Foreign Minister Mohammed Javad Zarif said on Tuesday that the EU cannot cover up its support for terrorists that work against the Islamic Republic by imposing sanctions on Tehran over alleged planned attacks in Europe.
Foreign Minister Mohammed Javad Zarif said on Tuesday that the EU cannot cover up its support for terrorists that work against the Islamic Republic by imposing sanctions on Tehran over alleged planned attacks in Europe.
Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Wednesday the United States will face an “unprecedented" defeat in its intensified confrontation with Iran.
In a meeting with a large number of people from the holy city of Qom in Tehran, the Leader acknowledged that renewed US sanctions have put pressure on people and created certain challenges for the country but vowed that Iran will manage to get through the current situation, his official website reported.
“The Americans happily say that sanctions against Iranian people are unprecedented in history. God willing, the Iranian nation will make them suffer an unprecedented defeat,” he said in a speech to commemorate an event from the 1979 Islamic Revolution.
Hossein Jaberi Ansari, senior assistant to the foreign minister on special political affairs, left Tehran on Wednesday for Moscow to hold consultations with Russian officials on regional issues.
ISNA reported that the main topic of discussions will be international efforts to restore peace and security to the war-ravaged Arab country.
The oil market is on its way to rebalancing, and the 1.2 million barrels per day in supply cuts by OPEC and its allies will be enough to finish the job in the first half of this year, UAE Energy Minister Suhail al-Mazrouei said Wednesday.
Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when US sanctions on Iran were reimposed, trading and shipping sources said.
India has begun paying Iran for oil in rupees, a senior bank official said Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November.
The first phase of Iran’s second largest wind farm, with 50 MW power generation capacity, was launched on Monday in Aqkand village, East Azerbaijan Province.
The plant has 20 modern turbines of 2.5 MW with a permanent magnet direct-drive system, of which 12 are linked to the national grid, the state-owned Renewable Energy and Energy Efficiency Organization's (Satba) news portal reported.
The rest will be synchronized with the network by March.
Construction of the €70 million farm was undertaken by Iran's top engineering and energy enterprise MAPNA Group.
Construction of nine wastewater treatment plants will commence in south and east of Tehran Province from March, said the managing director of Tehran Province Water and Wastewater Company.
Speaking at a meeting Wednesday, Mohammadreza Bakhtiari said that the project, including expansion of network of pipes, requires $564 million in investment and is expected to be completed in five years, the Energy Ministry news portal Paven reported.
In recent years, pipe-laying operations have been carried out in different districts of Tehran to connect households as well as business and industrial sectors to the wastewater network.
Gasoline imports could likely end by September if all goes well and there is no sharp spike in domestic consumption, CEO of the National Iranian Oil Refining and Distribution Company said.
"Overall daily gasoline production, now at around 95 million liters, will exceed 100 million liters as phase 3 of the Persian Gulf Star Refinery in Bandar Abbas is gradually stabilizing at 36 million liters per day," ISNA quoted Alireza Sadeqabadi as saying.
Close to 100 million liters of gasoline is used in Iran every day, of which between five and 10 ml/d is imported.
As per an agreement signed Tuesday between Tehran Municipality, Beijing Rail Transit Technology Equipment Group Co. (RTTE) and local Pars Wagon company in Markazi Province, 367 subway cars will be added to the capital’s metro network.
The cars are to be delivered by 2022 and each wagon will cost $976,000, metro.tehran.ir reported.
Production will commence as soon as funding for imports of required parts is available. The project is estimated to cost $366.9 million.
Subway car prices vary around the world. For instance, each New York City subway wagon, built by Japan's Kawasaki Heavy Industries, was purchased in 2006 at an average cost of $2 million.
IRICA has recently introduced an emergency plan to speed up the clearance of imports and reduce the pile-up of goods at customs and ports.
