Petrochemical plants’ foreign exchange revenues have reduced and they are losing market share to rivals because their access to natural gas as feedstock has either been totally cut or severely curbed, the head of the Energy Commission of Iran Chamber of Commerce, Industries, Mines and Agriculture said.
“Although there is heavy demand for urea fertilizers all over the globe, Iranian petrochemical sector is lagging behind due to a lack of gas feedstock,” Arash Najafi was also quoted as saying by ILNA.
The farming year has already started in many countries and a large number of farmers are planting crops, meaning the agro sector needs a wide range of urea-based products. However, Iranian petrochemical plants have ceased the production of key commodities [instead of doubling their output] as they do not have access to natural gas, he rued.
Urea demand peaks between November and February, but it cannot be stored in depots.
Energy
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01/12/2023 -
01/12/2023The construction of 4,000 solar systems, each with a capacity of 5 kilowatts, for supporting organizations supplying power to households will start in Yazd Province at the weekend, the spokesman of Iran's Renewable Energy and Energy Efficiency Organization said.
“The initiative is part of the project to build 110,000 5-kilowatt solar systems in Iran by supporting organizations, and Yazd province's share in the current year is 4,000 systems,” Jafar Mohammadnejad Sigaroudi was also quoted as saying by the Energy Ministry’s news portal.
A memorandum of understanding has been signed by five government departments in this regard to supply renewable energy in the next four years to deprived families. -
01/12/2023With the completion of restoration operations on a well in the Nar Gas Field, the production capacity of the field has increased by 10% or 300,000 cubic meters per day, Hassan Nematollahi, the head of petroleum engineering at the South Zagros Oil and Gas Production Company, said.
Nar is one of the most important gas fields managed by SZOGPC, which is located in the Nar and Kangan operational district in the vicinity of Jam City, Bushehr Province, the Oil Ministry’s news service reported.
Thirty wells are operating in the field to produce about 30 million cubic meters of gas and 4,000 barrels of gas condensate on a daily basis. -
01/12/2023Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the United States, the world's biggest oil consumer, and economic uncertainty reignited demand worries.
Domestic Economy
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01/12/2023A total of 358,000 tons of goods worth $321.69 million were exported from the city of Kashan in Isfahan Province during the first nine months of the current Iranian year (March 21-Dec. 21, 2022), according to Alimorad Norouzi, a local customs official.
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01/12/2023Iran Chamber of Commerce, Industries, Mines and Agriculture is scheduled to send a trade delegation to Astana, Kazakhstan, from Jan. 25-28 with the aim of developing Iran’s cooperation with the neighboring country.
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01/12/2023Tehran is hosting the First Iran Future Print Expo, also known as IFPEX.
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01/12/2023Exports from East Azarbaijan Province accounted for 40% of Iran’s total exports to Armenia during the first nine months of the current Iranian year (March 21-Dec. 21), according to Saber Parnian, a local official in the northwestern Iranian province.
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01/12/2023In a new report, the World Bank has forecast Iran’s economic growth to slow down in the years to come.
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01/12/2023German exports to Iran climbed 12.7% year-on-year from January to November 2022 to around €1.5 billion ($1.6 billion), data from the federal statistical office showed.
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01/12/2023President Ebrahim Raisi submitted the budget bill of the upcoming fiscal year (March 2023-24) to the parliament on Jan. 11.
The submission was about one month late as it is due on the 15th of the ninth Iranian month every year, which fell on Dec. 6, 2022, this year, Fars News Agency reported.
The main numbers in the budget bill include 19,840 trillion rials ($49.6 billion) allocated as operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) plus 1,800 trillion rials ($4.5 billion) exclusive to ministries and governmental institutions, which bring the total sum of the general budget to 21,640 trillion rials ($54.1 billion).
Business & Markets
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01/12/2023Bank Shahr has received permission from the Central Bank of Iran to launch a real estate investment trust.
According to a press release seen on the bank's website, the private lender plans to increase its resources, boost lending capacity and cut losses, for which it sees a REIT as key.
Iran Fara Bourse (IFB) in October launched the first real estate investment trust to help the key housing industry that has seen high and rising prices over the years as never before. -
01/12/2023The governor of the Central Bank of Iran Mohammad Reza Farzin held talks on Tuesday with Sheikh Mansour bin Zayed Al Nahyan, the deputy PM and minister of the presidential court in Abu Dhabi on banking and financial relations between the two countries.
According to a press release on the CBI website, the two sides reviewed ways to boost bilateral relations, especially in monetary and banking areas.
Suhail bin Mohammed Al Mazrouei, the minister of energy and infrastructure, and Khaled Mohamed Balama, governor of the Central Bank of the UAE attended. -
01/12/2023Tehran Stock Exchange's main index, TEDPIX, lost 16,099.67 points or 0.97% on Wednesday to end at 1,652,087.01. The TSE equal-weighted index gained 0.11%.
About 22.34 billion shares worth 107.52 trillion rials ($370.78 million) changed hands for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Mellat Investment Bank led the winner’s side as its shares jumped 7% to 3,364 rials per share. Parsian Insurance Company was the big loser among all TSE-listed companies plunging 6.04% to 3,685 rials per share. -
01/12/2023
The average residential rent in Iran’s urban areas has increased by 46.4% in the ninth month of the current Iranian year (Nov. 22-Dec. 21) compared with the similar month of the year before, according to the latest data released by the Central Bank of Iran.
The rise in rent levels stood at 41.3% in Tehran, the capital city.
The changes were reportedly 2.5% and 3% for Iran’s urban areas and Tehran respectively compared to the previous month.
Government officials began to enforce measures to control the ever-rising housing rents in early 2020, such as setting a cap on the rise for three years in a row. -
01/12/2023Despite recent reports in the local media, banks have denied a halt in loans due to the reported rise in interest rates.
Alireza Qeitasi, secretary of the State Banks Coordination Council, in a talk with IBENA rejected reports on the aversion of banks to lend saying that lending policy is based on bank resources.
"Banks have not stopped paying loans," Qeitasi stressed.
He referred to the 18% growth in banks' resources since the beginning of the fiscal year last March and said, "Banks' total outstanding loans also have increased by 18% in the same period."
Auto
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01/12/2023If spare parts shortage in the domestic market were to continue in the next two months, prices will increase, according to the head of the Auto Spare Parts Union.
“The shortage in the domestic spare parts market has been caused by a lack of imports, as none of the parts importers has been able to register an order over the past year,” Abdolhadi Khosro-Fard was also quoted as claiming by the news portal of Car.ir.
“At present, many cars are stuck in car service agencies due to the shortage of spare parts,” he added.
Asked about the situation of smuggled spare parts, the official said, “Even the smuggling of auto spare parts is not cost-effective anymore, as customers are not buying smuggled parts because of the product ID plan.”
Khosro-Fard noted that many spare parts dealers have closed their shops due to the critical situation in the domestic market.
International
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01/12/2023Peru's national prosecutor's office has begun investigating President Dina Boluarte for genocide, it said, after protests against her which have left 40 people dead in the past month.
