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Focusing on energy swap operations in the Caspian Sea is much more cost-effective than extracting oil and gas from its deepwater hydrocarbon deposits.
According to ISNA, although the National Iranian Oil Company is experienced enough to tap into offshore reserves, mostly located in the Persian Gulf, it is still deprived of the cutting-edge technical know-how to do drilling at a depth of 1,000 meters.
Reportedly, the cost of producing oil in the Persian Gulf is guesstimated to stand at $9 per barrel, yet when it comes to deepwater drilling, the costs rocket up three- to four-fold, that is why energy experts, including Oil Minister Bijan Namdar Zanganeh, believe that concentrating on swap deals in the region is more economical than extracting oil and gas.
To export liquefied natural gas, Iran needs investment, modern technology and sustainable output, rapporteur of the Majlis Energy Commission said.
“Production of LNG should be sustainable so that Iran can strike deals with potential customers,” Asadollah Qarekhani was also quoted as saying by ILNA on Saturday.
Qarekhani added that if companies possessing state-of-the-art technology, such as those in Russia and France, participate in Iranian LNG projects, the country will be able to indigenize the know-how through reverse engineering—a process to discover technological principles of a device or a system through the analysis of its structure, function and operation.
Oil Minister Bijan Namdar Zanganeh, in a statement issued this week, has assigned the National Iranian Oil Refining and Distribution Company with the project to build the fourth phase of Persian Gulf Star Refinery in the southern Hormozgan Province.
The prospective phase is envisaged to produce 12 million liters of Euro-5 gasoline and diesel, ISNA reported.
PGSR, which describes itself as the Middle East's largest refinery, is built in three phases. Each phase is designed to produce 12 ml/d of high-octane gasoline and diesel, as part of efforts to wean Iran away from the fuels' import.
Reportedly, the first two phases are currently active and the third has partially gone on stream, putting the refinery's daily output at 27.5 million liters.
To curtail the flaring of natural gas in fields shared with the western Arab neighbor, operations are underway to complete Azar Oilfield's gas installations, located in Anaran Block bordering Iraq in Mehran, lIam Province.
Keyvan Yar-Ahmadi, who oversees the field's development at the Petroleum Engineering and Development Company (PEDEC), made the statement on the sidelines of the 15th Joint Management Committee for Azar Oilfield development, the National Iranian Oil Company's news portal reported on Saturday.
According to the official, permanent gas processing units are expected to be established by March. Moreover, the installation of 130 kilometers of new pipelines to Dehloran Gas Refinery in Ilam Province is about to be completed.
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Iran's machine-made carpet, moquette and flooring industry depends largely on imported raw materials and machinery.
Given the worsening state of the economy, chaotic currency market and unstable financial and banking regulations, producers are dealing with multiple challenges originating both from inside and outside the country. The future of the industry, at best, seems gloomy and companies, more than ever before, seem to be left to their own devices.
Iran exported 3,209 tons of shampoo worth close to $5.75 million during the first four months of the current Iranian year (March 21-July 22), based on the latest figures released by the Islamic Republic of Iran Customs Administration. The main export destinations for Iranian shampoo during the period were Iraq and Afghanistan, ISNA reported. A total of 2,664 tons of shampoo worth nearly $6.66 million were imported into the country during the same period. Turkey and Germany were the main exporters.
The share of domestic manufacturers in the production capacity of stationery products has increased from 20-40% over the past two years, the head of Stationery and Engineering Equipment Sellers Union, Mousa Farzanian, said.
Referring to the long process of raw material imports as one of the main concerns of producers these days, Farzanian told Mehr News Agency that, for example, while production of pencils is dependent on wood imports, it takes several months for traders to import wood. “The country needs 360,000 tons of stationery paper, of which 50% have been supplied,” says Mohammad Reza Kalami Bajestan, director general of the Economic Affairs and Commercial Policies Office with the Ministry of Industries, Mining and Trade. Domestic producers can only make 50 million notebooks of up to 140 million notebooks needed for the new school year, which starts on Sept. 23, he added.
The first forum on opportunities for Iranian businesspeople, producers and service providers in Eurasia’s market is scheduled to be held on Sunday at the Islamic Republic of Iran Broadcasting Conference Center.
The one day event has been organized with the aim of surveying avenues through which Iranian economic players can enter the Eurasian market and gain a foothold, make investments and find trustable business partners there, the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
Iran is one of the most significant member states of the United Nations' International Maritime Organization and is moving toward the objectives of this organization, IMO Secretary-General Kitack Lim said on Saturday.
Lim was speaking during a ceremony to mark World Maritime Day and the 70th anniversary of the establishment of the organization in Tehran.
Iran traded 12.62 million tons of non-oil commodities worth $8.6 billion with China during the first five months of the current fiscal year (March 21-Aug. 22), registering a 15.63% decline in tonnage and a 4.74% growth in value compared with last year’s corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show.
Goods worth $230 million produced in the northern Mazandaran Province were exported in the first four months of the current fiscal year (March 21-July 22) to register an increase of 14% compared with last year’s corresponding period. According to Abdollah Mohajer, the head of Mazandaran Chamber of Commerce, Industries, Mines and Agriculture, the increase is mainly because of the rising number of its export destinations, especially India and Italy. Mohajer noted that one-third of Mazandaran’s exports has headed to Iraq in recent years, IRNA reported.
A part of banking hurdles facing Iranian citizens in South Korea have been resolved, as Woori Bank officials reassured that they are ready to “offer all banking services” to Iranian citizens across all branches, according to Iran’s Embassy in Seoul. “Iranian citizens can refer to any of the bank’s branches and open accounts and receive bank cards,” according to an embassy statement published by IRNA.
