It is important that the people of Afghanistan experience true peace after years of war and conflict, and the solution to this problem is intra-Afghan negotiation, President Hassan Rouhani said.
It is important that the people of Afghanistan experience true peace after years of war and conflict, and the solution to this problem is intra-Afghan negotiation, President Hassan Rouhani said.
Iran has no frozen assets in China and the two countries maintain logical relations, according to a senior diplomat.
Amine pumps used in the natural gas industry in the 9th South Pars Refinery have been indigenized by domestic engineers, director of the refinery said.
"The pumps, intricate in terms of design and manufacturing and known as the ‘heart of the refinery’, are specifically used in onshore gas sweetening trains," Mohammad Mehdi Hashemi was quoted as saying by IRNA.
There are at least six gas sweetening trains in the gas processing unit and each needs two amine pumps, he added.
“The devices are used to pump amine to the contactor tower in which acid gases such as H2S and/or CO2 are removed from the sour natural gas flowing from offshore facilities.”
Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer.
Isfahan Oil Refining Company in central Isfahan Province has increased Euro-5 diesel production from two million liters a day to four 4 million liters, the company’s deputy production director said.
“Construction of a diesel treatment unit is underway at the refinery and has made 85% progress. When operational next year, it will increase diesel production in compliance with Euro-5 standard to 20 million liters per day,” Alireza Jafarpour was quoted as saying by the IRIB News Agency.
“With the launch of the project, sulfur compound in diesel will be reduced to less than 10 PPM,” he added.
A total of 1.9 million tons of sugar beet are estimated to be produced on over 34,000 hectares in West Azarbaijan Province this year, making it the biggest producer of the crop in Iran.
“In West Azarbaijan, a province with a cold climate, sugar beet is cultivated in spring and harvested in autumn. So far this year, 250,000 tons of the product worth 1.8 trillion rials [$5.7 million] have been purchased from local farmers,” Ali Eidi, agronomical affairs manager of West Azarbaijan Agricultural Organization, was quoted as saying by IRNA.
Valfajr Shipping Company, a subsidiary of the Islamic Republic of Iran Shipping Line, will resume weekly sailing of passenger ships between Hormozgan’s Bandar Lengeh and Dubai by high-speed catamaran, after an eight-month suspension.
Iran exported 99,000 tons of home appliances worth $139 million during the five months to Aug. 21.
According to Mohsen Montazeri, an official with Trade Promotion Organization of Iran, refrigerators, freezers, evaporative coolers, washing machines, water heaters, stove, television sets, blenders, electric fans for oven, furniture and dishware were Iran’s main exported products.
Iraq, Afghanistan, Oman, Turkey, Azerbaijan and Italy were among the main destinations, ILNA reported.
“A total of $243 million worth of household goods, mostly intermediate goods, were also imported during the period,” Montazeri said.
According to Hamidreza Ghaznavi, the spokesman of Home Appliances Manufacturers Union, until the last Iranian year, which ended on March 19, 2020, imports accounted for 60% of the household appliance market.
“The sudden departure of international companies from Iran’s market due to US sanctions and problems regarding the supply of raw materials are to blame for the lack of balance between supply and demand, and the rise in prices. It is about a month now that foreign currency has not been allocated to the industry and no one wants to be accountable. In addition, high quality steel sheet is needed to make home appliances, the only producer of which is Mobarakeh Steel Company. But a flawed distribution system has created more profit for the middlemen than the manufacturers,” he said.
Iran ranks 158 out of 162 countries and territories under review in Fraser Institute's Economic Freedom of the World: 2020 Annual Report, down 15 spots from 143rd in the previous year’s index.
The 2020 report of the Canadian think-tank and research firm, which employs data from 2018, shows that Iran ranked 158th in the world, among the 10 lowest-rated countries in terms of economic freedom, with a total score of 4.80 out of 10.
The degree of economic freedom is measured in five broad areas, namely size of government, legal system and property rights, sound money, freedom to trade internationally and regulation.
