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The National Iranian Oil Company has handed over a project to the National Iranian Drilling Company for drilling eight exploration wells in unnamed onshore fields, an official at NIDC said.
“The venture has been granted to NIDC following its participation in NIOC’s tender, held by the company’s Exploration Department,” Karamali Naderi was also quoted as saying by NIOC’s official news portal on Saturday.
Naderi added that the department is expected to confirm the process, after which the two sides will finalize an agreement.
He noted that as per plans, two heavy onshore drilling machinery, namely Fath 74 and 89 rigs, will be used to implement the project.
Tehran will not file a case with the International Court of Arbitration over Pakistan's procrastination to complete its share of Iran-Pakistan Gas Pipeline Project—aka Peace Pipeline—on its territory, Iran's deputy oil minister for international affairs said.
"Islamabad has expressed its willingness to implement the project without any foreign pressure that is why both sides are planning to resolve the issue through negotiations," Amirhossein Zamaninia was also quoted as saying by ILNA.
According to the official, talks will be held soon either in Tehran or in Islamabad.
The National Iranian Oil Company is set to assign the private sector with some 40 projects on curbing the flaring of associated petroleum gases from southern oilfields to be used in petrochemical complexes as feedstock , a senior energy official said.
“Based on initial assessments, the collective investment will range between $700 million and $2 billion,” Ruhollah Mahdavi, the head of Energy Commission at Tehran’s Chamber of Commerce, Industries, Mines and Agriculture, was quoted as saying by NIOC’s portal.
“Awaiting the Cabinet’s approval, the projects are envisaged to use the collected APG as the feedstock for petrochemical complexes,” he added.
APG is a form of natural gas found in petroleum deposits. It is often released as a waste product and burnt off as flare gas.
Iran climbed one step to rank 60th among 189 countries reviewed in the latest Human Development Index report released by the United Nations Development Program.
Notably, the country is placed ahead of Turkey (64th), Mexico (74th), Brazil (79th), China (86th), South Africa (113th) and India (130th).
Iran's HDI value for 2017, according to the report, is 0.798, which puts the country on top of the ‘high human development category’.
HDI classifications are based on HDI fixed cutoff points, which are derived from the quartiles of distributions of component indicators. The cutoff points are HDI of less than 0.550 for low human development, 0.550–0.699 for medium human development, 0.700–0.799 for high human development and 0.800 or greater for very high human development.
Tehran Chamber of Commerce, Industries, Mines and Agriculture plans to hold an educational...
The ban placed by Afghanistan Customs Department on the import of Iranian oil products, cement, steel products, tiles and ceramics is related to Farah border crossing in Iran’s South Khorasan Province only.
Secretary-General of Iran-Afghanistan Chamber of Commerce Mozaffar Alikhani added that the restrictions have been enforced to prevent violations of customs regulations in the absence of an online monitoring system between the two neighboring countries at the border terminal.
His comments came after Ali Shariati, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture, told ILNA on Saturday that the Afghanistan Customs Department has banned the import of abovementioned commodities from Iran as of Sept. 16, noting that the ban was aligned with the sanctions reimposed by the United States on Iran.
Close to 185 tons of press iron worth more than $1.13 million were imported into Iran from four countries during the first four months of the current Iranian year (March 21-July 22), data released by the Islamic Republic of Iran Customs Administration show. China was the biggest exporter with 149 tons worth $895,018. Other major exporters of press iron to Iran during the period were the UAE, Turkey and Hong Kong, Mizan Online reported.
The Energy Ministry has been appointed as the body responsible for Iran’s joint economic commissions with Russia and Germany.
This was proposed by Foreign Minister Mohammad Javad Zarif and ratified in the Cabinet meeting of Sept. 9.
Reza Ardakanian, the incumbent energy minister, will from now on chair these two commissions on behalf of the Iranian party.
A shipment of tar has been transited from Iraq to Pakistan for the first time through Iran’s railroad, the director general of the South East Railroad Company announced.
Majid Arjouni added that the shipment weighed about 10,000 tons, which was transited in covered Pakistani wagons, the news portal of the Ministry of Roads and Urban Development reported on Saturday.
