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Gasoline consumption in the fifth Iranian month that ended on Aug. 22 reached an unprecedented average of 100 million liters per day, forcing the National Iranian Oil Products Distribution Company to keep importing.
According to IRNA, the figure stood at 91.7 million liters per day between June 22 and July 22, indicating an 8.5% increase compared with the corresponding figure of last year (84.6 ml/d.)
Domestic consumption of the fuel hit 121.8 million liters on July 21, the highest level in a single day so far this year.
The National Iranian South Oil Company, a subsidiary of state-owned National Iranian Oil Company, signed two contracts, worth $1.2 billion, on Tuesday with two domestic companies on preventing the flaring of associated petroleum gases from oilfields in the east Karoun region, Khuzestan Province.
The signing ceremony of the contracts was attended by Oil Minister Bijan Namdar Zanganeh, Shana, the Oil Ministry’s news agency, reported.
Based on the contracts, Persian Gulf Petrochemical Industries Company and Marun Petrochemical Company will implement 32 plans to renovate and upgrade NISOC’s installations for flare gas collection in the next two and a half years, which will save 22 million cubic meters of natural gas per day.
APG is a form of natural gas found in deposits of petroleum. It is often released as a waste product and burnt off as flare gas.
President Hassan Rouhani inaugurated three major petrochemical ventures in the southern city of Asalouyeh in Bushehr Province on Tuesday, in a ceremony attended by Oil Minister Bijan Namdar Zanganeh and other officials.
According to NIPNA, the National Petrochemical Company’s official news agency, the projects, namely Marjan Petrochemical Company—aka 7th Methanol Project—in Phase 2 of South Pars in Asalouyeh, Phase 3 of Pardis Petrochemical Company and a power plant in Damavand Petrochemical Complex officially became operational.
The projects have been implemented with a total investment of $1.85 billion.
More than 4,124 tons of peanuts worth $5.43 million were imported into Iran from five countries during the first four months of the current Iranian year (March 21-July 22), the latest figures released by the Islamic Republic of Iran Customs Administration show.
China was the biggest exporter with around 3,150 tons worth $4.43 million. Other major exporters of peanuts to Iran during the period were Afghanistan, the UAE, Nigeria and India, Mizan Online reported.
Iran exported 18,239 tons of livestock feed worth $7.43 million during the first four months of the current fiscal year (March 21-July 22), latest data released by the Islamic Republic of Iran Customs Administration show.
Turkmenistan, Afghanistan, Iraq, Oman and Tajikistan were the main customers of Iranian livestock feed during the four-month period.
Iran’s trade with China amounted to $19.66 billion during the first half of 2018, registering an increase of 2.2% compared with last year’s corresponding period, Chinese ambassador to Iran said.
Pang Sen added that China’s exports to Iran stood at $8.40 billion during the six months, down 4.8% year-on-year, while Iran’s exports to China witnessed a 22.7% growth to reach $11.26 billion, IRNA reported.
China has long been Iran’s biggest trading partner.
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Seventy-five new items have been included among essential goods that can be imported by receiving foreign currency at the subsidized rate.
This has been announced by Minister of Industries, Mining and Trade Mohammad Shariatmadari in a letter to the Central Bank of Iran’s Governor Abdolnasser Hemmati on Monday.
Iran traded 185,352 tons of non-oil commodities worth $69.05 million with Georgia during the first four months of the current fiscal year (March 21-July 22). This indicates a 71.65% and 32.2% increase 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 Georgia stood at 176,312 tons worth $48.62 million, up 87.09% and 71.13% in tonnage and value respectively year-on-year. Georgia was Iran’s 26th export destination during the period. Iran mainly exported tar, pistachio and apple to Georgia during the four-month period. Georgia exported 9,040 tons of goods worth $20.43 million to Iran, down 34.22% and 14.23% in tonnage and value YOY respectively. Georgia was the 40th exporter of goods to Iran over the four months. The imports mainly included sheep, polyamide yarn and wood.
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Bank Maskan, the state-run agent bank of the housing sector, is considering the possibility of increasing the ceiling of home loans while reducing their interest rates to boost the people's purchasing power that has taken a serious hit due to recent hefty price hikes.
Abolqasem Rahimi Anaraki, CEO of the bank, announced in a press conference on Tuesday that the bank is closely watching the hike in home prices and considering a rise in its loan ceiling for better supporting real demand represented by middle or lower class Iranians.
"In this vein, proposals have been made [to the government] that we hope will be reviewed and acted on so they can compensate for a portion of recent price changes," he was quoted as saying by ISNA.
The administration of President Hassan Rouhani has accepted crpytocurrency mining as an industry that needs to be developed in Iran, the secretary of the High Council of Cyberspace said.
"Outlooks are positive concerning the issue of mining and HCC intends to establish a platform to legalize the mining of cryptocurrencies," Abolhassan Firouzabadi also told IBENA.
The official referred to mining as one of the most important branches of the virtual currency sector, which attracts many players of the cryptocurrency ecosystem.