Members of the Iranian Parliament’s economic commission on Saturday continued reviewing articles of long-awaited reform bills targeting the country’s ailing banking system in addition to its central bank.
Two members of Majlis Economic Commission confirmed that the entity resumed the review of Comprehensive Banking Law that is a collection of four bank reform measures. The four measures include a banking plan devised by parliamentarians, the central bank reform plan, an initiative to form the Islamic Development Bank and another scheme for overhauling the country’s decades-old banking laws.
President Hassan Rouhani on Saturday weighed in on foreign exchange volatility that has seen the rial sink to consecutive record lows since April, saying that the crisis has been triggered by both foreign pressure and domestic malpractices.
"Today, there is disturbance in the currency market , a part of which is due to pressures from the United States and the outside, but I declare as the head of the government that a part of this volatility has a domestic origin," Rouhani said in his latest comments on the issue at an event in Tehran to commemorate Martyr Mohammad Ali Rajaei, a former president.
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Tehran Stock Exchange’s main index gained 1,914.49 points or 1.39% on Saturday to end trading at 139,628.7.
About 2.97 billion shares valued at $52.08 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Pars Ceram Company was the biggest winner, as its shares went up 10.23% to 4,158 rials per share.
Fars Cement Company incurred the biggest loss among all TSE-listed companies and went down 3.45% to 5,311 rials per share.
The 60th Damascus International Fair opened in the Syrian capital on Thursday after a five-year hiatus with the presence of 54 Iranian companies, Iran’s ambassador to Syria said.
Javad Torkabadi emphasized that the exhibition is a great opportunity for Iranian companies to showcase their capabilities and strengthen bilateral ties with their Syrian counterparts, IRNA reported.
More than 1,700 domestic and foreign companies from 48 countries are participating in the exhibition.
Iran’s annual total-factor productivity index during the fiscal 2005-6 to 2016-17 hovered around zero, suggesting the neutral role played by productivity in the country’s economic growth.
This is while, according to the objectives of the fourth and fifth five-year development plans (2006-11 and 2011-16 respectively), productivity should have accounted for 31.3% and 33.3% of economic growth in those years.
One of several types of productivity measured in the latest report by the National Iranian Productivity Organization, such as workforce productivity increased by 3.4% (using the Iranian year to March 2012 as the base year) during the Fourth Plan.
Shalamcheh border crossing, which connects Iran’s southwestern Khuzestan Province to Basra in Iraq, is open and operating normally, Iranian and Iraqi officials said in reaction to reports claiming that the border crossing was closed following the recent unrest in Basra. IRNA quoted an informed Iranian source and an unnamed Iraqi official on Saturday as saying that any news regarding the closure of Shalamcheh is false. Angry protesters set fire to the Iranian Consulate in Iraq on Friday. Protests have been staged in the past two months against the inefficient public services and job vacancies. However, demonstrations have turned violent lately with protesters setting government buildings and diplomatic missions in Basra on fire.
Iranian car manufacturer SAIPA managed to pre-sell 50,000 vehicles in less than two days, a testament to the public’s rush to turn their cash into safe-haven assets in view of the galloping inflation.
Starting from Wednesday at 10 a.m. local time, the second largest Iranian carmaker launched an online pre-sale of 50,000 of its Pride, Tiba and Saina models through its website. All the vehicles on offer were pre-sold in less than 38 hours, the carmaker reported.
SAIPA has released interesting statistics about its sale, which suggest 63% of purchasers were male and 37% were women.
Examining the data from a province by province perspective, the data shows that the majority of buyers were from Tehran and Alborz provinces (29%).
Following Tehran and Alborz are Khorasan Razavi (9%), Isfahan (8%) and Fars (7%).
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A magnet motor production line in Isfahan Province was officially inaugurated on Thursday as part of an agreement signed between the Department of Environment, the Defense Ministry and Isfahan's Governorate on reducing environmental pollutants.
Isa Kalantari, a vice president and director of the DOE, cut the ribbon in the event which was also attended by Isfahan's Governor General Mohsen Mehr Alizadeh and a top-level representative from the Defense Ministry, the public relations at the provincial Department of Environment reported.
According to Kalantari, the project is to gradually replace the fossil-fueled vehicles with magnetic motor-powered ones in three years, in a major step toward better air quality.
Iran's Department of Environment has allocated about $200,000 for the enhancement of environmental protection infrastructures at the Golestan National Park.
The technical committee of the park's management council convened for the first time on Thursday.
DOE's deputy for natural environment Hamid Zohrabi told the meeting that of the allocated funds, $115,000 will be spent on acquiring modern equipment and completing the studies on Golestan's biosphere reserves.
"The remainder will be used to renovate park ranger facilities across the Golestan National Park," he said, as quoted by the DOE's website.
Following an international cave exploration mission that recently came to a close in Qizhalan Cave in Kermanshah Province, the geological formation was named the third deepest cave in the country.
Surena Caving Team composed of 30 cavers and researchers from Iran, Poland, Italy, Armenia and France and supported by the Italian Association of "La Venta – Esplorazioni Geografiche" carried out a 10-day exploration in Kermanshah, going 675 meters down through the shaft.
According to Yousef Soureninia, head of the team, Qizhalan Cave had earlier been explored to a depth of 450 meters, but "the current mission documented the cave as the third deepest one in the country, standing after Parau (751m deep) and Jujar (1300m deep) in the Zagros Mountains."
"Before the current explorations, Ghala cave with 559 meters of depth was the third deepest shaft in the country," ISNA quoted the expert as saying.
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