Russia aims to promote cooperation with Iran, including in the nuclear sector, despite the threat of US extraterritorial sanctions, Russian Deputy Foreign Minister Sergey Ryabkov said.
Russia aims to promote cooperation with Iran, including in the nuclear sector, despite the threat of US extraterritorial sanctions, Russian Deputy Foreign Minister Sergey Ryabkov said.
Foreign Minister Mohammed Javad Zarif described the draconian US sanctions as "economic terrorism", stressing that Iran has devised plans to mitigate the impact of hostile measures.
In response to the United States' hostile move to block Iran’s crude exports, closing the Strait of Hormuz, one of the world's most strategic oil chokepoints, is unnecessary despite Tehran's ability to disrupt passage through the channel, an analyst said.
"There is no doubt about Iran's capability to disrupt shipment through the Strait of Hormuz … but it is a needless move under the present circumstances, while the world is looking for solutions to mitigate the impact of American sanctions [on Iran]," Reza Nasri, a foreign policy expert, said in a recent interview with ISNA.
US President Donald Trump's administration imposed harsh sanctions on Tehran after withdrawing from the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action, last year.
The European Union’s top diplomat and the foreign ministers of France, Germany and Britain (E3) expressed regret and concern over recent US decisions against Iran's legitimate oil exports and nuclear activities.
Iran's top engineering and energy company the Mapna Group, on Sunday unveiled an advanced gas turbine used in the power, oil, gas and petrochemical sectors.
In a news briefing on Sunday, CEO Abbas Aliabadi said the new C-class MGT-40 turbine, which has high safety standards, will be sold to power stations plus oil, gas and petrochemical plants, mainly in the Persian Gulf region.
"MGT-40 is a major industrial achievement and one of the best-in-class turbines in the world. Not only does it run on natural gas, but also on LNG," Aliabadi was quoted as saying by the website Iranenergy.news.
The turbine's efficiency is plus 32% and its safety, reliability and maintainability near perfect.
Russia’s oil output will be cut by another 1 million barrels per day over the next week after its oil exports were restricted due to contamination issues.
Load on the national power load is expected to increase by 5% in the current fiscal that started in March, a deputy managing director of Iran Power Generation, Distribution and Transmission Company (Tavanir) said.
Zaman Hosseini, made the statement on the sidelines of the 9th National Electric Power Generation in Tehran on Wednesday, Barq News reported.
“The network load reached 58,000 megawatts during peak hours in the last fiscal, but is expected to surpass 61 gigawatts this summer," he noted.
Iran’s oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by US sanctions on Venezuela and OPEC-led cuts.
The plan to ration gasoline and increase fuel price has been suspended for now, spokesman for the Majlis Presiding Board told reporters on Sunday.
“The matter will be discussed at a joint meeting of the Majlis and government to find better ways of implementing the plan,” IRNA reported Behrouz Nemati as saying.
He noted that the exact date for the meeting has not been decided but it will be held “in the coming days”.
China’s natural gas consumption grew steadily in the first quarter of the current year amid the country’s fight against air pollution.
Iran recorded $4.57 billion in non-oil trade surplus with nine other members of Economic Cooperation Organization during the last fiscal year (ended March 20, 2019).
Latest data released by the Islamic Republic of Iran Customs Administration show Iran traded 19.97 million tons of non-oil commodities worth $10.89 billion with ECO member states during the period to register a 26.31% and 14.58% decline in tonnage and value respectively compared with last year’s corresponding period.
Iran’s exports totaled 17.85 million tons worth $7.73 billion during the period, indicating a 0.27% and 0.13% decrease in tonnage and value respectively year-on-year.
Imports stood at 2.12 million tons worth $3.15 billion, down 0.19% and 0.17% in tonnage and value respectively YOY.
Land under cotton cultivation will increase by 20% to stand at 80,000 hectares in the current Iranian year (started March 21), the deputy agriculture minister said.
