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The equipment needed in South Pars Phase 11offshore venture, which is expected to be developed by China National Petroleum Corp and Iran’s state-owned firm Petropars, will cost $2.8 billion, chairman of the board of directors of Iranian Petroleum Industries Equipment Manufacturers Association said. "As per the deal, contractors are obliged to meet 51% of their requirements from domestic manufacturers before relying on foreign suppliers," Reza Padidar was also quoted as saying by ILNA on Saturday.
According to the official, France's Total had finalized a deal in 2016 worth $4.8 billion to develop one of the least developed ventures among 24 phases of South Pars in the Persian Gulf. However, it abandoned it in the wake of the US unilateral withdrawal from Iran's nuclear deal in May and threats to reimpose sanctions.
To complete the development project of South Pars Phase 14, loading operations to transfer satellite platform 14C for installation in the Persian Gulf were carried out in the yard of Iran Marine Industrial Company, aka Sadra, in Bushehr, a company official said.
"The 2,600-ton platform, completed in two years, is on the way to its location,” Rahim Dehqani was also quoted as saying by Shana on Saturday.
According to the official, the gigantic structure will be fully installed within two months.
The First Iran International Gas Show (IRGS 2018) opened on Saturday at Tehran's Shahr-e-Aftab International Exhibition Complex. The four-day event, with a focus on "domestic capabilities, technology indigenization and the future of gas industry", is hosting 70 local and foreign firms, covering the whole value chain of natural gas sector, the website of IRGS reported.
Data released by Trade Promotion Organization of Iran show that the country has earned $4.1 billion from electricity exports in the last five fiscal years (March 2013-18).
According to TPO's portal, the country exported over 42,926 million kilowatt-hours of electricity to neighbors during the period.
However, the figures have declined since the first year's export of 11,563 kWh to 5,037 kWh in the last fiscal year (ended March 20, 2018).
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With an annual turnover of more than 6 trillion rials ($60 million), Mazandaran in northern Iran is the country’s most active province in fish farming and accounts for 18% of Iran’s production, the director general of Mazandaran Fisheries Organization said.
“There are 3,400 fish farms in Mazandaran, which produced 75,000 tons of fish as well as caviar in the last Iranian year (March 2017-18). We expect the figure to rise to 80,000 tons this year (March 2018-19),” Valiollah Mohammadzadeh was also quoted as saying by IRNA.
The official added that $9 million worth of fish and caviar were exported from the province during the first five months of the current Iranian year (started March 21).
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Members of the Iranian Parliament have approved in principle the bill on the establishment of eight free trade zones and 12 special economic zones.
The parliamentary session on Wednesday saw 127 lawmakers vote in favor and 51 against the bill, while 10 MPs abstained.
Once the parliament and the Guardians Council give their final approvals, the following FTZs will be created: Incheh Borun in Golestan Province, Mehran in Ilam Province, Ardabil in Ardabil Province, Sistan in Sistan-Baluchestan Province, Baneh-Marivan in Kurdestan Province, Jask in Hormozgan Province, Bushehr in Bushehr Province and Qasr-e Shirin in Kermanshah Province, IRNA reported.
Iran traded 645,158 tons of non-oil commodities worth $546.24 million with Russia during the first four months of the current fiscal year (March 21-July 22). This marks a 33.93% and 130.35% growth in tonnage and value respectively compared with last year’s corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Russia stood at 171,496 tons worth $93.56 million, up 29.39% and 36.84% in tonnage and value respectively year-on-year. Russia was Iran’s 21st biggest export destination during the period. Iran mainly exported apples, tomato and kiwi to Russia during the four-month period. Meanwhile, Russia exported 473,662 tons of goods worth $452.68 million to Iran, up 35.66% and 168.22% in tonnage and value respectively YOY. Russia was the 8th biggest exporter of goods to Iran over the four months. The imports mainly included nuclear reactor parts, radio navigation devices and field corn.
The Central Bank of Iran is closer to establishing an Islamic jurisprudence council, as the Guardians Council, the entity in charge of ensuring the compliance of key ratifications and candidates with constitutional precepts and Islamic law, has approved some of the new council’s nominees.
According to GC’s executive deputy, Siamak Rahpeyk, the CBI introduced six jurists or experts in Islamic jurisprudence when the former CBI governor, Valiollah Seif, was still in office. Seif was replaced by Abdolnasser Hemmati on July 25.
“Of this number, the eligibility of four jurists was approved after conducting interviews to review the possibility of their membership in the jurisprudence council,” he told Tasnim News Agency.
“Only one person remains to be introduced to the bank as member of its jurisprudence council,” he added.
The US dollar has been completely eliminated from trade deals conducted between Iran and Iraq due to US sanctions and the neighboring countries have shifted toward the euro and national currencies, the head of Iran-Iraq Chamber of Commerce said.
“Dollar transactions between Iran and Iraq have been removed and a majority of deals are now being conducted with the euro, rial and Iraqi dinar,” Yahya Al-e Es’haq also told IBENA on Saturday.
US sanctions, whose first batch were reimposed after a wind-down period ended on Aug. 6 following a unilateral withdrawal by US President Donald Trump from Iran’s nuclear accord, seek to limit or eliminate Iran’s access to dollar transactions among other things.
Early August, Iraqi Prime Minister Haider al-Abadi said Iraq disagrees with the US sanctions on Iran but would abide by them to safeguard its own interests. His comments triggered much criticism in Iran.
Majlis Economic Commission welcomed the new foreign exchange policies introduced by the government on August 6 and believes that these policies, along with the appointment of the new Central Bank of Iran governor, have created a new ambiance in the economy. Mohammad Reza Pour-Ebrahimi, the head of the commission, told IBENA that the new set of currency policies is acceptable, although some differences remain in certain areas. He added that for the currency rescue package to be effective, it should be implemented in its entirety.
