Designing New Models in Financing Oil Projects in Cooperation with Oil Ministry and Tejarat Bank
Following a series of specialized meetings with the Ministry of Oil and National Iranian Oil Company (NIOC), Tejarat Bank revealed the design of a new financing model with modern methods, Public Relations Dept. of Tejarat Bank reported.
For this purpose, Chief Executive of Tejarat Bank Dowlatabadi and his accompanying delegation [including Sami’s Chairman of the Board of Directors and a number of senior managers of the bank] met with Ali Kardor Managing Director of the National Iranian Oil Company (NIOC) at his office on Wednesday morning Jan. 24 and revealed a model for the implementation of a new financing method for oil projects of the country.
In this specialized meeting, Dowlatabadi CEO of Tejarat Bank pointed to the age-old and long cooperation of Tejarat Bank with the Ministry of Oil and said: “Tejarat Bank is determined seriously to kick off a new chapter in bilateral relations.”
Turning to some of special services of Tejarat Bankoffered to the Oil Ministry and subsidiary companies, he added: “Controlling the false fluctuations of exchange rate and its impact on the other sectors of economy is one of the serious concerns of macroeconomic level of the country. In this regard, macroeconomic policymakers of the country have conducted vast and extensive efforts a long time ago.”
Elsewhere in his remarks, CEO of Tejarart Bank referred to the recent cooperation of this bank with the National Iranian Oil Company (NIOC) with regard to the design of a new model for financing projects of this company and said, “Today, after several expert-level meetings held between the two sides, fortunately, we managed to design a helpful and new method with a logical teamwork for the safe and purposeful financing of country’s oil industry projects.”
Elsewhere in his remarks, Dowlatabadi pointed to the technical and consulting potential of financial and investment team of this bank and said: “After obtaining the necessary licenses, moreover collecting foreign exchange resources for the implementation of country’s oil projects, the bank can help boom and improve markets of goods, services, labor, capital and reduce inflammations in monetary and foreign exchange markets.”
If this model is implemented, projects of the Ministry of Oil will be financed in cooperation with Tejarat Bank, an interbank syndicate and public participation as well, he said, adding: “We hope that this modern project will be implemented in the best form possible in cooperation with Securities and Exchange Organization (SEO), Central Bank of Iran (CBI) and other related sectors.”
For his part, Ali Kardor Managing Director of the National Iranian Oil Company (NIOC) pointed to the long history of cooperation of Tejarat Bank with the Ministry of Oil and added, “Tejarat Bank has always been the corporate bank of the National Iranian Oil Company (NIOC) and the two sides have always considered sustainable development of energy industries of the country in their bilateral cooperation.”
To conclude his remarks, he pointed to the concerns and needs of the National Iranian Oil Company (NIOC) and his respective ministry i.e. Ministry of Oil in the field of financing projects and said: “It is hoped that giant steps will be taken in country’s economy with the finalization of this model and its implementation.”
