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Iran, Armenia eye $1b trade volume |
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Iran, Armenia eye $1b trade volume
Tehran Times Economic Desk
TEHRAN – The head of the Iran-Armenia Joint Chamber of Commerce and Industries announced here on Wednesday said that the two sides’ trade volume will soar to one billion dollars.
Talking to MNA, Leon Aharonian put the current trade volume at over $200 million, of which $160 million is related to Iran’s exports and $40 million to Armenia’s exports.
Referring to Iran’s gas exports and energy transmission to the neighboring country, he noted that Iran will export three million cubic meters of gas to the country per day, naming the project a proper way to transmit Iran’s gas to Europe.
Armenia is among those states that alongside other regional states play an effective role in the North-South Corridor that has been established between India, Iran, and Russia and is considered one of the important trade routes linking Europe, East and West Asia
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Pound hits 26-year U.S. dollar high |
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The UK pound has hit its highest level against the U.S. dollar in 26 years. The pound has gained on the perception that U.S. interest rates will be cut this week, while UK interest rates will be left unchanged next week.
When UK rates are higher than U.S. rates, investors are encouraged to exchange dollars for pounds to benefit from better rates of return.
At one point the pound touched $2.070, before paring gains to $2.067, while the dollar sank to a new euro low.
The last time the pound was at these sorts of levels was 5 November, 1980, when it reached $2.446.
Many analysts expect the Federal Reserve, the U.S. Central Bank, to cut interest rates by a quarter of a percentage point on Wednesday, in an attempt to limit the impact of a housing market slowdown.
The Fed cut its main interest rate by half a percentage point to 4.75% from 5.25% last month, after problems in the housing market were seen to be spreading to the wider economy.
The move sent the greenback in a downward spiral against the euro, sliding to a new record low on Tuesday at $1.4444, its third record low in as many days. Recession risks
House prices in the U.S. have been falling and the number of foreclosures has surged in recent months after the Fed spent almost two years between 2004 and 2006 raising rates in an attempt to slow inflation.
While inflation fears have been simmering in previous months, mainly stoked by the surging oil price, many analysts now say that the biggest worry is consumers reining in their spending.
Should that happen, they argue, the U.S. economy could splutter into a recession.
The next decision from the Bank of England's interest rate setters is due on 8 November, when they are expected to leave rates unchanged at 5.75%.
The perception that there will be no change has been strengthened by comments from one of the Bank's policy makers, Kate Barker.
In an interview with the Guernsey Press and Star, Ms Barker was reported to have said: ""We are asking ourselves if things are so different from August and do we actually have to cut rates?"" The pound is still some way off the $2.446 mark it reached in November 1980, but some analysts believe it could threaten those levels if economic conditions in the UK and U.S. continue to diverge.
James Hughes, a currency strategist from CMC Markets, said he believed the market had not yet factored in the likelihood of a further cut in U.S. rates. Business impact
While the weak dollar is good news for British travelers planning trips to the U.S. in the run-up to Christmas, it makes the reverse trip for Americans much more expensive.
The number of visitors from North America fell in the first six months of 2007. The strong pound is also inconvenient for British firms exporting goods across the Atlantic.
The EEF manufacturers' organisation said the current exchange rate was making life ""more difficult"" for some British companies.
But it added: ""A strong world economy, a shift away from price-sensitive activities and the fact that their costs are spread across the globe have cushioned UK manufacturers from its worst effect.""
(Source: BBC)
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Persian Gulf Arab states accepts Iran offer for talks on free trade pact |
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JEDDAH (AFP) -- Persian Gulf Arab states have agreed to an Iranian offer to launch talks on a possible free trade pact, the secretary general of their oil-rich bloc said on Saturday.
Persian Gulf Cooperation Council (PGCC) foreign ministers in the Saudi Red Sea city of Jeddah discussed a letter from their Iranian counterpart ""regarding Iran's readiness to reach a free trade agreement with PGCC member states,"" Abdurrahman al-Attiyah told reporters after their meeting.
Attiyah said that in light of the letter from Iran's Foreign Minister Manuchehr Mottaki, ""it was agreed to express the readiness of PGCC states to engage in negotiations to conclude an agreement to set up a free trade zone"" with the Islamic Republic.
He said the issue would be referred to the financial and economic cooperation committee of the PGCC, which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Attiyah's remarks at a news conference after the ministerial meeting were aired on the Saudi news channel Al-Ikhbariya.
A statement issued after the meeting called for a peaceful resolution of Iran's standoff with the West over its nuclear program
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Iran now has linear parabolic solar power plant technology |
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TEHRAN – The managing director of the Iran’s New Energies Organization announced here on Saturday that Iran has mastered the technology of building linear parabolic solar power plant by building one in Shiraz.
Talking to MNA, Yussef Armudeli added that Iran has acquired the know-how abreast with other countries like Germany, Spain, and the U.S., announcing that India and Germany are jointly building a similar power plant in India.
He blamed inexperience in designing and producing the fitments for the three-year delay in the project
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Sony develops “bio battery” generating electricity from sugar |
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TOKYO (LinuxElectrons) – Sony has announced the development of a bio battery that generates electricity from carbohydrates (sugar) utilizing enzymes as its catalyst, through the application of power generation principles found in living organisms.