Iran’s ranking decreased in four areas, contributing to the overall decline. The five areas have several components and sub-components in each of them.
Iran Chamber of Commerce, Industries, Mines and Agriculture recently launched the so-called “Iranian Trade Center” in Syrian capital, Damascus, according to the chairman of Iran-Syria Chamber of Commerce.
Germany had the highest volume of trade with Iran among the 27 members of European Union in the first seven months of 2020, accounting for 41% of Iran's total exchanges with the bloc, latest statistics released by Eurostat show.
Overall trade between Iran and European states decreased by 9% to €2.64 billion during the seven months under review, €1.08 billion of which were between Iran and Germany.
Germany also recorded the highest year-on-year growth in trade with Iran among European states during the period, with 15%.
Italy was Iran's second largest partner in the green continent, though bilateral trade barely exceeds €390 million with a 29% YOY decline.
The Netherlands came third with €291 million worth of trade with Iran, which figure is 2% higher than the same period of last year.
The International Monetary Fund expects Iran's current account balance (CAB) to bounce back to the positive territory (surplus) in 2021.
Minister of Industries, Mining and Trade Alireza Razm-Hosseini has appointed Mohsen Salehinia as the new managing director of the Industrial Development and Renovation Organization of Iran, known as IDRO Group.
Tehran stocks dived deeper on Monday extending a losing streak into the fifth session amid relentless sell-off of shares by investors in panic.
Losing 51,989 points, or 3.43%, the benchmark of Tehran Stock Exchange, TEDPIX, plunged to four-month low closing the session at 1,462,283 points, the lowest since June 24.
Blue chips were hit harder as seen in the 4.5% fall in the TSE 30 Index, which tracks the performance of 30 companies with the highest market capitalization at the TSE.
Observers link the declining trend of the bourse to rumors about a decision by the Central Bank of Iran to raise interest rates. The news was neither confirmed nor denied by CBI officials but has apparently affected investor sentiment, IRNA reported citing a market expert.
The Central Bank of Iran says it has conducted the first repurchase agreement (repo) operation to implement the open market operation to regulate interbank interest rates.
Repo is a form of short-term borrowing for dealers in government bonds. In case of a repo, a dealer sells government securities to investors, usually on an overnight basis, and buys it back the following day at a slightly higher price. Repos are typically used to raise short-term capital.
In a notice posted on its website, the CBI said it has agreed to lenders’ request for short-term credit worth 8.9 trillion rials ($30 million) under repo, marking the first operation of its kind in CBI’s history. The repo operation was conducted at 22%, the highest interbank interest rate.
Currency rates retreated further from historic highs on Monday as the Central Bank of Iran intensified efforts to intervene in the chaotic market. Gold saw a similar fate.
The US dollar dropped to 309,000 rials in Iran’s open market, down 2.7% or 9,000 rials, compared with Sunday’s close.
After reaching another record high of 322,000 rials last Thursday, the greenback’s rise took a recess Sunday, bucking a rising trend that lasted for nine sessions in a row.
The Emirati dirham, a highly influential currency in Iran’s forex market, lost 1,700 rials or 2%, to reach 86,000 rials on Monday.
Decline in forex rates came amid intervention by the CBI that has started pumping currency in the market to try and put a brake on the historic price rises.
Tehran’s ailing public transportation will soon get a boost with hundreds of new buses and minibuses joining the fleet, Tehran Municipality’s deputy director for traffic and transportation affairs said.
Manaf Hashemi added that 120 buses and 130 minibuses are to join Tehran’s public transportation fleet.
“The vehicles are to be delivered by local carmaker Iran Khodro as per an agreement signed in mid-August between Tehran Mayor Pirouz Hanachi and IKCO’s CEO Farshad Moqimi,” he said.
According to Hashemi, the contract is worth 4 trillion rials ($12.5 million).
“Tehran Municipality made a down payment for the new vehicles last week and IKCO promised to start delivering buses and minibuses in a month. The first delivery of 22 new vehicles is due early November,” he added.
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