Industry   Transportation  

Erdogan: Turkey Ready to Launch Own SPV for Iran

Turkish President Recep Tayyip Erdogan said his country is "ready" to set up its own trade mechanism with Iran, allowing companies from the two neighboring countries to continue with their "legitimate" business amid the hostile US sanctions.

Erdogan made the statement Thursday in a meeting with President Hassan Rouhani on the sidelines of the three-party talks on Syria in the Russian resort city of Sochi, Al Jazeera reported.

"Turkey is ready to join the SPV (special purpose vehicle) and create a similar bilateral mechanism for trade with Iran," he said, referring to INSTEX (Instrument In Support of Trade Exchanges), a new vehicle set up by the European Union to process payments outside the regular banking institutions.

"Multilateral cooperation with Iran on different issues has been positive and Turkey is ready to expand this cooperation to other countries in the region," the Turkish leader said.

Energy, Industry and Transportation

No specific date has been announced for the Turkish version of the SPV.

Rouhani said Tehran hopes "obstacles" would be removed so that the two countries will be able to strengthen bilateral cooperation in key sectors.

Private sector collaboration has been "very good", Rouhani said, adding that "building banking cooperation is crucial for developing such ties".

Tehran is willing and able to develop relations with Ankara in the energy, industry and transportation spheres, he was quoted as saying.

Earlier in the month, Oil Minister Bijan Namdar Zanganeh said Turkey is the only country in Europe that has not stopped buying Iranian oil since the US re-sanctioned the Iranian economy in the summer of last year.

US President Donald Trump in May abandoned the 2015 Iran nuclear deal and imposed new economic sanctions against Iran targeting key sectors such as oil, banking and insurance.

The Trump administration has warned other countries to comply with the hostile unilateral sanctions or face the consequences.

Erdogan's announcement on Thursday risks hurting Turkey's not very friendly relations with Trump's America, which has been pressing other countries to cut economic ties with Iran, news outlets reported.

News No: 3640
Date: 2019/02/16 - 19:04
News Source: Financial Tribune

Turkey  SPV  Energy  Industry  Transportation 


Leave a Comment:


Global Billet Market Overview: Week 24, 2019

This was the consecutive week, in which Turkey's scrap import prices fell down by USD 8-10/MT and global billet market witnessed yet another dull week. Although it was not surprising for the marketers, the market acted exactly in line with the expected resonance

Global Ferrous Scrap Market Overview - Week 24, 2019

Global ferrous scrap markets witnessed downtrend in all the major markets amid limited demand this week. Further price correction in Turkey pulled down global ferrous scrap offers also for South Asian and East Asian markets.

Turkey: Finished Steel Exports Drop in April

Turkey's Finish Steel exports down by around 14% M-o-M in Apr'19, as per fresh released data by custom department.

Turkey: Imported Scrap Prices Drop to 1-Month Low in Recent Deals

SteelMint learned from industry participants that Turkish steel mills have continued fresh deep sea cargo bookings to take advantage of low global offers. Prices have moved down further by USD 5-6/MT against that of reported in the beginning of this week.

Pakistan Budget FY20 : What Does it Mean for Steel Sector ?

SteelMint learned in recent conversations with industry participants that Pakistan’s government has declared its fiscal year 2020 budget yesterday.

Turkey: Imported Scrap Prices Drop in Recent Deals from US

SteelMint learned from industry participants that Turkish steel mills have observed fresh deals as US suppliers returned into the market after short pause towards the closing last week. Activities remained very limited on public Eid holidays during last week while imported scrap prices moved down USD 5-6/MT on W-o-W basis as global sentiments remained dull.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners