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President Hassan Rouhani is due in the southern city of Asalouyeh in Bushehr Province this week to inaugurate petrochemical ventures. According to NIPNA, the National Petrochemical Company's official news agency, the projects include Marjan Petrochemical Company—aka the 7th Methanol Project—in Phase 2 of South Pars in Asalouyeh, Phase 3 of Pardis Petrochemical Company, with a capacity of 1.7 million tons of urea and ammonium as well as a power plant in Damavand Petrochemical Complex that provides utilities and offsite services required for petrochemical projects at Phase 2 of Pars Special Economic Energy Zone. Reportedly, the initiatives were completed at an estimated cost of $570 million.
To supply underprivileged regions with gas, a large compressed natural gas station became operational in Nain County in Isfahan Province, managing director of Isfahan Gas Company said on Monday.
"The station will provide deprived areas in the county, namely Khur, Jandaq, Farrokhi, Anarak, Chupanan and Chah Malek, with the fuel," Seyyed Mostafa Alavi was also quoted as saying by Shana, the Oil Ministry's news portal.
Half of electricity network installations in Tehran, Alborz and Qom provinces are over 20 years old, raising the vulnerability of the grid, the head of Tehran Regional Electricity Company said.
“About 20% of the national power grid’s generation and transmission facilities and 25% of the country’s subscribers, numbering about 18 million people residing in the three provinces, are covered by Tehran Regional Electricity Company,” Gholamreza Khoshkholq was also quoted as saying by IRNA on the sidelines of a news briefing on Monday.
Khoshkholq added that the aging facilities put the grid’s sustainability at risk, which is planned to be tackled by implementing an optimization plan. According to the official, the company’s power consumption peaked on July 22, reaching 10,182 megawatts that was 0.9% higher than the last fiscal’s peak consumption.
In line with the Energy Ministry's push to boost output from joint hydrocarbon reservoirs, Iran's Petroleum Engineering and Development Company (PEDEC) is making efforts to ramp up crude production from the West Karoun oil block at the Iran-Iraq border, which is lagging behind schedule, PEDEC chief executive said.
"West Karoun, with 13 oilfields, enjoys top priority since the block's in-place oil reservoir is estimated to be about 67 billion barrels," Touraj Dehqani was also quoted as saying by Shana.
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Producers of diapers now have to purchase the foreign exchange required for importing some of their raw materials through the Forex Deals Integrated System (known by its local acronym Nima).
Rates are closer to market rates at Nima, whereas previously they were entitled to foreign exchange at subsidized rates. This, according to the director general of the Ministry of Industries, Mining and Trade’s Chemical and Cellulose Industries Bureau, has caused problems for the diaper sector.
Parvin Nabati also called on related officials to avoid imposing restrictions on the import of raw materials and ease customs clearance procedures so that domestic diaper production can continue, IRNA reported.
Recently prices of diapers and sanitary pads have surged, as the market is facing shortage of these products.
More than 20,875 tons of sesame worth over $30 million were imported into Iran during the first four months of the current Iranian year (March 21-July 22), latest data released by the Islamic Republic of Iran Customs Administration show.
The biggest exporter of the oilseed to Iran over the period was Pakistan with 10,751 tons worth over $15.37 million, followed by India with nearly 3,620 tons worth $5.63 million, ISNA reported.
Pakistan and India jointly accounted for more than 68% of Iran’s sesame imports.
Iran has a shortage of about 100,000 tires in its road transportation fleet, trucks in particular, a deputy minister of roads and urban development said.
Abdolhashem Hassannia added that the ministry’s authorities have been informed about the shortage on many occasions, yet no measures have been taken to date, the news portal of the Ministry of Roads and Urban Development reported on Monday.
“There are more than 340,000 trucks, buses and minibuses plying Iranian roads and if the issue is not sorted out, road transportation will suffer,” Hassannia, who doubles as the head of Road Maintenance and Transportation Organization of Iran, said.
Airlines have recently voiced concerns about their future operations, underscoring their most serious problems in a letter to President Hassan Rouhani.
Just like other economic sectors in Iran, the aviation industry, particularly airlines, have experienced problems with the depreciation of national currency. The Iranian rial has lost 67% of its value against the US dollar in the open market since January 2018.
The surge in plane ticket prices started earlier this month when the government announced it would stop supplying foreign currency at the subsidized rate of 42,000 to airlines and that the companies have to obtain their needed foreign currency at rates set in the Forex Deals Integrated System (known by its local acronym Nima). This rate is closer to open market rates.
