Iran’s review of the US response to the European Union’s proposed text on the revival the 2015 nuclear deal and Tehran’s additional adjustments will continue until no sooner than Friday, according to Nour News.
Iran’s review of the US response to the European Union’s proposed text on the revival the 2015 nuclear deal and Tehran’s additional adjustments will continue until no sooner than Friday, according to Nour News.
Executive operations for the development of North and South Yaran fields in Khuzestan Province were launched on Friday with an investment of $400 million.
Nigeria is keen on expanding energy ties with Iran in a wide range of sectors, including refinery maintenance and construction operations, in addition to transferring knowledge in compressed natural gas industry.
Nigeria’s Minister of State for Petroleum Resources of the Federal Republic Timipre Marlin Sylva made the statement in Tehran on Saturday on the sidelines of a ceremony to sign a memorandum of understanding with his Iranian counterpart, Javad Owji, to import petrochemical products and technical and engineering services from Iran, the Oil Ministry’s news agency reported.
“Iranian companies are capable of implementing oil refinery projects in Nigeria. We intend to draw on Iran’s expertise in the field of CNG and converting vehicles to CNG-hybrids,” Sylva said.
The state-run National Iranian Gas Company has increased export revenues by 64% over the last 12 months, the head of NIGC said.
“NIGC received $1.6 billion of its natural gas debt from Iraq and it has raised the volume of gas exports to Turkey by 11%,” Majid Chegeni was also quoted as saying by ISNA.
Turkey buys around a quarter of its 40 billion cubic meters of piped natural gas a year from Iran.
“Close to 30 million cubic meters of gas per day are also sold to Iraq. Natural gas swap with neighboring nations, including Turkmenistan, has also experienced a 138% growth over the period,” he said.
Iranian steelmakers have suffered gas supply restrictions in winter in recent years, leading to a decline in output and at times the closure of many small- and medium-scale production lines.
Collating the lost output with the global prices of last year, Vahid Yaqoubi, the deputy head of Iran Steel Association, said the steel industry suffered $5-6 billion in losses due to the gas outage, Mehr News Agency reported.
In the winter (fourth quarter) of last Iranian year (Dec. 22, 2021-March 20), Iran faced a huge imbalance in gas production and consumption, and according to Oil Minister Javad Owji, there was a deficit of 200-250 million cubic meters of natural gas during the period. Although this imbalance did not cause outage for domestic consumers, it had remarkable consequences for large industries such as steel and petrochemicals.
“In last year’s Q4, production did not decline in some plants because steelmakers such as Mobarakeh Steel Company are strategic, but on the other hand, new steelmakers and DRI production plants that started operations in the past few years were hard hit,” Yaqoubi said.
As in previous cost-push price increases, inflation spiked three months ago following the removal of food subsidies, but in the last two months it has moderated.
Last [Iranian] month [ended Aug. 21] prices rose by under 2% [annual rate=26.3%], much lower than in June and July. Prices will moderate further if a nuclear deal is reached and sanctions ease, reads economist Djavad Salehi Isfahani’s latest post on his weblog. The full text follows:
Data from the survey of expenditures of incomes for the Iranian year 1400 [March 2021-22] published by the Statistical Center of Iran last week offers more insight into how living standards changed in 2021. Per capita expenditures in real terms increased by 7.1% in rural and 10.1% in urban areas [my calculations from the raw survey data].
“Home appliances, furniture and their maintenance”, one of 12 groups of goods and services surveyed by the Statistical Center of Iran for calculating the Consumer Price Index, registered 35.8% in annualized inflation in the fifth month of the current Iranian year (July 23-Aug. 22).
The Consumer Price Index of the group stood at 639.1 – up 2.4% against the previous month. It registered a year-on-year increase of 37.1%.