Iran traded 1.27 million tons of non-oil commodities worth $642.63 million with Pakistan during the first five months of the current fiscal year (March 21-Aug. 22). This marks a 23.31% and 19.72% 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 Pakistan stood at 1.11 million tons worth $485.25 million, up 41.97% and 68.21% in tonnage and value respectively year-on-year. Pakistan was Iran’s eighth major export destination during the period. Iran mainly exported tar, liquefied propane and vegetables to Pakistan during the five-month period. Pakistan exported 156,525 tons of goods worth $157.38 million to Iran, down 36.27% and 36.61% in tonnage and value respectively YOY. It was the 22nd exporter of goods to Iran over the five months. The imports mainly included rice, pear and sesame. Pakistan and India are the biggest exporters of rice to Iran.
Iran exports $700 million worth of pastry and chocolate to more than 60 countries annually.
This was announced by Secretary of Iranian Pastry and Chocolate Association Jamshid Maghazei on the sidelines of the 17th Iran International Confectionary Fair.
Iraq, Afghanistan, Pakistan, Ivory Coast and Azerbaijan are the main customers of Iranian chocolate and pastry.
Sweets and chocolates account for 30-40% of Iran’s total food exports.
Iran's gross domestic product in the first quarter of the current fiscal year (March 21-June 21) stood at 1,676.7 trillion rials ($12.59 billion at Sanarate.ir's Sunday exchange rate of 133,132 rials per dollar).
This shows a 1.8% rise compared with last year's corresponding period, the Central Bank of Iran said in its latest report.
The economic growth reported by CBI is considerably lower compared to the rate of 4.6% in last year's Q1.
Key entities in Iran's government are preparing to officially endorse the import of hardware required to mine cryptocurrency in complementary efforts aimed at backing crypto mining to help an economy under heavy pressure.
"Necessary coordination has been done with related entities to allow the flow of hardware needed to mine Bitcoin and other cryptocurrencies," Abolhassan Firouzabadi, the secretary of High Council of Cyberspace, was quoted as saying by IBENA.
On Sept. 4, Firouzabadi had announced that the administration of President Hassan Rouhani has accepted crpytocurrency mining as an industry that needs to be developed in Iran. He said HCC intends to establish a platform to legalize crypto mining, adding that the establishment of a certified online exchange is also being considered.
A senior banking official said the steep fall in the value of rial against the US dollar has strained banks’ balance sheets by dealing a blow to their capital levels.
Kouroush Parvizian, the head of the Association of Private Banks and Credit Associations, wrote in a commentary published on the website of Tehran Chamber of Commerce, Industries, Mines and Agriculture that the forex rate surge in recent months has devalued banks’ capitals, lowering the capital of some of these banks to below $1 billion.
In the wake of the 2015 nuclear deal between Iran and world powers, which led to the lifting of sanctions, many Iranian banks started to improve their financial statements and bring their practices in line with international standards. Private lenders have been at the forefront of these efforts.
According to Parvizian, one solution proposed by Central Bank of Iran officials pertains to the merger and acquisition of banks.
The Statistical Center of Iran has published its latest figures concerning construction permits, showing that the number of permits issued increased both across Iran and in Tehran during the previous fiscal year that ended on March 20, 2018.
According to a report published by SCI on its official website, a total of 122,081 building construction permits were issued by municipalities across Iran's urban areas last year, up by 7.5% when compared to the year before.
A total of 9,316 building construction permits were approved by Tehran Municipality last year, indicating a year-on-year increase of 7.4%.
The Market Regulation Headquarters has called for the speedy import of diapers amid rising shortage of the product in the domestic market. The call also extends to the import of raw materials for diapers as well as paper production, IRNA reported. The order, ratified in the headquarters’ Saturday meeting, comes as the shortage has also caused a price hike while demand has also risen over fears of a possible supply shortage.
Iran exported 117,103 tons of copper concentrates worth $115.43 million during the first five months of the current fiscal year (March 21-Aug. 22). This was announced in the Islamic Republic of Iran Customs Administration’s latest report. China, South Korea, Philippines and the UAE were the main customers of Iranian copper concentrates during the period under review.