More than 2.31 million tons of goods worth $1.16 billion were exported from the western Kermanshah Province during the first five months of the current Iranian year (March 21-Aug. 22), registering a 52% and 28% growth in tonnage and value respectively compared to last year’s corresponding period.
According to Director General of Kermanshah Customs Administration Khalil Heidari, the exports, including home appliances, detergent, tile, tomato, evaporative coolers, plastic bags and ice cream, went to 35 countries, IRNA reported.
Iraq takes the lion’s share of Kermanshah’s exports. The Iranian province annually exports $2 billion worth of commodities to the neighboring country.
Iran traded 132,768 tons of non-oil commodities worth $54.31 million with Armenia during the first four months of the current fiscal year (March 21-July 22). This marks a 24.48% and 24.79% increase in tonnage and value respectively compared with last year’s corresponding period, the latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Armenia stood at 131,504 tons worth $49 million, up 28.04% and 29.88% in tonnage and value respectively year-on-year. Armenia was Iran’s 25th export destination during the period. Iran mainly exported machinery, monocular cameras and pistachio to Armenia during the period. Armenia exported 1,263 tons of goods worth $5.31 million to Iran, down 68.02% and 8.33% in tonnage and value respectively YOY. Armenia was the 62nd exporter of goods to Iran over the four months. The imports mainly included sheep, vehicles and diesel engines.
In a letter to the Islamic Republic of Iran Customs Administration’s Export Affairs Bureau, the Ministry of Industries, Mining and Trade announced that sugar export has been banned.
The decision was made by the Market Regulator Taskforce, Mehr News Agency reported on Monday. The report failed to mention the government’s reasoning for taking this measure.
“More than 2 million tons of sugar were produced in Iran in the last Iranian year (ended March 20, 2018) to set a record in the past 123 years,” the secretary of Iran’s Sugar and Sugar Cube Factories Guild Union said.
“More than 8 million tons of beetroot were produced last year, from which more than 1.14 million tons of sugar were extracted.
Secretary-General of the United Nations International Maritime Organization Kitack Lim will visit Tehran to attend a ceremony to mark the 70th anniversary of the establishment of the organization on Sept. 8, the deputy head of Ports and Maritime Organization of Iran said on Monday.
“The event will be a turning point in Iran’s maritime industry, reflective of Iran’s placement among top 20 maritime and ship-owning countries,” IRNA also quoted Hadi Haqshenas as saying.
With 173 member states and three associate members, IMO is the United Nations specialized agency with responsibility for the safety and security of shipping and prevention of pollution by ships.
Abdolnasser Hemmati, the governor of the Central Bank of Iran, on Monday officially appointed Farhad Hanifi the new deputy for supervisory affairs. He replaces Farshad Heidari who was selected as the new head of the Iran Banking Institute the same day. According to a statement published by CBI on its official website, Hanifi has extensive experience in the Iranian financial and banking sectors. He was the chief executive of the National Development Investment Group affiliated with Bank Melli, served as the deputy chairman of the board of the private Eghtesad Novin Bank, was a board member of the private Parsian Bank and acted as the advisor to the CEO of Refah Bank. Hanifi has a PhD in financial management.
The research arm of Iran’s Parliament has dedicated its latest analytical study to virtual currencies, once again calling for calculated and well-assessed regulations to employ them in the economic cycle of the country.
In the study published on the official website of Majlis Research Center on Sept. 2, the think tank called for regulatory measures that include anti-money laundering probes, taxation and stock market regulation of virtual currencies as viable financial instruments.
This is the second study by the parliamentary entity in two months. It had previously published another study on July 20, calling on a host of top decision-making bodies to join forces and employ the potentials of digital money and blockchain technologies through constructive regulations to foster the economy and circumvent US sanctions.
The foreign exchange market intensified its rally on Monday, with the rial dropping to new lows against most major currencies.
According to reports from currency exchange houses and the unofficial market, the US dollar traded at 128,500 rials.
On the website Sana, which reports the average exchange rates from the exchange bureaux, the exchange rate was 98,292 rials. Sana's exchange rate tends to tilt toward the secondary market rate that is lower than the physical trade rate.
Shaparak Company, the Central Bank of Iran’s arm for operating the country’s payment network, on Saturday signed an agreement with six major fintech firms– the first such firms to work within CBI’s new legal framework.
