President Ebrahim Raisi on Saturday called for improved Covid preventive measures as the detection of highly transmissible Omicron subvariants stoked fears of another peak.
President Ebrahim Raisi on Saturday called for improved Covid preventive measures as the detection of highly transmissible Omicron subvariants stoked fears of another peak.
Reports of the International Atomic Energy Agency about Iran’s nuclear activities are prepared with a political approach and flout the principle of impartiality and professionalism, an Iranian lawmaker said.
Construction work has begun on the Nahavnd Solar Power Plant in Hamedan Province, the head of Iran Power Generation, Distribution and Transmission Company said.
“The 10-megawatt photovoltaic facility is being built on a 15-hectare piece of land by the private sector,” Arash Kordi was also quoted as saying by Barq News website.
Estimated to cost $15 million, this will be the largest solar farm in the region and can supply at least 10,000 households with stable power, he added.
The photovoltaic power project is expected to become operational in August 2023.
Iran’s petrochemical output during the first eight months of the current fiscal year (March-November) reached 47 million tons, indicating a 7% increase compared with the same period of last year, the production control manager of the National Petrochemical Company said.
Outlining production details, Bijan Chegeni said, “About 2.5 million tons of aromatics, 5.4 million tons of polymer products, 5.6 million tons of fertilizers and related materials, 14.1 million tons of hydrocarbon products and 19.5 million tons of chemicals were produced during the period,” the NPC’s news portal NIPNA reported.
“Of the total output, 23 million tons were produced in complexes located in Asalouyeh, Bushehr Province, 13 million tons came from petrochemical plants in Mahshahr, Khuzestan Province, and 11 million tons were produced in other regions,” he added.
Boosting the efficiency of thermal power plants by 10% can help the National Iranian Oil Company reduce fuel delivery to power stations by 25% or 25 million liters per day between November and April.
Based on data from the Thermal Power Plants Holding Company and the Iran Power Generation, Distribution and Transmission Company, power plants need 100 million liters of liquefied fuels, namely mazut and diesel to keep functioning in the five-month period, IRNA reported.
Given the Persian Gulf FOB prices for diesel and mazut ($1 per liter), the rise in plants’ efficiency can help NIOC generate at least $3.7 billion in the 150-day period in export revenues.
The less fuel is burnt, the more effectively air pollution will be tackled in metropolitan cities.
Operations are underway to develop eight combined cycle power plants equipped with the highly-efficient indigenized F-class gas turbines across Iran, director of combined cycle projects at the Thermal Power Plants Holding Company said.
“The new gas-powered units will add close to 5,000 megawatts to Iran’s current installed generation capacity that has reached 90 gigawatts,” the Energy Ministry’s news portal Paven also quoted Alireza Nasrollahi as saying.
The construction of F-class gas turbines in combined cycle power plants is on the TPPHC agenda to improve efficiency and reduce electricity waste, he added.
A total of 17.45 million tons of essential goods were unloaded at Iran’s ports of entry during the first nine months of the current Iranian year (March 21-Dec. 21), new data released by the Ministry of Roads and Urban Development show.
Corn had the biggest share of unloaded goods with 6.5 million tons to register a 1% rise compared with last year’s corresponding period, News.mrud.ir reported.
It was followed by wheat with 3.99 million tons (down 16.15%), soybean with 2.79 million tons (down 26.13%), barley with 1.81 million tons (down 31.02%), unprocessed vegetable oil with 1.49 million tons (up 6%), sugar with 1.15 million tons (up 26%) and rice with 173,328 tons (up 4%).
Last summer, Iran’s economy seemed to be on the road to economic recovery after a decade of stagnation brought about largely by US sanctions, reads a new article written by economist Djavad Salehi Isfahani. Excerpts of the writing published in Responsible Statecraft follow:
The Planning and Resources Management Department of the Ministry of Roads and Urban Development has released a report on the volume of cargo and passenger traffic via four modes of transportation during the first eight months of the current Iranian year (March 21-Nov. 21).
“Tobacco”, one of 12 groups of goods and services surveyed by the Statistical Center of Iran, registered an annualized inflation rate of 40.8% in the ninth month of the current Iranian year (Nov. 22-Dec. 21).
A total of 558,000 tons of finished steel products were imported into Iran during the first eight months of the current fiscal year (March 21-Nov. 21), registering a 5% year-on-year rise, latest data released by the Iranian Steel Producers Association show.
Iran traded 60.21 million tons of goods worth $38.51 billion, excluding crude oil exports, with the 15 neighboring countries sharing land or sea borders, during the first three quarters of the current Iranian year (March 21-Dec. 21), registering a 19.89% fall in terms of weight, but a 4.62% rise in terms of value year-on-year.
The latest data released by the Islamic Republic of Iran Customs Administration show the UAE was the main trade partner of Iran during the period with 18.04 million tons worth $17.42 billion. It was followed by Turkey with 8.37 million tons worth $8.28 billion and Iraq with 15.02 million tons worth $5.39 billion.
Exports stood at 44.54 million tons worth $18.42 billion during the nine months, registering a 22.29% and 1.78% decline in terms of weight and value, respectively.
Higher interest rates on deposits will help curb inflation under the right conditions, economic commentator Hossein Mahmoudi Asl said.
“Inflation can come down [only] if the new interest rates are in sync with inflation rates and can convince the people to keep their money in the banks,” Mahmoudi Asl he was quoted by IBENA as saying.
“What is more important though is from where the money will come from to pay the higher rates?”
At current forex rates, Iran’s capital market is worth an estimated $140 billion. This market can and will be profitable for investors if they have a long-term vision, says the CEO of Khat Arzesh Investment Consultants.
“Given that nearly 65% of companies in the currency market are export-based, increase in forex prices in the regulated market and the Nima platform, directly impacts their profit,” Farshid Zarrin Kia was quoted by SENA as saying.
Those in charge need to encourage people to make indirect investment in the stock market, he said, adding that regulation for such investment should be eased and incentives offered to attract money that otherwise flows into unhealthy parallel markets.
The government’s bond offer held by the Central Bank of Iran on Wednesday got a cold shoulder, again.
Auctions are held weekly by the CBI on behalf of the Economy Ministry to raise funds for the government’s gaping budget holes.
Buyers of the debt normally are banks, credit institutions, investment funds and institutional investors. The 32nd auction ended with no buyers, the CBI website reported.
Tehran Stock Exchange's main index, TEDPIX, lost 56,819.18 points or 3.45% on Saturday to end at 1,590,495.45. The TSE equal-weighted index followed suit plunging 2.43%. The huge losses come on the heels of rare rallies seen last week.
About 15.62 billion shares worth 87.2 trillion rials ($300.7 million) changed hands for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Parsian Electronic Commerce Company was the winningest as its shares jumped 6.87% to 3,034 rials per share.
Iran Khodro Industrial Group (IKCO) has managed to break its last year’s record by selling 458,459 passenger, semi-heavy and heavy vehicles from March 21 to Dec. 25.
IKCO also announced that this figure is 39% higher than that of last year’s 408,208 during the corresponding period, Donyaye Khodro reported.
On Dec. 21, IKCO had surpassed last year’s production record.
A total of 460,000 vehicles were produced by IKCO during the period, registering a 46% increase year-on-year.
China’s former ambassador to the United States, Qin Gang, has been promoted to foreign minister, replacing longtime chief diplomat Wang Yi, who has taken up a role at the politburo of the ruling Communist Party.
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