Test cells of this bio battery have achieved power output of 50 mW, currently the world’s highest level for passive-type bio batteries. The output of these test cells is sufficient to power music play back on a memory-type Walkman.
In order to realize the world’s highest power output, Sony developed a system of breaking down sugar to generate electricity that involves efficiently immobilizing enzymes and the mediator (electronic conduction materials) while retaining the activity of the enzymes at the anode. Sony also developed a new cathode structure which efficiently supplies oxygen to the electrode while ensuring that the appropriate water content is maintained. Optimizing the electrolyte for these two technologies has enabled these power output levels to be reached.
Sugar is a naturally occurring energy source produced by plants through photosynthesis. It is therefore regenerative, and can be found in most areas of the earth, underlining the potential for sugar-based bio batteries as an ecologically-friendly energy device of the future.
Sony will continue its development of immobilization systems, electrode composition and other technologies in order to further enhance power output and durability, with the aim of realizing practical applications for these bio batteries in the future.
The research results presented here have been accepted as an academic paper at the 234th American Chemical Society National Meeting & Exposition in Boston, MA USA, and were announced at 11 am local time on August 22, 2007
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Total to Complete Dorud 3 Development by Sept. 22 |
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TEHRAN (PIN) – The managing director of Oil Engineering and Development Company (OEDC) Saturday announced that the French giant Total would fully implement the development plan of Iranian oilfield Dorud 3 by September 22.
Mehdi Bazargan told PIN that gas injection into the field had started and if the field had the capacity for injection, it would be delivered to the employer, Oil Engineering and Development Company.
He said water and gas were injected into the field separately and therefore their impacts on oil output would emerge little by little.
Total had predicted that Dorud 3 field would produce 85 thousand barrels of oil per day, but the goal was not achieved, recalled the official, adding the French company had managed to derive 45 thousand barrels by drilling wells daily.
He said if the predicted output were not produced, the contractor would be fined.
Dorud oilfield is one of the three vast fields of Kharg Island. During the past 40 years, the field has undergone two development operations and the third stage of development is underway in collaboration with Total |
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Abuzar offshore drilling rig installed |
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TEHRAN (PIN) – Offshore diagonal drilling rig of Platform 11A of Abuzar was installed after its hydraulic system was renovated in Ahvaz industrial zone and transferred to the Persian Gulf, said a National Iranian Drilling Co. (NIDC) official Saturday.
The NIDC deputy for offshore drilling operations told PIN that different parts of the rig were tested onshore, undergoing technical and safety tests successfully.
Mass’ud Haqiqi added the platform was the sole offshore diagonal drilling rig in the Persian Gulf region and would restart work after a months-long hiatus.
“The rig has the capacity to drill a host of oil and gas wells in a certain area,” said the official.
He said the platform had been installed in the Persian Gulf since 10 years ago, repairing and completing more than 20 oil and gas wells up to now.
“Climatic conditions of the Persian Gulf and its salt water had corroded the parts, structure, and particularly the electrical hydraulic system of the platform and renovation deemed necessary,” Haqiqi said.
Abuzar field is producing some 220 thousand barrels of oil per day.
Located about 85 km northwest of the Kharq Island in the southern province, the oilfield suffered serious damages during the 1980-8 Iraqi imposed war, Mohammadhossein Bakhodaii told reporters.
“The oilfield has the largest oil production capacity among offshore oilfields,” he added.
The official recalled that exploitation of the oilfield, which began some 35 years ago, was halted as a result of Iraqi air strikes.
Bakhodaii noted that operations on the oilfield started in 2001 and exploitation resumed in 2004 with a capacity of 150,000-160,000 bpd.
“Some 90 percent of renovation, mobilization, and development are conducted by domestic experts at a cost of $216 million.”
According to him, the oilfield’s production capacity reached 210,000 barrels per day in the year to March 2007. This is while its production capacity stood at 100,000 bpd prior to the war.
Asked about oil reserves of the offshore oilfield, Bakhodaii stated, “No precise figures can be given. However, in view of the current production capacity, exploitations can continue for the next 15 years.
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China, Kazakhstan to build pipelines linking China to Caspian |
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ASTANA (Bloomberg) -- The leaders of China and Kazakhstan agreed to finance and build a network of pipelines to supply the world’s fastest-growing major economy with oil and gas from the Caspian Sea region.
“The Caspian will be linked to western China,” Kazakh President Nursultan Nazarbayev told reporters in the capital Astana yesterday after meeting with his Chinese counterpart Hu Jintao. “These are major projects and today we reached agreement on these issues.”
Kazakhstan’s Atasu-Alashankou oil route will be extended and a gas link from Turkmenistan to China through Kazakhstan will be built, Nazarbayev said. The gas link will bypass Afghanistan, Tajikistan, and Kyrgyzstan, landlocked countries between Turkmenistan’s Caspian shore and China.
China, the world’s second-largest energy user, is scouring the globe in search of energy supplies for its economy, which is expanding at an annual rate of 11.9 percent, the fastest pace in more than a dozen years. Kazakhstan and Turkmenistan are the biggest energy suppliers in the former Soviet Union after Russia. The Caspian region they share with Azerbaijan, Iran, and Russia holds about 4 percent of the world’s proven oil and gas reserves.
