Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei appointed Ahmadreza Radan as commander in chief of the Islamic Republic’s police force on Saturday.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei appointed Ahmadreza Radan as commander in chief of the Islamic Republic’s police force on Saturday.
Refining companies should be obliged to enhance the quality of their substandard products, namely gasoline, diesel and mazut, the head of the Board of Directors at the Iranian Oil, Gas and Petrochemical Products Exporters Union said.
“The main products of the National Iranian Oil Company do not comply with international standards as they contain a huge volume of toxic sulfur compounds that have made air pollution in large cities worse,” ILNA also quoted Hamid Hosseini as saying.
NIOC’s mazut, which is delivered to power plants as an alternative feedstock to generate electricity, contains as much as 35,000 parts per million (ppm) of sulfur, while the standard ppm should not exceed 500 ppm, he added.
“Nowhere in the world such low-quality fuel is allowed to be burnt,” he said, adding that the substandard mazut cannot be used even in ships as fuel.
Several unfinished petroleum projects worth $8 billion are scheduled to be completed by the end of the current Iranian year (March 20, 2023), the 0il minister said.
“The projects are aimed at addressing issues such as enhancing oil and gas production, boosting gas refining capacity, developing petrochemical complexes and collecting associated petroleum gases,” Javad Owji was also quoted as saying by the Oil Ministry’s news service.
Among the projects, he pointed to the final stages of development of South Pars Gas Field and said, “Phase 11 of the massive field will finally become operational before the year is out. The project will add 14 million cubic meters of gas to the country’s daily natural gas production capacity.”
Replacing old simple-cycle power stations with combined-cycle facilities will double the units’ efficiency by at least 25%, director for technical support at the Thermal Power Plants Holding Company said.
"Dilapidated power stations use 3 billion cubic meters of natural gas and 500 million liters of diesel annually and raising their efficiency will reduce their feedstock considerably," Gholamreza Mehrdad was also quoted as saying by Barq News website.
In view of the current global gas and diesel prices ($4 per cubic meters and $1.5 per liter respectively), the renovation of old plants can help generate at least $500 million in revenues per year.
“About 15% of Iran’s electricity are generated by decrepit power plants built more than 30 years ago,” he added.
The 12th Exhibition of Mineral Machinery, Road Construction and Cement is scheduled to open in Isfahan on Jan. 8.
With 7.25 million tons, rebars accounted for the lion’s share of finished steel production in Iran during the first eight months of the current Iranian year (March 21-Nov. 21), according to the Iranian Steel Producers Association.
New data on the Purchasing Managers' Index show Iranian industries remain in a slump.
The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture’s new report shows PMI for local industries settled at 51.69 in the current Iranian year’s ninth month (Nov. 22-Dec. 21), slightly down from 52.49 in the preceding month (Oct. 23-Nov. 21).
This is the seventh consecutive month the index is standing below 60.
Iran traded 506,858 tons of goods (excluding crude oil exports) worth $506.35 million with Latin American countries during the first nine months of the current fiscal year (March 21-Dec. 21), registering a 63.53% and 45.11% fall in terms of weight and value respectively compared with the corresponding period of last year, latest data released by the Islamic Republic of Iran Customs Administration show.
Iran exported goods to only 11 Latin American countries and imported from 10 of 33 countries in the region during the period.
Trade with Brazil stood at 434,336 tons (down 60.15%) worth over $380.17 million (down 26.8%), for the Latin American country to top the list of Iran’s partners in the region. It was followed by Argentina with 49,028 tons (down 81.25%) worth $84.71 million (down 76.29%) and Venezuela with 19,366 tons (down 40.46%) worth $24.24 million (down 32.94%).
A total of $382.91 million worth of goods were exported to the neighboring Iraq from the Sumar Border Terminal in Kermanshah Province’s Qasr-e Shirin County, during the first nine months of the current Iranian year (March 21-Dec. 21), registering a 3% rise in value compared with the similar period of last year, according to Behnam Deylami, a local official.
The government has earned 3,480 trillion rials ($8.73 billion) in tax income during the first three quarters of the current Iranian year (March 21-Dec. 21), according to the Economy Ministry.
“Hotels and Restaurants”, one of 12 groups of goods and services surveyed by the Statistical Center of Iran, registered an average annualized inflation rate of 73.9% in the ninth month of the current Iranian year (Nov. 22-Dec. 21) — the highest rate among the groups under review.
The group’s month-on-month and year-on-year inflation rates reached 1.5% and 78.5% respectively.
The year-on-year inflation rate was also the highest among the 12 groups surveyed.
The 12 groups of the basket of consumer goods and services surveyed by SCI include "food and beverages" with a coefficient of 26.64%, "tobacco" with 0.59%, "clothing and shoes" with 4.78%, “housing and utilities" 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%.
The Bank of Industry and Mine (BIM) said it funded some 210 knowledge-based companies and startups in the country since last year.
According to a press release posted on the BIM website, the lender paid more than 46 trillion rials ($105 million) to the knowledge based firms.
The loans went largely to meet working capital need and support companies producing exportable goods. Startups with higher job opportunities, indigenizing technologies and offering effective tech solutions were prioritized by the bank .
The supervisory body of the domestic payment network, Shaparak, said Bank Mellat acquired 17.95% of the electronic payment transactions in the calendar month to December 22.
Bank Melli and Bank Saderat ranked after with 13.52% and 11.53% share of the total transactions.
Acquiring banks are financial institutions that offer merchant accounts to businesses. The special accounts are necessary for merchants to receive debit and credit card payments directly. Acquiring banks may also be referred to as merchant banks or acquirers.
Bank Sepah, Bank Keshavarzi and Tejarat Bank were the other big names on the list.
Tehran Stock Exchange's main index, TEDPIX, gained 18,941.54 points or 1.20% on Saturday to end at 1,598,061.37. The TSE equal-weighted index climbed 1.89%.
About 18.2 billion shares worth 108.38 trillion rials ($373.7 million) changed hands for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Shahid Ghandi Corporation Complex led the winner’s list as its shares jumped 7.34% to 1,959 rials per share.
Two local insurance companies, namely Amin Re and Mellat Insurance, have received regulatory permission to issue reinsurance bonds for the first time in Iran.
According to a press release seen on the Central insurance company of Iran (CII) website, the decision has been approved by the CII executive board and Security and Exchange Organization (SEO) to transfer risks to capital market.
As per the plan, Mellat will offer 1 trillion rials ($2.46 million) in reinsurance bonds and Amin Re 12 trillion rials ($29.55).
Low-quality and overcharging are the main customer complaints about domestic auto spare parts, according to a member of the Board of Directors of Tehran Automobile Spare Parts and Machinery Union.
According to Mehdi Kazemi, more than 2,500 complaints were filed and processed by the union in the past 20 months, Donyaye Khodro reported.
“Most of these cases pertained to complaints about the sale of low-quality parts and overcharging,” he added.
The auto spare parts market was roiled by the remposition of sanctions in 2018, which caused some profiteers to produce and distribute low-quality, unlicensed parts in the domestic market that was already aflush with smuggled, counterfeit parts bearing the names of well-known brands.
After 15 excruciating rounds of voting, Kevin McCarthy has finally been named as the House Speaker of the US House of Representatives.
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