Iran and Saudi Arabia are ready to follow up Iraqi-mediated negotiations on restoring bilateral diplomatic relations, a senior Cabinet member said.
Iran and Saudi Arabia are ready to follow up Iraqi-mediated negotiations on restoring bilateral diplomatic relations, a senior Cabinet member said.
Oil prices rose as much as $1 on Friday, extending gains from the previous session, supported by hopes of a China demand boost and after data showed lower US fuel inventories following a winter storm that hit at the end of the year.
The separation of drinking water pipes from treated non-potable ones is not economically viable in large cities like Tehran, the head of the state-owned Tehran Province Water and Wastewater Company (Abfa) said.
“Such a project requires laying at least 9,000 kilometers of new pipelines that is neither plausible nor economical,” Mohammad Reza Bakhtiari was also quoted as saying by ISNA.
The official declared that Abfa has no plans to separate drinking water pipes from non-potable ones, adding that reclaiming surface and groundwater resources in the capital city is more viable than establishing a new network to distribute treated and non-treated water.
The methanol production cost in Marjan Petrochemical Plant has declined by about $625,000 per month by renovating the current burners of furnaces and installing new burners at the methanol production unit, a faculty member at the Faculty of Mechanical Engineering of the University of Tehran said.
“The achievement is the result of the work of researchers of the Faculty of Mechanical Engineering in modeling, optimizing and designing primary burners to provide the heat energy required for the endothermic reaction of methanol production from natural gas in the petrochemical industry,” Alireza Jalali was also reported as saying by the Oil Ministry’s news service.
“Considering the importance of exercising the accurate control of heat in different parts of reactors, burners are one of the main tools in advancing the goals of petrochemical units,” he added.
The executive operation of the project to transfer water from the Aras River to urban and industrial regions in northwest Iran has started on Wednesday.
The project started with pipe-laying in the village of Zal, located 20 kilometers from Iran’s border with Nakhchivan Autonomous Republic of Azerbaijan, ILNA reported.
The project is mainly aimed at providing water to 1.75 million people living in Tabriz, capital city of East Azarbaijan Province and Iran’s sixth largest city, and towns and villages around it by 2026.
The Ministry of Industries, Mining and Trade has announced plans to invest $15 billion over the next five years for boosting its copper production.
Iran aims to raise the production of the strategic metal from the current level of 280,000 tons of copper cathodes per year to 1 million tons.
Minister of Industries, Mining and Trade Reza Fatimi-Amin has been quoted as saying by the ministry’s website that the investment plan would have a significant impact on the country’s copper exports.
Currently valued at $1.7 billion per year, the exports will see a dramatic jump to more than $10 billion, he added.
The Islamic Republic of Iran Shipping Lines has ordered a new cargo vessel from Russia to operate from Russia’s Caspian Sea port of Solyanka.
This will help develop cargo trade between the two countries, PortSEurope wrote, adding that the order marks a further development in commercial relations between Russia and Iran.
A contract to build the general cargo vessel with a capacity of 200 containers was signed between Russian ship construction authorities and Solyanka Port officials, Fars News Agency reported on Wednesday.
CEO of the Islamic Republic of Iran Shipping Lines Group Mohammad Reza Modarres Khiyabani said during the signing ceremony that the ship is scheduled to be constructed within nine months.
Iran is planning to accept more female students from Afghanistan at the University of Tehran.
The Agriculture Ministry has raised customs duty on onion export from 50% to 100% to lower prices in the domestic market.
The measure comes as onion registered the highest month-on-month price rise for a food item in the ninth month of the current Iranian year (Nov. 22-Dec. 21) with 25.4%, latest data released by the Statistical Center of Iran show.
Onion was sold for 158,866 rials (38 cents) per kilogram in the month under review.
South Korea's Trade Minister Ahn Duk-geun met with Iran's top envoy to Seoul on Thursday for talks on ways of boosting trade of humanitarian items and the overall economic ties, Ahn's office said.
Local businesses and producers continue to suffer from fluctuations in foreign exchange rates against the rial as well as a decline in the purchasing power of customers and shortage of raw materials, the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture said in a new report on the Purchasing Managers' Index.
According to a new report, PMI settled at 49.14 in the ninth month of the current Iranian year (Nov. 22-Dec. 21) from 47.39 registered in the previous month, indicating a 1.75-point or 3.69% increase.
The change in PMI suggests that the recession gripping the economy remains in effect, albeit at a less steep pace.
Iran’s sovereign wealth fund, known as the National Development Fund of Iran (NDFI), is worth more than $147 billion, a deputy head of the fund said.
Since inception in 2011 the fund “$122 billion in loans/credit was to the private and public sectors,” Alireza Saleh was quoted by the Iranian Bank and Economy News Agency (IBENA) as saying on Thursday.
In 2022 the NDFI started investing in financial and monetary markets as it slowly shifted its focus away from lending to major development projects and businesses, Saleh said.
The governor of the Central Bank of Iran Mohammad Reza Farzin held talks in Qatar on Thursday in the framework of plans to promote banking ties with the Persian Gulf Arab states.
Heading a delegation Farzin called on the Qatar Central Bank chief Sheikh Bandar Bin Mohammed Bin Saoud Al-Thani in Doha. The two sides explored banking and financial ties between the two neighbors and ways to build interaction, the CBI website reported.
"Expanding banking and monetary relations between the two countries and starting currency swap schemes” can and should help achieve the set targets," the newly-appointed CBI boss was quoted as saying. NO details were avialble.
Banks' Coordination Council and the Association of Private Banks and Credit Institutions issued a joint statement on Thursday stating that they will abide by the Central Bank of Iran's rules on interest rates.
Bank CEOs met with senior CBI officials Thursday and pledged that “no bank would offer higher rates from Saturday”, the CBI website reported.
The belated agreement comes after the CBI warned lenders to play by the rules on interest rates or face prosecution. In a notice seen on the CBI website, the regulator said Wednesday that despite earlier warnings its investigations found that some banks resort to dubious ways to attract big money by offering higher rates on deposits and outdo other lenders.
Banks were the only buyers of government bonds in the last weekly auction held on Wednesday.
Auctions are held by the Central Bank of Iran on behalf of the Economy Ministry to raise funds for the government’s deficit spending.
Buyers of the debt normally are banks, credit institutions, investment funds and institutional investors. The 33rd auction barely generated 10,117 trillion rials ($24.9 million) from banks and credit institutions in the absence of retail and institutional investors.
The number of products and equipment based on nanotechnology in Iran has increased sixfold in a nine-year period, according to the latest data released by the Nanotechnology Development Headquarters of the Vice Presidency for Science and Technology.
The headquarters monitors the nanoscale of products and issues permits, which show nano-based products and equipment have increased from the fiscal 2013-14 to 2021-22.
A total of 1,376 nanotech devices and equipment have been produced by domestic companies, the news portal of the vice presidency reported.
Statistics released by the headquarters indicate that until the end of the ninth fiscal month (Nov. 22-Dec. 21, 2022), nano products of 271 companies had public use and nano equipment manufactured by 64 firms had industrial applications.
A surge in the cost of most food commodities last year, as the disruption caused by Russia's invasion of Ukraine raised concerns of shortages, sent the UN food agency's average price index to the highest level on record.
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