The gas pipeline will be able to move 30 billion cubic meters of fuel a year and cost as much as $4 billion to build, Energy Minister Baktykozha Izmukhambetov said in November.
The 750-kilometer (1,200-mile) extension of the Atasu-Alashankou oil pipeline will connect China with two oil fields, Kenkiyak and Kumkol, owned and operated by Kazakh units of state-run China National Petroleum Corp. The pipeline will have a capacity of 400,000 barrels a day, or about 5 percent of China’s consumption |
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Ahvaz to host 5th Iran drilling expo |
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TEHRAN (PIN) – The 5th Iran Drilling Industry Exposition will be held in Ahvaz, the capital of southern Khuzestan Province, on Dec. 22, marking the establishment anniversary of National Iranian Drilling Company (NIDC).
The NIDC’s Research and Technology Dept. head told PIN that necessary arrangements would be gradually made in collaboration with Oil Equipment Association for the specialized exhibition.
Mohammadreza Tahmasbi-Birgani added 90 companies from Iran took part in the fourth solo exhibition, adding that the number would soar to 120 in the upcoming exhibit.
Given the increased number, the area of the exposition would be 2,500 or 3,000 square meters, 500 or 1,000 square meters larger than of the space in the fourth edition, he added.
“The main aim behind the organization of exhibition is to identify domestic parts manufacturers and to get them familiar with the NIDC’s needs,” Tahmasbi-Birgani said, adding, “In fact it is a two-sided interaction between the NIDC and manufacturers on support of local production.”
The official said the company had gathered good information about Iranian parts manufacturers during the past four years.
Iran’s Supreme Leader Ayatollah Seyyed Ali Khamenei had underlined the necessity to move toward meeting the oil industry’s need with domestic products.
Petroleum Ministry had also announced that Iranian-made equipment was given first priority in the oil industry.
President Mahmud Ahmadinejad said that the country needed to take risks and use domestic products even if their quality was poorer than similar foreign equipment.
Managing director of the National Iranian Drilling Company announced that the company’s drilling revenues had been registered at about 2 billion dollars during the past Iranian calendar year (ended March 20, 2007).
Heidar Bahmani added that the NIDC drilled a total of 177 oil and gas wells last year and had been active in major projects such as South Pars gas field, Kish gas field, and Azadegan gas field.
Explaining about the purchase of eight new drilling rigs, the official said that development of drilling fleet of the company had delineated promising outlooks for the company’s activities |
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Gasoline quota unchanged |
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TEHRAN (PIN) -- Gasoline quota for passenger cars will remain 100 liters per month even in the second half of the current Iranian year (ending March 2008), deputy oil minister, Mohammadreza Ne’matzadeh, announced.
Speaking on the sidelines of a ceremony to sign a contract to develop the Isfahan Refinery, the official said that the price for the rationed gasoline will remain unchanged at 1,000 rials (less than 11 cents) per liter.
On the budget set aside for gasoline imports, he said the ministry is seeking $1.3 billion to $1.5 billion, the Persian daily ‘Iran’ reported on Sunday.
If the government endorses the sum, it would finally have to be approved by the Majlis as well, but the budget set aside for the gasoline import in the 2007-8 Budget Law falls short of the demand due to the rise in global fuel prices.
Ne’matzadeh noted that the country needs to import 35 million to 38 million liters per day to meet domestic demand.
He recalled that the figure stood at 59 million liters to 60 million liters per day prior to the implementation of the gasoline rationing plan, which began late June |
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Iran to build petrochemical complexes in 4 countries |
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TEHRAN (PIN) -- Deputy oil minister for petrochemical affairs Wednesday announced that Iran would set up petrochemical complexes in Venezuela, Oman, Indonesia, and the Philippines.
Gholamhossein Nejabat told PIN that a methanol complex with a one million ton capacity would be established in collaboration with Venezuela in Assaluyeh in southern Iran and another complex with similar specifications would be constructed through cooperation of Iran in Venezuela.
The groundbreaking ceremony of Iran-Venezuela joint venture was held in the presence of Iranian and Venezuelan presidents in Assaluyeh last month .
The project needs two billion dollar initial capital on expectations it will become operational by the end of 2010.
“Aiming to boost economic cooperation, Iran has started holding talks with Indonesia on the setup of a petrochemical plant with the cooperation of that country,” said the official, adding that a similar complex would be constructed in Indonesia or Singapore.
Nejabat, also the managing director of National Petrochemical Company (NPC), said Iran would also set up a joint venture with Oman, adding a urea and ammoniac complex would be built in Iran and a PVC producing complex would be constructed in Oman.
“The complex is to produce one million tons of urea and 670 thousand tons of ammoniac,” said the deputy minister, adding some 500 million euros would be required for the project.
According to the NPC head, Iran-Philippines heavy polyethylene project was undergoing the test production stage and would come on stream in the near future . |
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Iran may invest €100m in Belarus hydropower plants |
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TEHRAN (PIN) -- Iran plans to take part in projects to build hydropower plants in Belarus and has said it is ready to invest about 100 million euros, a source in Belarusian state company Belenergo told Interfax.
""Representatives from an Iranian parliamentary delegation and business circles held talks with the Belarusian Energy Ministry, during which they discussed options for Iran to take part in energy projects in Belarus,"" the source said.