President of Iran Chamber of Commerce, Industries, Mines and Agriculture called for the total elimination of cheap currency offered at the 42,000-rial exchange rate. Speaking at the 77th Government-Private Sector Dialogue Council on Monday, Gholamhossein Shafei said the subsidized, official currency is only serving the well-off and not the public. He proposed that instead, assistance should be offered to the needy in the form of targeted subsides. Since August 6, the government shortened the list of goods imported at the officially subsidized foreign exchange rate, although essential goods continue to receive forex at preferential rates. The latest Government-Private Sector Dialogue Council was held at ICCIMA with the Minister of Industries, Mining and Trade Mohammad Shariatmadari in attendance.
As the intense rally persists in the foreign currency market, the Central Bank of Iran issued a statement on Tuesday to assure the public that the bank's main concern continues to be provision of essential goods for the people.
Stressing that the bank will use all its capacities to meet the country's needs, the bank pledged to offer each greenback at the official subsidized exchange rate of 42,000 rials for importing essential goods.
The statement, published on CBI's website, came as the rial continued its sharp slide on Tuesday.
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The Second International Comprehensive Marine Exhibition is scheduled to open at Tehran International Fairground on Sept. 24. According to the official website of the event at Marineex.ir, the exhibition provides a platform for active players in the industry to showcase their latest products, interact with producers, traders and experts, and to negotiate agreements. The four-day event will conclude on Sept. 27. A large portion of Iran’s trade ia conducted via marine routes. Shahid Rajaee Port in the south of Iran is the country’s biggest commercial and container port.
Tehran Stock Exchange’s main index gained 2,726.03 points or 2.02% on Monday to end trading at 137,983.8.
About 3.16 billion shares valued at $60.02 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Ferrosilice Company was the biggest winner, as its shares went up 9.66% to 5,447 rials per share.
Tehran Stock Exchange’s main index gained 2,726.03 points or 2.02% on Monday to end trading at 137,983.8.
About 3.16 billion shares valued at $60.02 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Ferrosilice Company was the biggest winner, as its shares went up 9.66% to 5,447 rials per share.
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Iran’s Communication Regulatory Authority is poised to tap into the potential of the already operational Cellphone Registry Scheme to exert further control on the bullish mobile phone market, curb dealers’ profiteering practices and restrain mobile phone hoarders.
Aimed at limiting cellphone smuggling, the ICT Ministry, Islamic Republic of Iran Customs Administration, CRA and the Industries Ministry created the Cellphone Registry Scheme that bars local operators from offering services to contraband phones.
For implementing the scheme, the relevant authorities use an online database of the IMEI, or the International Mobile Equipment Identity, number of handsets which is a 15- or 17-digit code that uniquely identifies mobile phones.
According to the CRA chief, Hossein Fallah, the gathered data can be used to adopt preventive action against profiteering practices as well, Mehr reported.
He added, “Currently, mobile phones whose entries are registered are not traceable until a SIM is inserted into them.”
The 35th world conference on science parks and areas of innovation kicked off on Monday in the central city of Isfahan.
Attended by Science Minister Mansour Gholami and Vice President for Science and Technology Sorena Sattari, and Josep Miquel Pique, secretary general of the International Association of Science Parks and Areas of Innovation (IASP), the ongoing event is themed “Towards sustainable cities and communities: fostering innovation ecosystems.”
Iran's Cultural Heritage, Handicrafts and Tourism Organization will propose a package to support the tourism sector to the government next week, according to a top official. Dramatic fluctuations in forex rates and the enforcement of a round of US sanctions against Iran which have caused complications for tourism-related institutes prompted ICHHTO to prepare a plan to offer some relief to the businesses.
Although the full contents of the package are still under wraps for the tourism community, Ali Asghar Mounesan, ICHHTO head, had earlier pointed to the outline of its terms.
A memorandum of understanding was signed by the cultural body of the Economic Cooperation Organization and Kish Free Trade Zone Organization in a bid to develop tourism in the Persian Gulf resort island.
Mehdi Mazaheri, director of ECO Cultural Institute and Mohammad Ebrabim Ansari, head of KFTZ, inked the agreement during a ceremony on Monday, IRNA reported.
The accord aims to promote comprehensive cooperation in holding conferences, seminars, festivals and exhibitions, creating an active network of academic and research centers between Kish Island and ECO member countries and setting joint policies to attract more investors in tourism development projects.
Iran's Cultural Heritage, Handicrafts and Tourism Organization signed an agreement with the Labor Ministry on Monday in a move to offer support for tourism startups. The document was inked by Mohammad Moheb-Khodaei, deputy tourism at ICHHTO, and Isa Mansouri, deputy labor minister, CHTN reported. During the ceremony, Moheb-Khodaei expressed hope that the agreement will be a means to further improve plans and models for tourism development and help tap the hidden potential in the sector. "The next step after the initial agreement is to devise a detailed action plan so as to make way for the promotion of new ideas in the field," he said.
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