Global oil markets remain fragile due to geopolitics and production declines in several ...
Global oil markets remain fragile due to geopolitics and production declines in several ...
Some 300 electricity contracts signed between the Energy Ministry and...
Iran is starting to store oil on its fleet of supertankers again, as impending US sanctions...
Should the government seek to revive the petrochemical industry and boost its position in the global arena, it needs to consider reintegrating the key sector, an energy expert said. "An important ingredient for success in the petrochemical sector is a renewed focus on cohesion, this time enhanced by bringing back the national brand like National Petrochemical Company," Hamidreza Shokouhi also told NIPNA on Wednesday. Referring to the unrivaled potential of Iran for investment and growth in the petrochemical sector, he said that prior to the privatization of the sector in the 2000s, Iran had a key role in the sale of petrochemical products in the global markets.
The National Iranian South Oil Company, a subsidiary of National Iranian Oil Company, has made 120 industrial and civil construction projects operational in the past 12 months, an official at the state-owned company said.
“The projects include building infrastructure such as oil desalination units, pipelines and wellhead facilities, green spaces and environmental protection, roads and medical centers in Khuzestan Province,” Shapour Hatampour was also quoted as saying by NIOC’s website on Wednesday.
Referring to the eight desalination plans developed in the period, Hatampour added that NISOC has built two desalination units and three others in Ahvaz Oilfield, which accommodates five complexes, in the southern oil-rich Khuzestan Province.
Reviving the gasoline rationing system can help combat the menace of fuel smuggling, a member of Iran's Oil Product Exporters' Association said.
"The country's gasoline consumption amounts to 100 million liters per day, of which 20 million liters are smuggled to neighboring states," Hassan Khosrojerdi was also quoted as saying by Tasnim News Agency on Wednesday.
According to the official, the substantial discrepancy between fuel prices in Iran, at 7 cents, and those in neighboring countries, at 75 cents, have turned fuel smuggling into a lucrative business. Even the government’s anti-smuggling regulations, such as heavy fines, have done little to curb the illegal fuel trade.
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More than 18,285 tons of commodities were exported from Iran to Pakistan via Zahedan-Quetta Railroad connecting the two countries during the first five months of the current Iranian year (March 21-Aug. 22), which shows a 52% growth compared with the corresponding period of last year.
According to Director General of South East Railroad Company Majid Arjouni, the exported goods mainly included cement, tar, sulfur, roses and residue wax, the news portal of the Ministry of Roads and Urban Development reported.
Close to 39.14 billion rials ($936,843) worth of sunglasses were imported into Iran during the first four months of the current Iranian year (March 21-July 22), figures released by the Islamic Republic of Iran Customs Administration.
Italy was the biggest exporter with around $385,377. Other main exporters of sunglasses to Iran during the period were Spain, the UK, Portugal, France, China, Germany,
Iran imported 42,925 tons of frozen beef worth $183.18 million during the first five months of the current fiscal year (March 21-Aug. 22) to register a 3.93% and 6.78% growth in tonnage and value respectively compared to last year’s corresponding period.
Frozen beef had a 0.31% and 0.97% share of tonnage and value in Iran’s total imports during the five-month period, Mehr News Agency reported.
Iran’s total imports during the period amounted to 13.96 million tons worth $18.89 billion, down 5.82% in weight and 9.66% in value over last year’s similar period,
Iran traded 4.71 million tons of non-oil commodities worth $2.18 billion with India during the first five months of the current fiscal year (March 21-Aug. 22). This registers a 12.19% and 10.67% decline in tonnage and value respectively compared with last year’s corresponding period, latest data released by the Islamic Republic of Iran
Iranian small-sized ships will now enjoy services at Al Suwaiq Port in northeast Oman, Chairman of Iran-Oman Chamber of Commerce Mohsen Zarrabi said. After three years of negotiations, Al Suwaiq Port last week extended services to Iranian ships of less than 1,000 tons carrying food, agricultural products and construction materials to the neighboring country. According to Abbas Abdolkhani, Iran’s commercial attaché to Oman, the proximity of Al Suwaiq Port to Iran’s ports of Jask and Bandar Abbas, and Oman’s Muscat and Al Khazain would reduce trade costs between the two countries. “Iranian traders no longer need to send fruits and vegetables to the UAE’s Port of Sharjah for reexportation to Oman,” he was quoted as saying by the Trade Promotion Organization of Iran’s news outlet.
Tax revenues account for 40% of the government’s public budget, the head of Iranian National Tax Administration said. “INTA collected 366 trillion rials ($2.69 billion) in tax and duties over the first five months of the current Iranian year (March 21), registering a 10% rise compared with the similar period of last year,” IRNA also quoted Kamel Taqavinejad as saying on Tuesday. Noting that over 6,000 suspicious transaction reports and 500 shell companies were identified last year, the official said so far 1.9 million new taxpayers have been identified. Nader Jannati, the deputy head of Iranian National Tax Administration, sayid, “The issue of tax evasion in Iran is disturbing.” According to Pedram Soltani, the deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture, over 1,500 trillion rials ($11 billion) worth of economic transactions in Iran’s economy are carried out under the radar of tax system.
Days after a high-ranking official announced that Iran’s government has embraced cryptocurrency mining, another peer has said requirements are in place to develop the industry quickly. “Sales of cryptocurrency mining hardware are legal because all hardware and parts needed in this sector are employed in other sectors and currently imported by a number of computer and technical hardware companies legally,” Mehdi Mirmehdi Komijani, the head of Tehran’s Information Technology Union, told IBENA. “The sale of this type of hardware will by no means become illegal,” he added.