He said that during the talks the Iranian side proposed to consider the possibility of Iranian companies participating in the construction of hydropower plants in Belarus and said that it is ready to invest about 100 million euros in these projects.
""At the moment in Belarus there are only two hydro construction projects at a high level of preparedness -- Grodno and Polotsk hydro plants. These plants are of interest to potential investors,"" the source said.
Belarus plans to build other hydro infrastructure in the future, but for the moment these projects are in the distant future.
The Iranian delegation is in Belarus from August 5 to 9 |
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Petropars, Ofisi, OMV to structure oil consortium |
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TEHRAN (PIN) -- Iran, Austria, and Turkey have reached an agreement to structure a tripartite consortium dealing with oil exploration and extraction in Iran.
According to a statement released at the Istanbul Stock Exchange, the Turkish Petrol Ofisi Company has announced that it has signed a contract with Iran’s Petropars and Austria’s OMV on the issue.
The statement added that the tripartite oil consortium would implement oil extraction and exploration projects in Iran.
“Once the inked deal is approved by Iran’s NIOC, the consortium will be authorized to bid for oil projects in Iran. The Turkish Petrol Ofisi’s share in these projects will be 33 percent,” said the statement carried by presstv.com.
Petrol Ofisi is one of the oldest oil enterprises in Turkey whose shares have gradually been transferred to the private sector. The OMV is one of Austria’s largest oil companies.
Iran’s Petropars Company was registered in 1998. It is a subsidiary of NIOC, which owns all of its shares |
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Iran-China trade volume up 40% |
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TEHRAN -- Iran has boosted mutual economic ties with China 40 percent in the last six months, Majid-Reza Hariri, deputy of Iran-China Joint Chamber announced here Friday.
“For the time being, the value of bilateral trade transactions has reached 9.72 billion dollars, showing a 39.9 percent increase when compared to the figure of the corresponding period in its previous year,” he added.
Hariri said Iran has exported 6.44 billion dollars worth of products to China in the past six months and China had 3.28 billion dollar exports.
“The increase in oil, steel, and machinery prices is the main reason behind the growth of trade between the two states,” he noted.
The value of Iran-China trade is expected to soar to 19 billion dollars by the end of 2007, he added.
“Oil, gas, petrochemicals, stones, raw mineral materials, and dried fruits were the products exported to China, whereas steel, machinery, and technical and engineering services were exported to Iran. |
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Phases 6-8 gas to be transferred to Aghajari by March 2008: minister |
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TEHRAN (PIN) -- Minister of Petroleum Seyyed Kazem Vaziri-Hamaneh Thursday announced that gas produced by phases 6-8 of the South Pars (SP) field would be surely transmitted to Aghajari by the end of current Iranian calendar year (March 20, 2008).
He made the statement during his visit to the fifth nationwide gas pipeline.
The minister started his visit to the fifth countrywide gas pipeline extending from Assaluyeh to Aghajari.
Vaziri-Hamaneh on board a helicopter moved from Assaluyeh in southern province of Bushehr toward Aghajari to have an aerial view of the pipeline.
Seyyed Reza Kassaeizadeh, the managing director of National Iranian Gas Company (NIGC), and Ali-Akbar Sha’banpur, the executive manager of fifth nationwide gas pipeline project, are accompanying the minister.
The fifth countrywide gas pipeline transfers gas produced by phases 6-8 of the South Pars field to Khuzestan Province with the aim of helping Aghajari wells recover.
The minister told PIN he would pay a visit on his way to the pressure-boosting stations in order to assess their conditions and to coordinate the timetable for pipeline exploitation with the timetable for running phases 6-8.
Vaziri-Hamaneh said the fifth pipeline had had a 77 percent progress, assuring that gas produced by phases 6-8 would be transmitted to Aghajari before the end of current Iranian calendar year (March 20, 2008).
Earlier in the day, he paid visits to phases 9 and 10 of the South Pars (SP) field in Assaluyeh, southern Iran.
He told PIN the two phases needed to come on stream on time, adding all project officials had vowed to put Phase 9 into operation next winter.
“To this end, we held a meeting with the related refinery managers and put great emphasis on the issue,” he said.
Phases 9 and 10 of the South Pars field have been designed to produce two billion cubic feet of gas per day.
When the two phases start work, 500 million cubic meters of methane, 2,600 tons of ethane, 1,200 tons of butane, 2,000 tons of propane, 77,000 barrels of gas condensates, and 400 tons of solid sulfur will be produced daily.
A number of 28 gas refineries, 25 petrochemical projects, and 3 liquefied natural gas (LNG) units will be inaugurated in the Pars Special Economic Energy Zone |
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Govt. rapidly removing gasoline rationing problems |
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TEHRAN (PIN) – Iranian President Mahmud Ahmadinejad here Wednesday said the government was busy with solving problems facing gasoline rationing immediately.
