Petroleum companies keen to cooperate with Karafarin Bank

A Karafarin Bank board member commented that the Third Petrochemical Exhibition which was held in the Kish Island was fruitful and that petrochemical, oil and oil refinery companies are keen to cooperate with this bank.
According to Mr. Mehdi Seif Alishahi, being specialised exhibitions such as this one provide an opportunity to communicate with companies, contractors, banks and insurance companies. “By taking part in such events, we are able to reach agreements with companies more quickly than otherwise. Most companies attending this exhibition are major players in their industries. Hence, doing business with them reduces the Bank’s risk.” He commented.
Referring to customisation of services, he carried on by stating: “Such conference provide an opportunity for the Bank to introduce a special packages in order to meet the requirements of each individual customer, so that they receive more and better services.”
Mr. Seif Alishahi also announced that the Bank held over ten meetings with oil, gas and petroleum companies during the three-day exhibition and stated “We reached verbal agreements with some companies active in the fields of oil and gas to petroleum and refinery, each with different needs ranging from finance, opening letters of guarantee, letters of credit, foreign currency services such as payment orders, forex, etc.”
Referring to initial verbal agreements made with some companies he continued by stating: “It is important to follow up these verbal agreements so that they may be enforceable immediately after the exhibition.” He carried on by commenting: “All banks should act as financial supermarkets, offering a wide range of services to productive companies and in addition to offering banking service, they ought to offer leasing and insurance services as well. Not only do leasing services help such companies overcome many of their challenges, they also bring additional revenues to the Bank. As a result of providing such services, we have been able to reduce service costs and hence, offer more discount to our clients.”
Seif Alishahi also said that one of the main competitive advantages of Karafarin Bank is that its SWIFT operations are not restricted by the sanctions enforced against Iran’s banking sector. “This means that unlike other banks which are hindered by the sanctions, we are able to offer cheaper international banking service to our clients”. He commented.
In order to obtain better results from the abovementioned exhibitions, he also proposed to launch a system in which applicants can make their requests from the Bank. “In this system, companies can apply and the Bank will offer its support where possible. As a result, an agreement will be reached with the client and this agreement will be enforceable after the exhibition.”
Some 350 companies, banks (including Karafarin Bank as a major participator) and businesses took part in the Third Specialised Exhibition on Supporting Domestic Production in the Petroleum Industry (with an emphasis on oil refinery industries), which was held in the Kish Island
Publish Date: Jul 2, 2022