The Ninth International Beverages, Coffee and Tea industry Exhibition, also known as IBIE 2018, is scheduled to open at Tehran International Fairground on Wednesday, according to the event’s official website at Ibiex.ir. The exhibition has been organized with the aim of expanding international relations, boosting exports, promoting the culture of using standard beverages, upgrading related industries, promoting quality and quality, transferring up-to-date technology and know-how to local businesses, and creating jobs. The event will be hosted by companies active in the fields of beverages, fruit juice, coffee, concentrate, additives, raw materials, packaging and facilities. The four-day event will conclude on Sept. 8.
Constant changes in the prices of goods and services have become a new normal in the past several months.
Retailers charge you more for the same item you bought as early as yesterday on the pretext that the US dollar’s value has gone up.
The rise in the prices of locally-made products is no less than that of imported goods. Agricultural products, fruits in particular, are among items with ever-shifting prices these days.
In the Iranian month Mordad (July 23-Aug. 22), the highest price hikes among food products were registered for apple with 38.6%, oranges with 29.8% and chicken with a 28.7% rise compared with the previous month.
No price decline was registered for the month, according to the latest report by the Statistical Center of Iran.
Director General of Iran Small Industries and Industrial Parks Organization Sadeq Najafi and South Korea’s Deputy Minister of SMEs and Startups Choi Su-gyu signed a memorandum of understanding on Aug. 31 for increasing cooperation on small and medium-sized enterprises, according to the official website of the Korean ministry, www.smba.go.kr.
The MoU was signed during Najafi’s visit to Seoul to attend the Seventh Korea-Iran Technology Exchange Conference, IRNA reported.
Tehran Stock Exchange’s main index gained 1,579.95 points or 1.18% on Sunday to end trading at 135,256.1.
About 1.94 billion shares valued at $48.76 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Persian Gulf Transportation Company was the biggest winner, as its shares went up 8.42% to 8,071 rials per share.
The Exhibition of Cooperatives opened at Tehran’s Olympic Hotel on Monday in the presence of deputy minister of cooperatives, labor and social welfare, Hamid Kalantari.
Some 80 Iranian cooperative firms are showcasing their products and services in the three-day event, IRNA reported.
The share of cooperatives sector in Iran’s gross domestic product stands at around 6%.
Kalantari said 74 trillion rials ($755 million) were paid in loans to cooperatives last year to support their activities.
Eager to contain the mounting public outrage over the recent car price hikes, the hard-pressed Industries Ministry has decided to shift the focus to aggravating factors closer to home, especially the distribution network.
For years the auto market has suffered from the presence of dealers who purchase vehicles at factory prices and sell to the public on the free market at much higher rates.
Amid the manifold factors contributing to the current exorbitant prices from the reimposition of US sanctions, the plummeting value of the rial, defective government import and industrial policies, dealer’s meddling in the market and the jump in prices of raw materials, the only long-ignored and controllable aspect seems to be the dealers’ role in bottlenecking the supply of factory-priced vehicles to the public.
Iran’s intended contributions to help reduce greenhouse gas emissions under the United Nations Framework Convention on Climate Change contain multiple defects which are likely to have irreversible consequences for the country in the future, an energy expert said.
Iran, along with around 190 other countries, submitted its Intended Nationally Determined Contribution to UNFCCC ahead of a universal climate change agreement which was reached at the UN climate conference in Paris in December 2015.
The Paris Agreement is set to take effect in 2020 with the long-term goal of keeping the increase in global average temperature to well below 2° C above pre-industrial levels.
INDC is a document that outlines each individual country’s action plan to achieve the worldwide goal.
As part of a plan to renovate the ageing commercial transportation fleet, a sum of €1.4 billion ($1.6 billion) has so far been allocated to replace 35,000 dilapidated vehicles with new ones.
There is no more available capacity to implement new water supply schemes in the capital and the only viable strategy is to manage the demand, a water expert at Tehran Regional Water Authority said.
Reportedly, water consumption in Tehran is annually equal to 4.8 billion cubic meters, comprising household (35.1%), agriculture (56.1%) and green space (6.5%), in addition to industry and service sectors (2.3%).
According to the deputy for planning and development at Tehran Regional Water Authority, the share of the capital from the dams under the management of TRWA has been determined at about 1 bcm per year, Zist Online reported.
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