He told reporters that the cabinet and MPs discussed energy and different aspects of gasoline rationing in Tuesday’s session. “The cabinet and Majlis (parliament) hold a joint session every season in an attempt to solve people’s problems and to render better services to the general public,” said the president. The two sides exchanged views on energy, organization of energy consumption, and public transport, said Ahmadinejad, adding transportation and fuel were of great importance as huge money was invested in two sectors. “All countries outline special plans on fuel and transport management, including the automaking and methods of fuel transportation,” he added. The president expressed his gratitude to people for adapting themselves to the rationing system, vowing that the saving of commodity would help implement huge projects in four corners of the country. Ahmadinejad predicted that 700 kilometers of modern railroad would be built every year in the first three years of rationing law and 1,200 kilometers every year in the next three years. “The gasoline saving also gives the government the opportunity to construct advanced refineries and gas grids and to allocate a sum for the social security of uninsured and unemployed people until they find jobs,” he said. Ahmadinejad stated that promoting gas consumption as automobile fuel will enable Iran to export gasoline next year. The president said a small sum would go for the development of electronic government. Official in charge of government’s special plans announced that more than 4 billion dollars would be saved by the end of the current Iranian year (March 20, 2008). Ali-Akbar Mehrabian told MPs, “According to figures, during 21 days after the beginning of fuel rationing, daily gasoline consumption has been registered at 58 million liters, down by 18 million liters per day compared to the corresponding period of the preceding year.” He added that gasoline consumption grew by an average rate of 10 percent per year. “Therefore, during the past 21 days, a total of 400 million liters of gasoline has been saved,” he added. The official added that 500,000 cars operating on dual-fuel system would be produced during the current year while only 280,000 dual-fuel cars were produced last year. Mehrabian said those cars whose fuel consumption was higher than 6 liters per 100 km would not receive license plate. He pointed to a 30 percent reduction in motor traffic as well as higher speed of public transport as other advantages of gasoline rationing. “Statistics show that car accidents have decreased by 30 percent and Tehran’s air is less polluted than before,” he said. Mehrabian added that gasoline smuggling from border areas had been totally stopped. On July 24, Majlis deputies voted positive for single urgency of a plan offered to supply non-rationed gasoline. During open session, the plan was approved by 120 yeas against 97 nays and 13 abstentions. The urgency was also approved by 128 yeas against 86 nays and 12 abstentions. Anzali MP had told reporters that Majlis deputies for the supply of non-rationed gasoline had prepared a single urgency plan. Hadi Haqshenas noted that the plan stipulated that as long as the market had not been regulated the government was obliged to supply the difference between domestic gasoline consumption and imported fuel through appropriate means. “The government does not have to import gasoline directly, but can allow the private sector to do the job,” he said. The MP stated that many occupations that are related to tourism have been jeopardized due to gasoline rationing. “The more important point is that supply of non-rationed gasoline aims at rationalizing subsidies and rationing should be directed at that goal in the long run,” he noted. According to the plan, the government will have to supply non-rationed gasoline at reasonable price for public use. Government has already announced that it has no plan to introduce two prices for gasoline and MPs have also emphasized on negative effects of a two-tier gasoline price system. Government spokesman Gholamhossein Elham told reporters that gasoline rationing had been very beneficial for economic resources of the country, adding, “The government is formulating a plan for developing such infrastructures as public transportation and railroad and to help uplift people’s living standards.” He stated that the government was planning to use the economic resources saved as a result of gasoline rationing for development of infrastructures. “People are now seeing the good effects of gasoline rationing and the current problems will be solved through development of infrastructures,” he said. Elham noted that saving on fuel and other national resources will optimize use of economic resources of the country and the government enforced rationing through powers delegated to it by the Majlis. The government spokesman called on mass media to inform people about gasoline rationing and help build a suitable culture in this regard. On June 27, Iran, one of the world’s largest oil producers, started rationing petrol nationwide and the Petroleum Ministry has allocated each private car 100 liters per month at 0.108 dollars per liter for normal and 0.151 dollars for super petrol. The quota for governmental cars has been put at 300 liters per month and for taxis at 800.
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Foreigners rush to buy Iranian companies |
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TEHRAN – The foreign companies have highly welcomed the selling of Iranian companies’ shares, the deputy head of Iranian Privatization Organization (IPO) announced here on Tuesday.
Talking to MNA, Esmaeil Gholami added that the foreign investors voiced their preparedness to buy the stakes of Telecommunication Company of Iran (TCI), Iranian Aluminum Company (IRALCO), Mobarakeh Steel Company, Razi Petrochemical Company, and Khuzestan Steel Company. Russia, Turkey, India, England, and some European countries and Persian Gulf littoral states are the applicants, he said, adding the companies will be privatized in a tender. |
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Iran exported over 2.5m tons of petrochemicals in 4 months |
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TEHRAN (PIN) – Totally 2.519 million tons of petrochemical products was exported in the first four months of the current Iranian calendar year (started March 21, 2007).
The export-bound products fetched the country 1.383 billion dollars. Liquefied gas weighing 800 thousand tons was the main commodity Iran exported during the period. The value of petrochemicals exported in the first quarter of Iranian year stood at 981 million dollars.