The order issued by the Islamic Republic of Iran Customs Administration's newly-appointed chief, Mehdi Mirashrafi, pertained to containers accumulated at the southern port of Shahid Rajaee, IRICA’s news service reported.
IRICA says a total of 18,871 out of 42,000 shipping containers of merchandise piled up at customs terminals across the country in the nine months ending Dec. 21, 2018, have been declared abandoned.
More than 90% of the goods marked as abandoned due to complications associated with customs clearance had completed import order registration.
Close to 25,000 tons of soybeans worth $943 million were imported into Iran during the nine months to Dec.
Rules for launching an official foreign exchange market were approved by the Money and Credit Council - a top financial decision-making body headed by the governor of Central Bank of Iran.
According to the CBI website, the move seeks to organize and establish a transparent market where foreign currency will be traded in cash through an electronic platform in line with MCC regulations.
The move is another CBI effort to regulate the market long dominated by informal traders. Currency trade went underground in the spring and summer of last year when the central bank banned all currency trade outside the banking system including the certified exchange bureaux.
Tose'e Etemad Mobin, parent company of Telecommunication Company of Iran, is to issue 5 trillion rials ($46 million) worth of equity-based Ijarah sukuk on Iran Fara Bourse (an over counter market for securities and shares).
According to the Security and Exchange News Agency, 2.2 billion rent-to-own four-year bonds, each worth 2,248 rials, will be offered by IFB this week to repay TCI debts.
As Iranian businesses were reeling from the previous round of US sanctions -- scrapped as part of the historic 2015 nuclear deal -- little did they know that something more problematic was around the corner.
US’ mercurial President Donald Trump delivered on his election promise to abandon the 2015 Iran nuclear accord and re-imposed harsher restrictions on the economy.
Trump's move in May unleashed new challenges and chaos for Iran's economy with private sector at the receiving end of the Trump tantrums. The decision by international banks to stop processing Iranian transactions is reminiscent of the previous sanctions’ regime. However, this time around the Chinese, ostensibly more accommodative with Tehran in the past, opted for a tougher posture.
Adding insult to injury were the haphazard decisions and the avalanche of new regulations that made the squeeze tighter for the businesses community.
Pedram Soltani, vice president of the Iran Chamber of Commerce, Industries, Mines and Agriculture has been a vocal advocate of private sector interest.
In an interview with the Financial Tribune, Soltani recalled the draconian restrictions of the recent past and how clouds of uncertainty were gradually disappearing after the US in November granted waivers to eight major importers of Iranian oil and allowed some banks to process payments for Iran's humanitarian trade.
"Before November 4 there was a lot of uncertainty as foreign banks felt no obligation to work with Iran. But in the past months there has been some new action by these banks," Soltani said.
A total of 34.3 million tons of iron ore concentrate were produced in Iran during the nine months to December 21 to register 22% growth compared to 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 11.88 million tons of the total output (up 15% YOY), followed by Chadormalu Mining and Industrial Complex with 6.73 million tons (up 7% YOY), Iran Central Iron Ore Company with 4 million tons (up 8% YOY), Middle East Mines and Mining Industries Development Holding Company with 3.86 million tons (up 34% YOY), Goharzamin Iron Ore Company with 3.26 million tons (up 8% YOY), Opal Parsian Sangan with 2.19 million tons (up 34% YOY), National Development Co. with 1.07 million tons (unchanged), and Jalalabad Iron Ore Complex with 378,133 tons (up 47% YOY).
The First National Summit and Exhibition of Iran Steel opened at Tehran’s Milad Tower on Monday.
Organized by Iranian Steel Producers Association, the event is focused on localization, technology development and increasing provision capabilities.
Local automotive company Iran Khodro has once increased prices of several models by 30%, including the locally designed Samand, Runna, Peugeot models 405 and 206.
According to new factory price lists published on IKCO.ir, the price of Peugeot 206 has been increased from 419 million rials ($3,813) to 545 million rials ($4,957) – up 30%.
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