Malaysia’s Prime Minister Ismail Sabri Yaakob said Iran is a crucial trading partner for the Southeast Asian country.
Malaysia’s Prime Minister Ismail Sabri Yaakob said Iran is a crucial trading partner for the Southeast Asian country.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei called on the government to deliver on its promises and avoid making unattainable pledges so as not to destroy people’s hard-earned trust.
The first unit of Bushehr Nuclear Power Plant with a capacity of 1,050 megawatts is operational and the construction of two more units with the same capacity is on the agenda of the Atomic Energy Organization of Iran, in collaboration with Russia, the director of AEOI said.
“In the last seven years, about 52 billion kilowatt hours of electricity were produced by the plant and injected into the power grid of the country,” Mohammad Eslami was also quoted as saying by Bargh News.
“By producing nuclear power, we have saved fossil fuel equivalent to 85 million barrels of oil,” he added.
The development project of Nargesi Oilfield in southern Iran has been assigned to Dana Energy Company to produce 6,000 barrels of oil per day in about 40 months.
After the project’s completion, the field is expected to generate more than $500 million in revenues within two years, the Oil Ministry’s news agency Shana reported.
Almost 80% of the tools and equipment required for the project have been manufactured by domestic producers.
The National Petrochemical Company's short- and long-term goals to raise output cannot be attained unless value chain completion in the lucrative sector is accelerated with the help of local catalysts, managing director of Petrochemical Research and Technology Company said.
“Of the 87 types of catalysts used in the petrochem industry, 60 have been indigenized by PRTC, in collaboration with knowledge-based companies,” ISNA also quoted Majid Daftari as saying.
By the end of the current Iranian year [March 2023], eight more will be localized while the remaining 19 groups are expected to be developed by 2025 when Iran will no longer need to import catalysts, he added.
Iran’s mineral and mining industries’ exports to Iraq hit 21.98 million tons worth $2.59 billion in the first four months of the current fiscal year (March 21-July 22), according to a new report by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
In terms of value, steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports to the neighboring country during the period as they accounted for 63% of total shipments in value with 2.49 million tons worth $1.65 billion.
Cement with 11.59 million tons worth $227.4 million, aluminum with 35,712 tons worth $93.22 million and stones and related products with 547,192 tons worth $75.07 million were other mineral exports from Iran to Iraq during the period.
The Consumer Price Index of “health and medical treatment”, one of 12 groups of goods and services surveyed by the Statistical Center of Iran for calculating inflation, stood at 389.5 in the fifth month of the current Iranian year (July 23-Aug. 22), registering a 3.6% increase compared to the month before.
The month-on-month CPI rise marked the highest among the 12 groups under review.
The group’s annualized and year-on-year inflation rates were reported at 35.5% and 39.6% respectively.
A look at Iran’s economic history shows command pricing has been the mother of all the evils of the economy over the past half century. Here, evil does not imply financial corruption alone; it refers to moral gangrene that leads to the squandering and misuse of resources.
Government-mandated pricing policy is evident in almost all markets, but it has been one of the key causes of moral gangrene in our national economy in the past half century, economist Mousa Ghaninejad prefaced his article for the Persian economic daily Donya-e-Eqtesad with this note.
A translation of the rest of the text follows...
Around half of Iran’s 950 locomotives are out of order and, according to Minister of Roads and Urban Development Rostam Qasemi, there is a severe shortage of rail freight fleet.
“We need close to 1,000 more locomotives for our 14,000 kilometers of railroads. If this amount is procured, we can reach transit figures of up to 20 million tons per year, which can bring in more than $20 billion in revenues for the country,” Qasemi was quoted as saying by the Persian daily Shargh.
The problem, he added, is that local companies do not have the capacity to supply locomotives and the manufacture of 1,000 locomotives will take Iranian manufacturers around 15 years.
Iran and Oman traded $647 million worth of goods during the first four months of the current Iranian year (March 21-July 22) to register an 83% year-on-year growth, according to the head of Iran-Oman Chamber of Commerce.
Iran’s exports stood at $415 million, registering a 134% growth.
“Bilateral trade is expected to exceed $2 billion by the end of the current [fiscal] year [in March 2023], of which Iran’s exports are estimated to stand at $1.2 billion,” Mohsen Zarrabi was also quoted as saying by IRNA.
The Education and Human Resources Institute, affiliated with Tehran Chamber of Commerce, Industries, Mines and Agriculture, is scheduled to hold two business courses in September.
The benchmark of Tehran Stock Exchange, TEDPIX, shed 3,922.11 points or 0.27% on Tuesday to end trade at 1,441,217.10.
Unlike the market cap-weighted TEDPIX, the TSE’s equal-weighted index closed slightly above the flatline as small caps outperformed.
Retail trade dropped 13% from the session before to reach 27.24 trillion rials ($93.9 million).
The Central Insurance company of Iran (CII), the regulatory body of the industry, has agreed to revise the operative mechanism of a controversial gateway to make it compatible with startup business models.
According to Way2pay website, senior CII officials met representatives of online insurance brokers and startups as well as officials from the Vice Presidential Office for Science and Technology last week. The meeting reportedly was successful in addressing the concerns of both sides.
The website said the CII has recognized the fundamental differences in the business models of online and traditional brokers and agents and promised startups to rewrite regulations related to the gateway in a way that it supports new businesses.
After publishing the names of 20 state-owned companies for divestment, the Iranian Privatization Organization concurred that these companies face countless challenges in the divestment process.
The IPO has listed 189 government-controlled companies, including 23 listed in the stock market and 168 non-listed, Tasnim News Agency reported, citing IPO data.
Divesting most non-listed firms is irrelevant simply because of their weak finances and legal/judicial barriers, the IPO said.
Private companies in increasingly numbers are approaching the debt market for funds, managing director of the Capital Market Asset Management Company.
Mohammad Hossein Sadraee said the pace is evident in the number of applications sent for corporate sukuks.
Corporate sukuks are Islamic bonds normally issued to help non-government companies raise funds for current needs, new ventures or business expansion.
A domestic knowledge-based company has produced a simultaneous breaker that had been mainly produced by US companies until now.
The most important use of a simultaneous breaker is in reducing wastage in gas and oil pipelines, a member of the Pars Cayan Electronics Toos Company’s Board of Directors.
Zari Nosrati also told IRIB News that the export of simultaneous breaker to regional countries is possible.
Disconnecting and connecting the current in different amperages and voltage, elimination of switching noise, long life, programming five date ranges and four time intervals for each date, automatic synchronization in case of power outage, possessing a battery status indicator and allowing continuous synchronization using GPS are among the capabilities of the Iranian device.
French Prime Minister Elisabeth Borne has warned company bosses about the risk of energy rationing this winter and urged them to take steps to reduce their consumption.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018