Iran Petrochemical Commercial Company (IPCC) exported over 1.7 million tons of different types of petrochemical products to the international markets. Methanol, ethylene, propylene, butadiene, dichloride ethylene, LAB, and PTA constitute the main basic products the country exports to foreign countries. Propane, butane, pyrolyse gasoline, pentane plus, and heavy slice are the export-bound by-products and fuels while benzene, paraxylene, and heavy slice of aromatic are the main aromatic products Iran exports. Ammoniac, ammonium nitrate, sulfur, and sulfuric acid are categorized in the fertilizer products and light and heavy polyethylene products, melamine crystal, PVC, and PET are the polymeric products that the country is considering exporting. Iran is among the world’s top producer of urea, ammoniac, methanol, and ethylene. Japan, the United Arab Emirates (UAE), China, India, South Korea, Italy, Singapore, and Taiwan were the main target markets for exporting Iran’s petrochemical products in the previous year. These countries accounted for 86 and 80 percent of Iran’s export-bound petrochemicals in terms of weight and value respectively. Of about five million tons of petrochemical products Iran exported from March 21, 2006 to March 20, 2007, over 71 percent was transported to Asia, 21 percent to the Middle East, and about 7 percent to Europe. At present, Iran is producing 67 kinds of petrochemical products and the variety, due to downstream production process, will be greater. Iran’s Fifth Five-Year Socioeconomic Development Plan (2010-2015) has planned for increasing the annual petrochemical production from 55 million tons to 158 million tons. According to the initial estimate, domestic petrochemical output will witness a 33.7 million ton increase during the period. Based on the plan, 27 projects will become operational through investing 12.325 billion dollars by 2015. Petrochemical products accounted for the highest share of non-oil goods Iran exported in the past Iranian calendar year (March 21, 2006 to March 20, 2007). Totally 42.2 percent of the weight and 38.6 percent of the value of exported non-oil products belonged to petrochemicals.
The country exported 14,236,800 tons of petrochemical products, valued at 6.11 billion dollars, during the yearlong period, showing 115.5 and 140.8 percent increases in terms of weight and worth respectively when compared to those in their preceding year. The country has produced 3.141 million tons of different types of petrochemical products from March 21 to May 21, 2007. Iran will turn out to be a large producer of aromatic, ethylene, and methanol products by the end of Iranian calendar year of 1393 (March 20, 2015), according to predictions. On July 2, Borzuyeh Petrochemical Complex, the world’s largest aromatic project, was inaugurated in the presence of Iranian President Mahmud Ahamdinejad and his Venezuelan counterpart Hugo Chavez in Assaluyeh in southern Iran. The complex is to yield 1.28 million tons of main products including paraxylene, orthoxylene, and benzene as well as 3.178 million tons of byproducts such as light and heavy hydrocarbons, slice of pentane, raffinate, and liquefied gas per annum. The products are used as raw material for production of polyesters, synthetic fibers, paints, resins, disposable bottles, pharmaceutical compounds, and pesticides. The other two acetic acid complexes of Fanavaran and Ghadir would be also inaugurated by June 21, announced Iran’s National Petrochemical Company. Ahmadinejad agreed to change the name of “Borzuyeh” to “Nuri” Petrochemical Complex. The decision was made following the request of the family of Mohammad Nuri, former managing director of the complex, who died last year. |
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News source:tehrantimes |
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Over half of Iran’s gas output to feed power plants |
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Tehran Times Economic Desk
TEHRAN -- More than 50 percent of Iran’s current gas output supplies power plants to meet the growing electricity demand, said the deputy petroleum minister for gas affairs.
Seyyed Reza Kassaeizadeh added, “For the moment, more than 160 million cubic meters of gas is transferred to power plants per day -- four times the volume in other seasons especially winter when the figure drastically falls to 40 million cubic meters. “Domestic refineries’ output in June went 8 percent beyond the figure targeted in the plan and gas consumption in commercial, industrial, and household sectors rose 44 percent to 942 million cubic meters.”
Kassaeizadeh, also the National Iranian Gas Company (NIGC) managing director, said 300 million cubic meters of gas is currently produced daily.
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News source:tehrantimes |
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Azadegan oilfield ready for early production |
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TEHRAN (PIN) – Deputy manager of technical affairs of National Iranian South Oil Company (NISOC) noted that an exploration well has been repaired in Azadegan oilfield.
Hamid Bovarred told reporters that six wells have been drilled in the field and the first well has started production at about 3,000 barrels per day after drilling to a depth of 2,770 meters.
He noted that the 3,000 barrels have been produced on Friday, July 6, and total production of the wells will be sent to a production plant in the next four months.
“The measure has been taken within a plan that was made by National Iranian South Oil Company to start early production from Azadegan oilfield and it is projected that within the next four months, five more wells will become operational,” he said.
Bovarred stated that 300 wells will be drilled in three phases of the field.
Azadegan oilfield is one of the biggest oilfields of Iran, whose in place reserves have been estimated at about 13 billion barrels. After completion of development plan, total production from the field will stand at 340,000 barrels per day.
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News source:tehrantimes |
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Threaten With 1+5 more sanctions |
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Nuclear
Time-Out Unacceptable
5+1 Threaten With
More Sanctions
TEHRAN, June 30--A senior lawmaker said the time-out proposal is not new and unsuitable for resolving Iran’s nuclear case.
Alaeddin Boroujerdi, head of Majlis National Security and Foreign Policy Commission, also told IRNA that time-out was proposed by several governments before and each time it was rejected by Iran.