A member of Majlis Plan and Budget Commission said the Leader Ayatollah Seyyed Ali Khamenei has consented to the allocation of $1 billion from the National Development Fund of Iran for boosting production and employment. Ali Kazemi also told the parliamentary news website ICANA that although any withdrawal from the country’s sovereign wealth fund has to be ratified by the Majlis, the Leader has to approve it. “It now rests with the government to make that proposal through a bill or send as an amendment of the 2018-19 budget,” Kazemi said.
The global average aluminum consumption growth stands at 6% per year while the rate is 12% in Iran, according to Chairman of Iranian Mines and Mining Industries Development and Renovation Organization Mehdi Karbasian. Vehicles manufacturing with 25% has the highest share of aluminum consumption in the world, followed by building industry with 25%, packaging with 17% and electricity industry with 12%, IRNA reported. IMIDRO is planning to launch the construction of two factories: an alumina powder factory in the Parsian Special Economic Energy Zone in Bushehr Province with a production capacity of 800,000 tons per year, in addition to another factory for aluminum rolling at Lamard Special Economic Zone in Fars Province with a production capacity of 160,000 tons per year.
Terminal 2 of Larestan International Airport located near the city of Lar in Fars Province's Larestan County was inaugurated on Tuesday, the Ministry of Roads and Urban Development's news service reported. The opening ceremony was held in the presence of Managing Director of Iran Airports Company Rahmatollah Mahabadi, Iran's Parliament Speaker Ali Larijani, Governor General of Fars Province Esmaeil Tabadar and Larestan's representative in parliament, Jamshid Jafarpour, among other officials. The project took four years to complete and cost over 600 billion rials ($4.41 million). "The new terminal will add 6,000 square meters to the old terminal area," Mahabadi said during the ceremony. In addition, 80 billion rials ($588,235) were spent by Iran Airports Company to preparing the outside area of the terminal. Earlier on Aug. 29, Larestan International Airport started operating flights to Muscat, the capital of Oman. Kish Air operates Larestan-Muscat flights on Wednesdays.
Share trading on Wednesday started with a bang, as Tehran Stock Exchange’s main index made a 6,000-point jump in the first hour of the trading day alone, exceeding 155,000 points by the end of the day to register a historic high. By the end of the trading day, TEDPIX had gained 6,483.46 points or 4.36% to end trading at 155,061.1 while Iran Fara Bourse’s main index IFX ended up 75.28 points or 4.44% to close at 1,771.25.
In a statement published on SAIPA-Citroen’s website, the joint venture between the French automotive firm and its Iranian partner once again reassured customers that the presold C3 cars will be delivered.
In an initial offering on May 16, SAIPA-Citroen pre-sold 2,000 units of its small city hatchback C3s in Iran. The vehicles were to be delivered in August; however, seemingly bottlenecked auto parts imports have hampered the JV’s production lines.
In a bid to expand its market and hoping to gain a competitive edge in Iran’s saturated transportation sector, one of the country’s leading startups, Tap30 has introduced a real-time ride-sharing option that allows two passengers heading in the same direction to share a ride.
The second-most installed e-riding application in Iran has started offering a new service dubbed “Tap30 Line”, a service which makes it possible for a driver to pick up at most two passengers with approximately close destinations.
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In order to provide food for wildlife inhabiting Khar Touran National Park in Semnan Province, 40 tons of fodder, worth 550 million rials ($4,000), have been scattered in the area.
According to Abbasali Damangir, head of the provincial office of the Department of Environment, the measure was taken so as to compensate for the lack of food in drought-stricken areas of the park in which vegetation for animals has become rare.
A Persian leopard was captured on cameras late last week while drinking from a waterhole in Ashk Island of Urmia Lake, West Azarbaijan Province.
According to Parviz Arasteh, head of the provincial office of the Department of Environment, due to the desiccation of the lake's southern part, the land has been connected to Ashk Island, allowing the big cats into the natural habitat of another rare species, the Persian fallow deer.
"Besides leopards, wolves and jackals are also among the new guests entering the island," IRNA quoted him as saying.
An advisor to the project manager of the Chitgar artificial lake in western Tehran said the lake only drains one fortieth of Kan Creek's water, dismissing claims that it might cause the river's desiccation.
Speaking to ISNA, Hossein Hashemi said Kan Creek, which is a seasonal stream, brings an annual average of 80 million cubic meters of water downstream though it might vary year by year.
"Taking into account the conditions of the river, the Regional Water Authority had decided that 5 million cm could be withdrawn from the creek to feed the lake, so it issued a permit, but practically this amount is not supplied [at present]," he said.
Iran’s Department of Environment has presented an environmental proposal to the UN Adaptation Fund to enlist the global body’s cooperation and financial support for a bid to revive the imperiled Bakhtegan wetland in southwestern Fars Province.
The Adaptation Fund, according to its website, finances the initiatives undertaken by developing countries to adapt to climate change.
“Preserving the Bakhtegan wetland has always been at the center of the DOE’s attention. For that matter, in addition to sending the proposal to the AF, we have hired an advisor on international, national and local affairs,” Abolfazl Abasht, director of the Conservation of Iranian Wetlands Project, said in an interview with IRNA on Tuesday.
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India now holds the second largest regional share of Asia and Pacific region’s GDP based on purchasing power parity, with the country’s share going up from 14.6% in 2000 to 17.3% in 2017, according to an Asian Development Bank report on ‘Key Indicators for Asia and the Pacific 2018’.
India displaced Japan, which moved to third place after its share fell to 10.2% in 2017 from 23.1% in 2000. China is at the top with 42.7% share compared to 25.1% in 2000, Infosurhoy reported.
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