The Central Bank of Iran has vowed to curb the rising tide of liquidity, which he blamed as the source of all market volatility, including a currency crisis that has seen the rial drop to record lows since April.
CBI Governor Abdolnasser Hemmati, who was addressing the 29th Islamic Banking Conference on Saturday, also criticized the banking system that, he said, was the main culprit behind the multifold growth in the volume of liquidity in recent years.
"As long as liquidity growth continues at the current pace and nothing is done to curb it, this pressure will prevail in the forex market and other parallel markets, as individuals strive to preserve their assets," Hemmati was quoted as saying by CBI's website.
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Tehran Stock Exchange’s main index lost 1,362.67 points or 0.99% on Saturday to end trading at 136,109.7.
About 2.99 billion shares valued at $59.22 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Qayen Cement Company was the biggest winner, as its shares went up 36.7% to 14,457 rials per share.
The Ministry of Roads and Urban Development plans to negotiate the connection of China-Kazakhstan-Iran Multimodal Corridor to Europe, says deputy minister for transportation affairs, Mehrdad Taqizadeh.
The corridor was officially launched on June 26 with the arrival of an Iranian vessel at the Caspian Port in Gilan Province’s Anzali Free Trade Zone.
What can Iran gain from joining international transportation corridors, which pass through its territory from the Far East and Central Asia to Russia and Europe, in the face of the reimposition of US sanctions on its economy?
These corridors are used for imports and exports to and from Iran as well as transits through the country. As is evident, the sanctions have targeted Iran’s trade, which will have a negative impact on transportation.
Nakhlak Lead and Zinc Plant officially came back on stream, adding 4,000 tons to Iran’s annual lead concentrate capacity, a deputy industries minister announced during a visit to Nakhlak Mineral Complex on Saturday.
“Nakhlak Plant started operating since the fiscal 1957-58 next to Nakhlak mine, but it was later closed. Since the beginning of the fiscal 2013-14, the reopening of the plant was put on the agenda with the collaboration of the private sector and Iran Minerals Production and Supply Company. Today it was reopened officially,” Mehdi Karbasian also told IRNA.
Iran Chamber of Commerce, Industries, Mines and Agriculture plans to send a business delegation to Bulgaria to attend the upcoming sessions of the joint economic commission scheduled for September 17, the chamber’s official website at Otaghiranonline.ir reported. Minister of Roads and Urban Development Abbas Akhoundi will chair the forum, which will conclude on Sept. 21. Private businesses interested in joining the Iranian delegation can apply on the chamber’s website until Sept. 2. The chamber is recommending those active in the fields of road, urban development and technical and engineering services to consider the visit.
Despite the reinstatement of US sanctions against Iran's key automotive industry, a joint venture between China's SAIC Motor and Farda Automobile Manufacturing Co (FAM Co) has started operation in Semnan with the inauguration of a production line for the SUV model MG RX5.
While Iranian carmakers collaborations with French automotive groups Renault and Peugeot-Citroen have been hindered by the imposition of US sanctions, unperturbed by the United States' belligerence SAIC Motor has just launched a production line in the city of Semnan, 180 km to the east of the capital Tehran.
A plan worked out by the administration of President Hassan Rouhani to mitigate the impact of US sanctions on Iran's economy is to provide the country's beleaguered auto sector with tax exemptions, reduced bureaucracy, and in the event of layoffs, the immediate payment of unemployment benefits.
The government's rescue package for Iran's industries has in large parts addressed the volatile auto market, putting forward suggestions that can assist the troubled sector, reported local automotive website Asbe Bokhar.
The rescue plan drawn up by the Industries Ministry has provided for the foreign currency necessary for the sector so as to bring raw materials and parts into Iran, the degree of localization vital for the survival of the industry and certain contingency plans in case of the sector's downfall.
While the Iranian automotive sector is facing various headwinds, authorities are moving ahead with plans to hold a new round of Tehran International Auto Show in November, when the annual event is customarily held.
According to the event’s director, Alireza Ajezi, the exhibition will be held from Nov. 13 to 17, local automotive website Asbe Bokhar reported.
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The third phase of the Conservation of Asiatic Cheetah Project, whose draft plan is soon to be reviewed by the Department of Environment and the United Nations Development Program, aims to adopt all alternative methods of breeding the wild cat besides programs to protect it in its habitat.
The CACP is a program jointly undertaken by the DOE and the UNDP with the aim of stabilizing the population of the Asiatic Cheetahs in Iran. It was inaugurated in 2001 and has completed two phases so far. A plan for third phase that will last for five years has been drafted and will be implemented once finalized by the two sides.
The first marathon race in the winding paths of the iconic Abr (Cloud) Forest in Semnan Province was held on Thursday with the attendance of 110 Iranian and foreign runners. First of its kind in Iran both in terms of prominence and size, the match was organized in two sections of 21km and 42km routes, Hamidreza Hassani, head of the provincial office of Iran's Cultural Heritage, Handicrafts and Tourism Organization, said.
Already strained by a sharp fall in precipitation during the closing water year (began September 23, 2017), the southern coastline is not expected to receive a normal amount of rainfall during the coming autumn.
Going through a rather unexpectedly irregular climate pattern, the arid and semi-arid catchment area, known as "the Persian Gulf and Sea of Oman" in the south of the country will continue struggling with poor rainfall, although the meteorologists estimate normal conditions in other areas.
Based on the data regularly released by the Water Resources Management Company, the Persian Gulf and Sea of Oman catchment area has received less than two thirds of the rainfall it did during the last water year.
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