Europe’s effective measures to compensate for the suspension of Iranian banks’ access to the SWIFT financial messaging system will prove its determination to protect Tehran’s interests in the face of US sanctions, a lawmaker said.
Europe’s effective measures to compensate for the suspension of Iranian banks’ access to the SWIFT financial messaging system will prove its determination to protect Tehran’s interests in the face of US sanctions, a lawmaker said.
Foreign Minister Mohammed Javad Zarif has dismissed his American counterpart’s starvation threat, stressing that Iran will survive and even advance despite Washington’s sanctions.
Iranian and Brazilian officials have called for concrete steps to help increase the volume of bilateral trade, saying that it will help strengthen ties between the two friendly countries.
“There is potential for expansion of trade between the Islamic Republic and Brazil, and there should be more focus on the industrial and agricultural sectors,” Parliament Speaker Ali Larijani told Fernando Affonso Collor de Mell, a Brazilian senator and former president, in a meeting in Tehran late on Saturday, ICANA reported.
Forecasts of a more extended November cold snap across the US sent natural gas prices to a near two-year high, as investors worry about rising demand at a time when supplies are at the lowest level to start the winter heating season in 15 years.
A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi said on Sunday.
Prior to implementing the much talked about gasoline rationing system, Iranian people will be informed about the details, a government official said.
"Nobody should be kept in the dark about new plans…The more the people are kept abreast, the better the scheme can be managed," the official was quoted as saying by Tasnim. He spoke on the condition of anonymity.
A workable consensus on unsubsidized fuel prices, on which there will be no limitations, is unlikely because there is no unanimity among the lawmakers and the executive branch, he said.
Not purchasing any oil from Iran for four consecutive months was not Seoul’s choice, it was indeed part of a strategy “premised on sagacity” to be able to win waivers from the United States, Ryu Jeong-hyun, South Korea’s ambassador to Tehran, told Shana on Saturday.
"My government was fully aware of the importance of importing Iranian crude oil for private refiners. For this reason we started lengthy negotiations with the US simultaneous to pressuring private oil buyers to cut their import from Iran," Ryu said.
Tabriz Petrochemical Company in East Azarbaijan Province will be connected to the West Ethylene Pipeline, a 1,200km pipeline that runs from Asalouyeh in the south to West Azarbaijan Province in the northwest, within five months, the TPC managing director said Saturday.
The pipeline will help the company increase annual output capacity to 1.5 million tons by 2022, the Association of Petrochemical Employers' Union reported Siavash Derafshi as saying.
India's payment system with Iran is being relaxed further for basmati rice exports. This comes after the US allowed India to continue importing crude oil from Iran and develop Chabahar Port.
Forty Iranian companies active in the field of construction have signed a contract to participate in the biggest industrial park of Oman in a move aimed at strengthening bilateral ties that have warmed in recent months.
Reports indicate that 3.23 billion bonds worth 15.93 trillion rials ($111.05 million) were traded on farabourse markets in 668,000 deals during the past trade week (November 3-6), registering 2% and 4% decline in volume and value compared to the week before.
Trading at Tehran Stock Exchange and Iran Fara Bourse starts on Saturday and ends Wednesday. Last Wednesday, Nov. 7, was a public holiday in Iran.
The rial has been keeping relatively steady since the reimposition of US sanctions last week, a fact reflected in official comments in Tehran that much of the impact of the sanctions have already been baked in.
On Sunday the national currency gained slightly against the dollar with the exchange rate falling below the support level of 140,000 rials. The rial was traded at 161,000 rials to the euro down from the previous day's 164,000.
The second offering of crude oil on Iran Energy Exchange saw booming business as traders purchased all the 700,000 barrels of Iranian light crude on offer.
At 2:37 pm local time, three bids were made on IRENEX with the highest price quoted at $57.34 per barrel, against National Iranian Oil Company's base price of $71.59. NIOC lowered its base price first to $67.1 and then to $65.22 and finally to $64.97 per barrel, wire services reported. It was after that the traders made bids and bought two cargos at $64.97 per barrel, one containing 245,000 barrels and the other 210,000barrels.
Major Iranian steelmakers exported a total of 3.88 million tons of semi-finished and finished steel products during the first seven months of the current fiscal year (March 21-Oct. 22) to register a year-on-year contraction of 3%, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
The mills shipped out 364,215 tons of steel during the seventh month of the year (Sept. 22-Oct. 22), which signified a downturn of 17% compared with the same month of the year before.
The point-to-point inflation rate of Iran's housing sector was significantly lower than that of other sectors during Mehr, the seventh month of the current Iranian year that ended on Oct. 22, recent data released by the Central Bank of Iran show.
Figures disclosed by the monetary regulator on its official website indicate that point-to-point inflation reached 36.9% during the aforesaid month.
The overall Consumer Price Index (using the Iranian year to March 2017 as the base year) stood at 148.4 in Mehr, indicating a 4.6% increase compared with the previous month.
A researcher team at Khajeh Nasir Toosi University of Technology has developed a smart water meter that can renovate the water supply network.
The smart meters have been designed with assistance from the university’s Academic Center for Education, Culture and Research. The center’s chief Mohammad Khodadadi said similar devices are being used around the globe. “However, this is the first time an Iranian team has been able to produce smart meters independently,” ISNA quoted him as saying.
The devices employ ultrasonic technology for measuring water flow rate and consumption. Contrary to the mechanical models, ultrasonic meters have no moving parts; this means that they are unaffected by wear and tear and maintain precision throughout their lifetime.
As per an agreement between the Vice Presidential Office for Science and Technology and the Central Insurance company of Iran (CII), assistance of startups and knowledge-based firms are to be enlisted to revitalize the gradually expanding insurance industry.
In recent years hundreds of startups and knowledge-based companies have opened in Iran and some are offering insurance services, namely Bime Click, Bime Bazar, Bimito, and Fast Bime.
Iran was one of the top five origins that sent a considerable number of tourists to Georgia during the first 10 months of 2018, according to a Georgian official.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018