Removal of sanctions on Iran have suddenly made the Middle Eastern economy the new frontier

epa01453310 A handout picture released by the Fars News Agency shows the Safir Omid (Hope Envoy) satellite rocket before its lunch in a space station at an undisclosed location in Iran, 17 August 2008. Iran launched its domestically produced satellite rocket Safir Omid (Hope Envoy), on Sunday morning to mark the anniversary of birth of the 12th Shiite Imam al-Mahdi. It was the second test-launch and successfully prepared the ground for the launch of the main satellite in the future. A satellite rocket was first tested last February under the name Kavoshgar (Explorer) 1 upon President Mahmoud Ahmadinejad's direct order from a space centre in order to prepare for the launch of the Omid satellite. The report said that Ahmadinejad also made the countdown for the satellite carrier and termed the launching a great technological achievement for the Iranian nation. The ability to launch satellites into orbit may indicate progress in the Islamic republic's missile technology, which is another point of concern for Western countries worried by Iran's nuclear programme. EPA/FARS NEWS AGENCY/ HANDOUT EDITORIAL USE ONLY

The nation of Iran has waited close to a decade to remove their U.S. imposed shackles and break out of sanctions that forced the oil producer to seek revenues from black market mechanisms.  But in just a few short months since Washington signed an agreement with Tehran to have their sanctions lifted, they are suddenly being courted by countries desperate to find a new market for their exports.

And like Africa was in the 19th century, Iran is suddenly emerging as a new frontier.


Iran is exporting 300,000 barrels of oil daily to European countries, Oil Minister Bijan Zangeneh said. The National Iranian Oil Company (NIOC) will soon finalize an agreement with France’s Total to sell 160,000 barrels a day to the company.

The minister added that the contract will be officially signed on February 16.

In addition to purchasing Iranian oil, “Total has indicated its readiness to take part in the development of South Azadegan oil field and Iran LNG project,” he was quoted by PressTV.

The necessary information on the projects will be provided to Total, and then the French oil giant will offer its proposals to the Iranian side. – Sputnik News


Tsipras will be accompanied by Foreign Minister Nikos Kotzias, several other high-ranking government officials and 50 Greek industrialists and businessmen during his two-day visit in Iran.

Athens and Tehran are set to sign deals on trade, finance, tourism and cultural relations, as well as housing and road construction, agriculture and pharmaceutical industry.


Tehran and Moscow will discuss credit line extension during a visit of an Iranian deputy economy minister to Russia on Monday, Iranian Ambassador to Russia Mehdi Sanai said Saturday.

MOSCOW (Sputnik) — According to the ambassador, the Iranian official is expected to meet Russian Deputy Finance Minister Sergey Storchak.

“A deputy economy minister [of Iran] will visit Russia on Monday, [he] will hold negotiations with the Russian Finance Ministry to sign contracts on credit line extension, which Russia opens for the joint projects,” Sanai told reporters.


Iranian President Hassan Rohani says Iran and China have agreed to expand bilateral relations and boost trade to $600 billion over the next 10 years.

Rohani made the announcement following January 23 talks in Tehran with Chinese President Xi Jinping, the first major world leader to visit the Islamic republic since the easing of international sanctions on January 16 under a deal between Tehran and global powers aimed at curbing Iran’s nuclear program.

Xi met later with Iranian Supreme Leader Ayatollah Ali Khamenei, who was quoted as saying that “Tehran seeks cooperation with more independent countries” because “Iranians never trusted the West.” – Radio Free Europe

Ironically, the one country not coordinating trade agreements with Iran is the United States, whom the Middle East power now severely distrusts, and has even chosen to bite over the weekend with their announcement that they will no longer sell their oil in dollars.


As Iran re-emerges into a global economy that is in recession and awash with growing conflicts, they sit in the catbird seat to facilitate trade with whomever they want, and at prices they are free to determine.  And while the decade long sanctions imposed upon Iran by the U.S. may have kept them relatively impoverished in their general economy, it has also allowed them to refrain from taking part in the world’s latest speculation bubble, which is quickly taking its toll on neighboring Saudi Arabia and other peers within the Middle East and Europe.

Kenneth Schortgen Jr is a writer for,, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.