Meanwhile, the US and fellow permanent UN Security Council members have told Iran they will hold off on new sanctions if it stops expanding its uranium enrichment activities as they seek to restart talks over Tehran’s nuclear program, diplomats said.
They said the Iranian government had not yet responded to the proposal, which was made earlier this month by the six powers seeking to engage Tehran--the five permanent Security Council members and Germany, AP reported.
The public stance by Washington and its key backers remains that Iran should cease all enrichment, but the offer reflects a readiness to accept Tehran’s current program--at least initially--in hopes of reducing tensions and creating an atmosphere for negotiations.
It picks up on the idea raised by Mohamed ElBaradei, head of the UN nuclear watchdog agency, who called for a time-out both on enrichment and on a third round of UN sanctions against Iran.
Iran’s enrichment work is intended only to produce fuel for nuclear reactors that would generate electricity.
Diplomats told AP earlier this month that Britain, France and Germany were studying the time-out proposal as a way to get talks going again to pursue the West’s goal of getting Iran to rein in its nuclear program and allay fears it is developing atomic weapons.
On Friday, the diplomats said Britain drafted the proposal that was submitted to Tehran earlier this month on behalf of the United States, the three European nations, China and Russia.
They said the offer was delivered by the European Union’s foreign policy chief, Javier Solana, to Ali Larijani, Tehran’s chief negotiator.
Officials told the AP last month that Iran had considered stopping some--but not all--of its enriched-uranium producing centrifuges last year in exchange for negotiations.
But the United States, Britain and France continued to insist on a full freeze.
Iran’s stated goal is to ultimately run 54,000 centrifuges to churn out enriched uranium. It now has more than 3,000 operating and producing small low-enriched quantities.
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News source:irandaily |
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Banks Holding More Foreign Reserves |
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NEW YORK, June 30--Central banks in countries around the world are holding a record amount of foreign exchange reserves to keep their currencies stable and protect against unforeseen shocks, according to data released Friday, AP reported.
And while US dollars remain by far the preferred foreign exchange holding--nearly two-thirds of the total are held in dollars--the 13-nation euro currency is No. 2 and starting to gain on the greenback, the data from the International Monetary Fund showed.
The data, which comprise composition-breakdowns from 120 of the 185 countries that are members of the IMF, showed a total of $3.5 trillion (-2.59 trillion) was being held at the end of March. Of that, a record $2.2 trillion (-1.63 trillion) was in dollars, while $911 billion (-674.56 billion) was in euros.
But the percentage of dollars held dipped to 64.2 percent from 64.6 percent at the end of the fourth quarter of 2006, while the euro’s share rose to 26.1 percent from 25.9 percent.
The data includes quarterly statistics going back to 1999, when the euro was launched; the dollar accounted for as much as 73 percent of the total in the second quarter of 2001.
But other historical data show that in the 1990s there were times when the dollar’s share was below the current 64.2 percent, so some analysts say the dollar’s current slip in percentage share is just part of normal ebbs and flows.
Total foreign exchange holdings, which include those of countries that didn’t disclose exact composition breakdowns by currencies, was $5.3 trillion (-3.92 trillion) at the end of the first quarter, the IMF said. That is up from just $1.6 trillion (-1.18 trillion) a decade ago.
Much of the increase in overall reserves comes from a rise in holdings of developing countries, who are seeking a cushion against global financial crises that often hit smaller, less-developed countries the hardest.
The data did not break down the composition of currencies held by individual countries |
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News source:irandaily |
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Smart Card Project Costs $70m |
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The gasoline quota for governmental cars has been set at 300 liters per month and for
taxis at 800.
Oil Minister Kazem Vaziri-Hamaneh said 650 billion rials ($70.2 million) were spent on preparing and running the smart fuel card system, PIN reported.
The investment included the purchase of card, issuance of card, purchase of systems, equipment for data processing center, renovation of pumps, and purchase of V100 accessories, 300 satellite-controlled V100 systems and 2,200 phone lines, he noted.
The capital committed to the project is at least 30 times less than the cost of constructing a refinery, he noted.
Vaziri-Hamaneh added if fuel smart card results in even a one-percent drop in gasoline consumption, its value would be equal to the gasoline output of a 200-thousand-barrel refinery.
Fuel smart card system enjoys the most advanced information technology in terms of design and installation and 13,500 pumps in 2,300 gas stations have been so far equipped with the system.
From Wednesday, Iran, one of the world’s largest oil producers, began rationing petrol nationwide and the Oil Ministry has allocated each private car 100 liters per month at 0.108 dollars per liter for normal and 0.151 dollars for super petrol.
The gasoline quota for governmental cars has been set at 300 liters per month and for taxis at 800.
Vaziri-Hamaneh earlier reiterated that gasoline rationing would continue. “This decision has been approved by the parliament and therefore the government is determined to implement it,“ the minister told Mehr. “The plan will cause no problems for the people.“
Although Iran is a leading OPEC member and the world’s fourth biggest oil producer with a daily oil production of 4.2 million barrels, it still spends 5-8 billion dollars annually on petrol imports due to a lack of refineries and a preference for oil export.
Under the new plan, petrol is only supplied through smart card, an initiative taken by President Mahmoud Ahmadinejad to stop lavish fuel consumption--73 million liters daily--by over seven million cars nationwide.
