UN Secretary-General Antonio Guterres expressed hope that talks underway between authorities in Saudi Arabia and Iran will help to ease tensions in the Persian Gulf region.
UN Secretary-General Antonio Guterres expressed hope that talks underway between authorities in Saudi Arabia and Iran will help to ease tensions in the Persian Gulf region.
President Ebrahim Raisi said Iran’s active and effective presence in the activities of the Shanghai Cooperation Organization will certainly make its membership one of the most important developments in the history of this Eurasian alliance.
Gas supply to power plants increased by 6% in the first two months of this summer (June 22-Aug. 22) compared with the same period of last year, the head of the National Iranian Gas Company’s Dispatching Department said.
“During the two-month period, when the power stations were to work at full capacity, their gas feedstock increased so that there would be no disruption in electricity generation when the country needed it most,” Mohammad Reza Joulaei was also reported as saying by the Oil Ministry’s news agency Shana.
“The growth in gas supply to power plants occurred in the summer, which is the season for carrying out plans for major repairs and overhaul of refineries, gas transmission lines and gas pressure boosting facilities,” he said.
Oil prices rose slightly on Friday as a spill at Iraq's Basra terminal appeared likely to constrain crude supply, but remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel.
Operations to repair and overhaul thermal power plants have started, director general of the Technical Office at the Thermal Power Plants Holding Company said.
“Overhaul starts every year in September and ends in May of the following year. This year, 583 gas and steam units in 129 power plants will be ready by June to help ensure sustainable supply during peak demand,” IRNA quoted Esmaeil Namazi as saying.
THPCC oversees dozens of fossil fuel power plants with installed capacity of over 68,000 MW – the bulk of Iran's electricity demand. It is also in charge of developing 7,000 MW of gas-powered units in Shiraz, Tabriz, Kashan, Urmia and Chabahar combined cycle power plants.
Pipe-laying work to divert water from Talvar Dam in Kurdestan Province to regions in Hamedan is complete and the long-awaited plant will be inaugurated soon, managing director of Hamedan Province Regional Water Company said.
“Close to 145 km of pipelines are in place, through which 50 million liters of water per day will be transferred to Shahid Beheshti water treatment facility in the western province,” Mohammad Zarouri was also quoted as saying by the Energy Today website.
Three stations at an altitude of 600 meters have started to pump water to the region and as soon as tests are completed successfully, the residents will get piped water, he added.
The Iranian government has purchased 7.15 million tons of wheat worth 827.86 trillion rials ($2.6 billion) domestically from the beginning of the harvest season on March 24 till Sept. 14, registering a 58% rise in tonnage compared with the similar period of last year, according to CEO of the Government Trading Corporation.
“The value of this year’s purchases exceeds that of the years 2017-21, which stood at an aggregate of 812.03 trillion rials [$2.55 billion],” Saeed Rad was also quoted as saying by ILNA.
This year, guaranteed purchases started from the provinces of Sistan-Baluchestan, Kerman and Khuzestan — all in southern Iran.
A total of 177,408 tons of poultry meat were produced in Iran’s official slaughterhouses in the fifth month of the current fiscal year (July 23-Aug. 22), marking a 5% rise in output compared with the previous month.
The Islamic Republic of Iran Shipping Line Group has set a record in shipment of goods along the International North-South Transportation Corridor.
IRISL moved 27,500 TEUs weighing 337,000 tons along the corridor in the first four months of the current Iranian year (started March 21), IRNA reported.
The report noted that initially only two transit routes were defined among the ports of India, the UAE and Russia at the outset of the INSTC project, but the number of routes has increased to 14 spanning across different ports of the world over the last two months.
According to IRISL, countries of the Commonwealth of Independent States (CIS) and Russia are the main transit destinations from the shipping points; the goods will be delivered to the owners door-to-door, using the group’s facilities.
The Central Bank of Iran is giving the finishing touches to a plan to tap into the newly-developed credit instruments in trade of commodities at the Iran Mercantile Exchange.
In a meeting with CEOs of state banks, the CBI Governor Ali Salehabadi said the Productive Credit Certificate is one such instrument that would be traded at the IME next week.
Known by its Persian acronym Gam, the certificate is a market-base credit instrument that can be traded in the money and capital markets. Lenders will assist strong businesses by offering tradable credit certificates similar to LCs that can be given to suppliers of raw materials, machinery and equipment.
The Majlis Research Center (MRC), the parliament’s think tank, says the National Development Fund of Iran must resist calls for partial payment by all those who have taken out forex loans.
In a report posted on its website, the MRC said collecting forex debt has long been a big challenge for the sovereign wealth fund.
The bad situation has become worse due to the sanctions-plagued economy and huge fluctuations in currency rates in the past decades. Over the past few months forex rates have jumped to historic levels.
NDFI is independent of the government and was set up in 2011 to curb dependency on oil and save a percentage of the earnings from oil and gas exports for future generations.
The Central Bank of Iran has announced new measures to prevent banks from giving loans to related persons, head of the CBI department for banking health assessment said.
"Rules include caps on bank lending to related persons. The value of every loan paid to subsidiaries or related persons must not exceed 3% of the bank’s base capital. Moreover, the collective amounts lent to related persons must not exceed 40% of the bank capital," Ali Akbar Miremadi was quoted as saying by IBENA.
Subsidiaries and affiliated companies are considered as a bank’s related entities. However, "henceforth shareholders of the bank, affiliated companies or any person that can impact the board's decision will be seen as related entities to whom bank lending is restricted."
The government’s car scrapping plan is facing challenges, as experts demand more clarity, car manufacturers oppose their obligations and car owners remain mystified.
The government wants to get rid of millions of dilapidated cars that consume a lot of fuel and produce a great deal of pollution. But according to experts, the age and pricing of cars liable for scrappage are unclear, Donyaye Khodro reported.
Scrap cars refer to a motor vehicle purchased primarily as scrap, for its reuse or recycling.
Car manufacturers are fundamentally against participating in the scrapping of used cars. In a letter sent by Secretary of the Automobile Manufacturers Association Ahmad Nemat-Bakhsh to the Majlis Industries Commission, he referred to the Organizing Automobile Industry Law and stated that “car scrapping is not one of the duties of automobile manufacturers and the new car is not supposed to subsidize the used car”.
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