The 12 groups of the basket of consumer goods and services surveyed by the SCI include "food and beverages" with a coefficient of 26.64%, "tobacco" with 0.59%, "clothing and shoes" with 4.78%, "housing, water, electricity, natural gas and other fuels" with 35.5% (highest), "furniture, home appliances and their maintenance" with 3.93%, "health and treatment" with 7.14%, "transportation" with 9.41%, "communications" with 2.87%, "leisure and culture" with 1.65%, "education" with 1.86%, "hotels and restaurants" with 1.44% and "miscellaneous items and services" with 4.18%.
A total of 4.92 million tons of foreign goods transited from the Iranian borders during the first four months of the current year (March 21-July 22), registering a 31% rise compared with the similar period of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
“Shahid Rajaee Special Economic Zone registered the highest volume of transit among Iran’s border terminals with 1.73 million tons,” Rouhollah Latifi was also quoted as saying by IRNA.
The zone was followed by Parvizkhan in Kermanshah Province with 582,000 tons (up 141%), Bashmaq in Kurdestan Province with 448,000 tons (down 30%), Bazargan in West Azarbaijan Province with 410,000 tons (up 9%), Sarakhs in Khorazan Razavi Province with 332,000 tons (down 40%), Bileh Savar in Ardabil Province with 245,000 tons (up 88%), Jolfa in East Azarbaijan Province with 217,000 tons (up 61%), Lotfabad in Khorasan Razavi Province with 150,000 tons (up 115%), Bandar Lengeh in Hormozgan Province with 137,000 tons (up 124%) and Mirjaveh in Sistan-Baluchestan Province with 107,000 tons (up 174%).
The main index of Tehran Stock Exchange, TEDPIX, shed 5,958.24 points or 0.41% on Sunday to end trade at 1,444,086.
Sell-side pressure swept almost all shares as the TSE’s equal-weighted index, too, lost 0.4%. Unlike the TEDPIX, the index gives the same weight to all shares irrespective of their market cap.
Retail trade plunged 18% from the session before to reach 33.87 trillion rials ($116 million). About 7.11 billion shares valued at 43.33 trillion rials ($149.4m) changed hands at TSE for the day.
The Central Bank of Iran says it expects growth in the use of its recently-unveiled instant interbank transaction network, known as Pol.
Hamidreza Norouzi, the head of the Pol project, said the new system is currently processing an average of 9,000 transactions a day worth 2,170 billion rials.
"This service is offered via almost 40% of bank gateways in the country," the Electronic Banking magazine quoted Norouzi as saying.
The Majlis on Sunday began debating a controversial banking bill amid mounting concern by experts about the potential flaws that could undermine the central bank.
Backed by parliament, the bill is inclusive, dubbed the “Comprehensive Islamic Republic Banking Bill” and seeks to incorporate four key banking rules, namely Monetary and Banking Act, Law for Usury Free Banking, Management of Banking Affairs Act and the Law for Establishing Nongovernment Banks.
Lawmakers started the discussions despite persistent calls by economists and monetary experts to wait and first let a CBI-initiated bill be presented for deliberation. The latter argue that the legislature did not seek the government’s opinion in drafting the key legislation.
The Central Securities Depository of Iran (CSDI), the capital market clearing house, says 3,490 trading codes have been issued for foreign investors so far.
Most of these investors are from Afghanistan, it said. Afghans own 1,070 trading codes issued to foreign investors, accounting for more than a third of the non-Iranian codes.
The CSDI estimates investment by Afghans to be around 2.77 trillion rials ($9.5 million), according to the YJC news website.
A US appeals court on Friday upheld the decision of the Federal Communications Commission to approve a SpaceX plan to deploy some Starlink satellites at a lower Earth orbit than planned as part of its push to offer space-based broadband internet.
A domestic company has produced a plasma sterilizer needed for sanitizing medical equipment with higher efficiency.
“Plasma sterilizer uses cold plasma technology to sanitize the equipment at a constant temperature of 55 degrees Celsius in a dry place,” a member of the Dariya Danesh Barsava Company’s Board of Directors said.
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