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News source:irandaily |
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Iran’s yearly oil revenue to exceed $52b |
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Tehran Times Economic Desk
TEHRAN – A National Iranian Oil Company (NIOC) official said here on Friday that the country’s oil revenue will amount to $52.13 billion in the current Iranian year (to end March 20, 2008).
Talking to MNA, the NIOC’s director of international affairs department Hojattolah Ghanimifard denied the Business Monitor International’s report on a $4.32b fall in the country’s oil revenue by March 2008.
Due to the high demand in summer, autumn, and winter, oil price would not have a significant plunge in the current Iranian year, he predicted.
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News source:tehrantimes |
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Iran participates in Baku Intl. fair |
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BAKU (IRNA) -- Five Iranian companies have participated in the 13th International Exhibition on Agriculture and Foodstuff in Baku, capital of Azerbaijan Republic.
The three-day exhibition opened on Wednesday with 50 companies from 20 countries displaying their capabilities in the fields of agriculture and foodstuff.
In his inaugural speech, Azeri Minister of Agriculture Ismat Abbasov said that his country gives priority to development of non-oil economic sectors including agriculture and foodstuff.
The minister expressed hope that the international fair will provide participating countries with the opportunity to get acquainted with the market of the county.
Commercial Manager of Farmand Company Hamid Shanjani told IRNA on the sidelines of the opening ceremony that the Iranian company has participated in the exhibition for the first time with an aim of marketing and exporting its products including chocolates and cookies to neighboring countries.
Expert with Iran Combine Manufacturing Company Naser Rahimi said that the company has exported agricultural machinery to Azerbaijan, which were largely welcomed in the country.
The Iranian company has participated in the exhibition to display its industrial capacities in manufacturing high quality machinery with competitive prices, spare parts and services, he added. |
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News source:tehrantimes |
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IAEA report proves peaceful nature of Iran’s nuclear program: ambassador |
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Tehran Times Political Desk
TEHRAN -- The IAEA chairman’s report is further proof that Iran’s nuclear activities are peaceful, Ali-Asghar Soltanieh, Iran’s ambassador to the Vienna-based International Atomic Energy Agency, told the Mehr News Agency on Wednesday.
“In this short, four-page report, mostly the previous issues are repeated and two points catch the eye.
“Firstly that Iran has successfully continued its enrichment activities and has enriched more (uranium) and at the same time IAEA inspectors have successfully continued their task.
“It is explicitly mentioned in the report that there is no indication that Iran’s program has been diverted toward forbidden goals,” Soltanieh said.
The UN Security Council adopted a resolution in March demanding Iran to suspend its nuclear enrichment program. Iran called the demand unlawful and unjustified and said as a signatory to the nuclear Non-Proliferation Treaty (NPT) it has inalienable right to uranium enrichment for civilian uses.
"Iran has not suspended its enrichment related activities," the IAEA said in reporting on Iran's compliance with the UN call, AFP reported.
Iran is feeding at facility in Natanz 1,312 centrifuge machines, "operating simultaneously" in eight cascade arrays of 164-machines each, with the uranium gas need to make enriched uranium, said the confidential report by IAEA director Mohamed ElBaradei, a copy of which was obtained by AFP.
Iran could reach its goal of industrial scale production with 3,000 centrifuges running by the end of June, a senior official close to the IAEA said. |
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News source:tehrantimes |
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Iran’s proposal to allow foreign banks welcomed |
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Tehran Times Economic Desk
TEHRAN – Foreign bank offices in Tehran have welcomed Iran’s proposal to allow foreign banks to establish branches in the country.
On Saturday, the Monetary and Credit Council agreed to present a bill to parliament which would allow foreign banks to establish branches in Iran, buy shares in Iranian banks, and establish banks through joint investment with Iranians.
About 21 foreign banks’ representative offices have been registered in Iran and are offering banking services, but these offices act only as agents between Iranian banks and the major bank in their respective countries.
These representative offices are impatiently waiting for a breakthrough so that they can act as a branch of the major bank.
Britain’s Chartered Standard, Japan’s Sumitomo Mitsui Banking, Italy’s Banca Nazionale del Lavoro, Spain’s Banko Central Hispano, Germany’s Commerzbank and Deutsche Bank AG, and Switzerland’s Credit Suisse Bank are some of the foreign banks which have representative offices in Iran.
The Mehr News Agency spoke to several MPs and a banking expert on Monday about the Monetary and Credit Council’s proposal.
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News source:tehrantimes |
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Iran to produce 350,000 tons of meat this year |
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Tehran Times Economic Desk
TEHRAN -- Iran’s meat products are expected to have a 10 percent increase and to hit something between 330,000 tons and 350,000 tons in the current Iranian calendar year (started March 21, 2007).
Given the population growth and as a result an increase in the consumption, it is also expected that around 330 to 350 varieties of meat products be produced in the country, said Mohammad Mussavi, the head of Iran’s Meat Products Co., Monday.
Given the nation’s annual domestic red meat production nearing 100,000 tons, the country needs to import 30,000 to 40,000 tons of red meat to meet the need.
Luckily, the tariffs on imported meet have remained at zero, said the official, adding the issue has had a significant role in preventing the meat price hikes inside the country.
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News source:tehrantimes |
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