Andrea Rutherford

Iran Analyst
+44 20 7246 7800

About Iran Blog

Andrea Rutherford joined TSRP in 2016 to focus on Iranian company analysis. She first visited Iran in 2002 and most recently worked with Turquoise Partners, the Tehran-based investment bank. She was a senior member of the Bruswick Securities team in Moscow from 1997 to 2004 and later Chairman of Bruswick Asset Management. Prior to analysing the Iranian market she was an advisor to various emerging market funds for a decade.

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Iran Blog

Analysis of one of the world's largest and most important frontier markets

Turkmen gas supplies to Iran cut off – much ado about nothing

20 Jan 2017

Earlier this month Turkmenistan cut off gas deliveries to Iran because of non-payment for gas supplies since 2013. The move comes at a time of peak demand in northern Iran and could have diplomatic consequences for Ashgabat while causing operational challenges for Tehran. However, we see no long-term damage to the overall relationship between the two countries.

Turkmenistan exported 7.2 bcm of gas to Iran in 2015, along with 3.1 bcm to the rest of the former Soviet Union and 27.7 bcm to China – which over the last decade has replaced Russia as the default buyer of Central Asian...

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Iran prioritises LNG over pipeline gas exports

23 Nov 2016

Senior Iranian officials have confirmed that LNG exports are a higher priority for the country than pipeline exports to Europe.

Iranian ambassador to Europe highlights lack of coherent European gas policy

Iran’s ambassador to Germany highlighted that Europe’s uncertain gas policy was a cause for concern as was the fact that exports to Europe at current prices were uncommercial. In his view there was no clear European gas strategy on the part of governments and this made planning Iranian gas exports to Europe too difficult. He questioned whether Germany was serious about reducing...

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The facts on the US$100 billion supposedly paid to Iran

15 Nov 2016

The presidential campaign and the media have created a great deal of confusion about the “payments” that Iran is receiving under the nuclear deal. As candidate, Donald Trump repeatedly asserted that the US had “paid” US$100 billion to Iran. One of his advisers even floated the downright fantastic figure of US$750 billion.

Here are the facts.

Iran regained control of US$30-50 billion of its own money

Under the nuclear deal, Iran took back control of US$30-50 billion in accounts that legally belong – and have always legally belonged – to Iran.

The vast bulk of these funds...

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Trump and Iran: Beyond the Rhetoric

15 Nov 2016

The uncertainties surrounding the Donald Trump Presidency are likely to put a near-term damper on sentiment about frontier markets in general and Iran in particular (although Iran’s TSE Index is down only 1.8 per cent since the election results were announced on Tuesday evening).

However, it would be premature to write off Iran. Unlike Hillary Clinton, who would have been predictably moderate-to-hawkish on Iran, Trump has left himself room to move in either a positive or negative direction. Neither Trump nor anyone associated with him has mentioned “tearing up” the Iran deal since...

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