The Iranian government says it is providing subsidized foreign currency to importers and producers of medicines to prevent the rise in prices, as the value of rial has taken a nosedive.
“The Health Ministry, the Central Bank of Iran, Ministry of Industries, Mining and Trade and the Islamic Republic of Iran Customs Administration have been working hard to supply importers with foreign currency at the lower price of 42,000 rials,” Health Minister Hassan Qazizadeh Hashemi said.
The dollar is now being traded at above 13,000, as per Sanarate.ir.
The Iranian pharmaceutical market is under the psychological impact of forex rate swings, which intensified after the US administration’s unilateral withdrawal from the nuclear deal.
The first round of sanctions has already been reinstated.
The Islamic Republic of Iran Customs Administration has banned the export of notebooks, unprocessed and refined sugar, packaging sacks, derivative powders from milk and whey, casein, light and heavy tires, and live chicken and chicken meat until further notice to regulate the domestic market.
Minister of Industries, Mining and Trade Mohammad Shariatmadari called for the ban in a letter to the head of IRICA, Foroud Askari, on Sept. 10, IRNA reported on Sunday.
To avert any shortage of essential goods, the government has recently placed bans on their exports.
A total of 18.42 million tons of iron ore concentrate were produced in Iran during the first five months of the current fiscal year (March 21-August 22) to register a 19% growth compared with last year’s similar period.
According to the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report, Golgohar Mining and Industrial Complex accounted for 6.61 million tons of the total output, followed by Chadormalu Mining and Industrial Complex with 3.72 million tons, Iran Central Iron Ore Company with 2.26 million tons, Middle East Mines and Mining Industries Development Holding Company with 2.09 million tons, Goharzamin Iron Ore Company with 1.83 million tons, Opal Parsian Sangan with 1.83 million tons and National Development Company with 456,959 tons.
Production of granulated iron during the same period stood at 2.46 million tons, up 25% year-on-year.
Tehran Stock Exchange’s main index lost 2,408.96 points or 1.52% on Sunday to end trading at 155,710.2.
About 4.96 billion shares valued at $98.46 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Kashan Amir Kabir Steel was the biggest winner, as its shares went up 21.59% to 8,269 rials per share.
After a media frenzy over online hospitality agencies overcharging customers, the judiciary has stepped in to block access to 180 online platforms nationwide which offer travel services or sell airplane tickets.
Deputy Attorney General Abdolsamad Khoramabadi took to his channel on the local messenger app Soroush to explain why the services have been blocked.
He said the websites got the ax after the judiciary received requests from the Roads Ministry and the Civil Aviation Organization of Iran (CAO) calling for the online travel agencies websites to be blocked.
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A constitutional council has rejected a bill passed by parliament to convert Iran Cultural Heritage, Handicrafts and Tourism Organization to a ministry, citing inconsistencies with the Constitution and Islamic laws.
Under the conversion plan, ICHHTO will retain all its current duties and authorities with no expansion in its administrative structure and workforce.
The Guardians Council, which is tasked with vetting the compliance of legislation approved by the Parliament with Sharia (Islamic law) and the Iranian Constitution, has called for amendments to ICHHTO’s statute that dates back to before the 1979 Islamic Revolution.
It contends that some of the rules enshrined in the statute run counter to Sharia, which forms the bedrock of the Islamic Republic system.
The Touring and Automobile Club of Iran has pledged to increase its support for Iranian tourism businesses to help them take part in international expos in the wake of emerging troubles gripping the sector.
With the dramatic decline in the value of the rial against foreign currencies and the rising costs of touring companies, attending foreign exhibitions has become more difficult for the businesses.
“TACI will offer subsidies and other facilities to the companies active in tourism and related industries as well as handicrafts and traditional arts to enable them to promote Iran’s capacities in the world,” Ramin Afshari, head of the club said.
He also mentioned TACI’s plans to have a more effective presence in the two upcoming tourism events namely Japan tourism expo and France’s Top Resa.
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