“Cotton cultivation can create six times more jobs than wheat, four times more than corn and colza, and 2.5 times more than soybean production. Each job generated in a cotton plantation creates five jobs in related subsectors and services,” Hossein Shirzad was also quoted as saying by IRNA.
He added that the domestic textile industry needs close to 120,000 tons of combed cotton annually.
Iran’s industrial sector has slumped into contraction as the new Iranian year (March 2019-20) got underway, the latest purchasing managers’ index report of the Iran Chamber of Commerce, Industries, Mines and Agriculture’s Statistics and Economic Analysis Center shows.
It is six months now that the statistical center of ICCIMA measures the PMI in Iran, under the Farsi acronym “Shamekh”.
PMI for the first Iranian month (March 21-April 20) hit 36.38 from 55.36 in the preceding month (Feb. 20-March 20), indicating an 18.98-point or 34.28% decline month-on-month.
The drop largely resulted from reduced activities due to the Iranian New Year holidays, the report added.
Iran Chamber of Commerce, Industries, Mines and Agriculture is conducting a survey into the performance of organizations and agencies of three branches of the government (legislative, judiciary and executive) that have a hand in shaping Iran’s business environment.
An update on licensed currency exchange shops shows their number has increased from 419 in the 2017-18 fiscal to 692 in the current year that started on March 21.
Lawmakers on Sunday decided to look into the performance of the Central Bank of Iran during the past five years. The bank’s seemingly poor performance in regulating the currency market and the questionable activities of shadow banks are among the main motives behind the parliamentary move.
Moreover, the MPs want to probe the regulator’s performance in implementing monetary and banking laws, bonuses to senior bank officials and the CBI’s failure in oversight and the lending policies of banks, parliamentary news website ICANA reported.
With respect to unlicensed finance and credit institutions, head of the Majlis Economic Commission Mohammadreza Pourebrahimi says CBI negligence in overseeing the work of banks and credit institutions encouraged the lenders to pay “unusual” interest on bank deposits.
The value of exchange-traded funds stood at 254.4 trillion rials ($1.7 billion) at the end of the first month (March 21-April 20) of the current fiscal, according to the Central Securities Depository of Iran.
An ETF is a type of fund that owns underlying assets (shares, stocks, bonds, oil futures, gold bullion, foreign currency, etc.) and divides ownership of those assets into shares.
According to CSDI, there are 38 ETFs operating in the capital market. Arman Parand Mapna project fund is the largest ETF valued at 77.93 trillion rials ($517.4 million).
After seven consecutive rallies, Tehran Stock Exchange turned bearish on Sunday and its main index, TEDPIX, shed 532 points to close trading at 224,057 points and enter a correction phase.
According to the Donyaye Bourse website, the main gauge of TSE continued to soar during midday trade and briefly touched 227,000 points, before being stopped by selloff pressures in the final hours of the trading session.
Big shares contributed the most to the benchmark fall while the demand for small shares were still high.
After several rallies in recent days, the correction phase had been predicted by the analytical website.
Rocket Lab successfully launched three experimental satellites for the US Air Force on Sunday, topping the company's second Department of Defense mission in five weeks.
At a time when most Iranian startups are devising damage control strategies to weather economic headwinds caused by US sanctions, Iran’s major online package delivery firm has launched an expansion program with the support of Turquoise Partners.
AloPeyk announced over the weekend that it has forged a deal with Yaran Daryan, which owns chainstores in Tehran and acquired the latter’s online marketplace Dokan.
The startup’s CEO Mehdi Nayebi told Financial Tribune, “The move is in line with the company’s plan to introduce an online marketplace, AloMarket.”
“AloMarket is to be an on-demand online grocery shop. Unlike most Internet-based retailers in Iran, orders placed with AloMarket are to be delivered under an hour of registration,” he added.
A three-day startup weekend titled In-Tech was held at Azadi Innovation Factory in Tehran from May 1-3, mainly focusing on the participation of women in tech.
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