years of operations. With an area of approximately 450 hectares, Aprin is to become Iran’s biggest dry port and a modern rail logistics terminal with customs clearance and bonded warehouse. The PTB Group was awarded the contract for the first phase, the development and operation of a 55-hectare sector; the annual capacity will be at 400,000 TEU, the sum invested in the infrastructure of the area will amount to approximately USD 30 million... With a staff of 450 working at 15 locations, the PTB Group is today renowned as one of Iran’s leading logistics services providers." (Think Railways, "PTB Group to develop Iran's biggest dry port and rail logistics terminal," 10/6/2016).
"Reyl Bank has announced that it is opening bank accounts for Iranian individuals and companies through its branches in Geneva and Dubai, allowing account holders to transfer money, said Sharif Nezam Mafi, head of Iran-Switzerland Chamber of Commerce on Tuesday. “Reyl is not a large bank, but the move is a starting point for further cooperation between Iran and Switzerland,” he was quoted as saying by Tehran Chamber of Commerce, Industries and Mining’s website." (Financial Tribune, "Switzerland's Reyl Bank Open for Iranians," 10/5/2016).
"Python & Peter, a leading Swiss law firm, has opened an office in Tehran in a further sign of the country opening for business in the wake of the groundbreaking nuclear agreement signed last year. The new office will aim to advise foreign multinationals on how to operate in a country slowly awakening from years of international isolation and numerous economic downturns. In February, Germany's CMS was the first international law firm to open an office in Tehran since the 1979 Islamic Revolution... Iranian law firms with international standards are also rare. But a new generation of lawyers has been encouraged with the entrance of foreign law firms into the country, said Encyeh Seyed Sadr, partner and attorney at law in Bayan Emrooz, a new local law firm. Lack of trust in Iran's judicial system, fears of bias and corruption as well as often lengthy proceedings and high tariffs means many foreign companies are wary of losing their investments should they run into difficulties with their local partners... In a further sign of the growing international interest in setting up business in Iran, a team from the Swiss Chambers' Arbitration Institution visited Tehran last week, offering fair, independent and flexible arbitration services in any potential future disputes between Iranian and foreign companies." (Financial Times, “Leading Swiss law firm opens Tehran office,” 5/5/2016)
On June 30, 2020, the Mississippi Department of Finance & Administration identified Gunvor as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.”
--
"Gunvor Group, which deals with about 2.7 million barrels a day of crude oil and other products, opened offices in Houston and Connecticut last year, said it would not be handling Iranian oil in the foreseeable future.
“Gunvor does no trading with Iran. We comply strictly with all applicable international sanctions, and will not trade oil or products with any country, including Iran, that would consist of a violation of those sanctions,” said Gunvor spokesman Seth Pietras." (9/27/2017)
--
In 2017 the U.S. state of Mississippi listed Gunvor on its Iran restricted companies list rendering Gunvor ineligible for investment and/or state contracting.
--
"Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told Reuters major trading houses Gunvor and Vitol have each delivered several cargoes of gasoline into Iran in the past few weeks... Meanwhile, Swiss trading house Litasco of Russian oil major Lukoil (LKOH.MM) had to cancel a booking of a tanker to transport oil from Iran to Italy in early February due to what trading sources described as ship insurance difficulties. Trading sources on Wednesday cited preliminary fixtures being made by Glencore and Total for tankers to lift Iranian crude in February although it was still unclear if the deals had been concluded partly due to insurance issues. 'It is still very difficult despite the sanctions removal. Dollar clearing is an issue, banks' letters of credit is an issue, ship insurance is an issue. Loads of people are still very cautious,' said a senior trading executive. Leading shipping players say efforts by Iran to start exporting oil to Europe are being held up as tanker owners are still struggling to secure insurance for cargoes... Third-party liability insurance and pollution cover for vessels is provided by P&I clubs - marine insurers owned by shipping clients and reinsured internationally. The umbrella International Group of P&I clubs is still unable to confirm payments under re-insurance contracts. 'Gasoline exports to Iran are a bit easier as tankers are much smaller, insurance is easier and there are banks which are willing to do this as non-dollar transactions,' one senior trading source familiar with the matter said... 'It will take weeks if not months to return to full-scale crude exports to Europe. Tonnes of papers will need to change hands between inhouse risk officers, lawyers and banks before the picture is fully clear,' said a trading executive involved in the discussions. But ultimately oil should flow at full steam. 'It's just a matter of price. If the price is good, we'll buy it,' Marco Schiavetti, director of supply and trading with Italy's Saras said of Iranian oil. 'Obviously we will talk to them soon, and we will consider.'" (Reuters, “Gasoline cargoes sail to Iran, crude exports still tough,” 1/27/2016)
"Please note that Gunvor does no business with Iran. The understanding asserted by the Mississippi Department of Finance & Administration that Gunvor is “engaged in investment activities with Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran”, is entirely false." (8/10/2020)
Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.