Baku, Azerbaijan, Mar. 12
By Elnur Baghishov – Trend:
European companies are waiting for the determination of the financial mechanism between Iran and the EU, Reza Khayyamian, head of Society of Iranian Petroleum Industry Equipment Manufacturers (SIPIEM), told ISNA, Trend reports.
According to Khayyamian, several European companies are waiting for the money transfer and financial issues to be determined.
Khayyamian added that companies want the procedures involved in money transfers to be eased.
"So far, about 110 small and medium-sized European companies have expressed readiness to work with Iran," Khayyamian said.
He stated earlier that Iranian companies need to cooperate with small and medium-sized companies in Europe for the production of oil equipment.
As such, Iranian companies will operate internationally, their production will be registered with European brands and the products will be exported to the countries of the region, Khayyamian said.
Iran and the EU are discussing the launch of a financial mechanism. These discussions have not yet been concluded.
The three European signees of the JCPOA – France, the UK, and Germany – have formed a special financial mechanism called INSTEX (Instrument in Support of Trade Exchanges) for upholding the nuclear deal with Iran. The details of this mechanism and how it is going to operate are still under discussion. The INSTEX financing mechanism envisages the import of food and medical products to Iran in exchange for Iranian oil exports.
