Croatia

"Croatian National Bank has called all the country’ banks to remove existing barriers on the way to expand banking ties with Iran, the visiting Croatian Deputy Prime Minister Martina Dalic announced addressing Iran-Croatia Business Forum in Tehran, on Tuesday, IRIB news reported." (Tehran Times, 5/8/2018).

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A delegation led by the governor of Croatian National Bank, the central bank of East European nation, will travel to Tehran in the foreseeable future to remove banking hurdles, the assistant minister with the Croatian Ministry of Foreign and European Affairs announced. (Financial Tribune, 7/29/2017)

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The Financial Tribune, recently reported on Croatia’s establishment of banking ties with the Central Bank of Iran (“CBI”), an Office of Foreign Assets Control (“OFAC”)-blocked Iranian financial entity.  (U.S. Treasury Department, “Fact Sheet: New Sanctions on Iran,” 11/21/2011).  According to Ali Rabiei, Iran’s Minister of Labour, “the governor of the Central Bank of Iran has delivered the finalized document of this agreement to the ministry…countries like Croatia are a priority for Iran and that is why we are ready to cooperate with the country in any field.” (Financial Tribune, “Iran, Croatia Sign Banking Agreement,” 7/1/2017).

"Iran is holding an international maritime exhibition in Tehran from June 6 to 9. Foreign companies have attended the show hoping to find market in the post-sanctions Iran. There is a lot that can be done in Iran after the removal of the sanctions, Zeljko Bezjak, counselor and head of energy at the Croatian company Adriadiesel told Trend June 7 on the fairground in Tehran. Bezjak whose company makes vessels of different types and carries out many other maritime activities said that the possibility is high that his company can start doing business with Iran after sanctions are removed... 'There are powerful companies in Iran, great possibilities, and the Iranian market is a good one,' Bezjak noted. 'We can offer services in oil spill recovery, offshore drilling, fire fighting, chemical and oil tankers, ship and yacht building, and our specialty making engines for vessels.'" (Trend, "Croatian maritime company in Iran to find way to a ‘good market’", 6/8/15)

Firm/country: INA/Croatia;

Firm activity: Exploration of Moghan 2 oil and gas block project in Ardebil province;

Status: Contract signed April 2008;

Commercial activity: Contract worth at least $140 million;

Firm comment: Confirmed activity. Noted contract value is $40 million.

(GAO Report 2010 - "Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors")

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"On 8 April 2008, INA- INDUSTRIJA NA FTE, d.d. signed in Teheran an exploration contract w ith the National Iranian Oil Company (NIOC) for exploration on the Moghan - 2 block in Iran. The contract was awarded after the NIOC's invitation to tender for exploration and development of 17 exploration blocks. INA-INDUSTRIJA NAFTE, d.d. submitted its tender for one block, Moghan-2.  The primary purpose of the project is to discover new hydrocarbon reserves through a contract on provision of services with the National Iranian Oil Company.  The exploration block Moghan-2 is located in the northw estern part of Iran, in the Caspian region near the border w ith Azerbaijan. It is a low -lying or slightly rolling area of 3,230 square kilometres. In the 1960-ties, four exploration w ells had been drilled on the block, and a significant presence of oil w as determined on tw o of them.  On behalf of INA-INDUSTRIJA NAFTE, d.d. the contract w as signed by Josip Križ, Director of Exploration of INA-INDUSTRIJA NAFTE, d.d. Oil and Gas Exploration and Production division. In case of a commercial discovery, the term of the Contract w ould be 25 years, divided into the exploration, appraisal and development phases followed by the repayment period. INA- INDUSTRIJA NAFTE, d.d. will be the operator for exploration and development activities, and NIOC is to take over as the operator in the production phase." (Company Website - Press Release, 2008)

"Croatian tobacco company TDR, one of the Balkans' biggest tobacco firms, on Friday announced a 30-million euro (40-million-dollar) investment to build a factory in Iran.

TDR will build the factory, which is to produce 6.5 billion cigarettes a year, in the northern Iranian town of Sari with the Iranian Tobacco Company as a local partner.

Construction is due to start late 2011 and the plant will serve the southwest Asian market.

TDR said the investment 'strengthens its position as one of Croatia's biggest exporters.' Overseas sales account for about 50 percent of the company's revenues.

The Iranian factory will produce TDR brands such as "Respect" which is already on the Iranian market but also develop a new brand with its Iranian partner." (AFP, "Croatian Tobacco Company to Build Iranian Factory," 2/19/10)