‘Govt. could offset budget deficit by selling assets, stocks’

TEHRAN – Deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) says the government can compensate the probable deficits in the next year’s development budget by selling its stocks and assets.

BY: Ebrahim Fallahi

Promoting CNG as the national fuel, challenges and merits

TEHRAN – Following the implementation of the gasoline rationing scheme, the government has been promoting the use of Compressed Natural Gas (CNG) as a replacement for gasoline, and has declared the mentioned fuel as the country’s national fuel.

3rd platform of SP phase 14 goes operational

TEHRAN- Platform 14B, which is the third platform of the phase 14 of South Pars gas field (in the Persian Gulf) development project, started operation on Wednesday, following the completion of the pipeline which transfers its gas to the refinery of phase 12.

NIDC digs 88 oil, gas wells in 9 months

TEHRAN- National Iranian Drilling Company (NIDC) dug and completed digging operation of 88 oil and gas wells during the first nine months of the current Iranian calendar year (March 21-December 21), Shana reported.

15 water projects inaugurated in northern Iran

TEHRAN – Iran’s Energy Minister Reza Ardakanian inaugurated 15 water projects worth 60.4 billion rials (about $1.5 million) in the northern province of Gilan during a visit on Thursday.

Iran-Russia trade through national currencies exceeds 50%

TEHRAN - Trade transactions in national currencies between Iran and Russia have exceeded 50 percent of the two countries’ total bilateral trade this year, said Moscow's commercial representative in Tehran, Rustam Zhiganshin.

Minerals, mining industry exports to reach $10b by Mar. 2020

TEHRAN – Iranian mining sector is expected to export up to $10 billion of minerals and mining industry products by the end of the current Iranian calendar year (March 19, 2020), IRNA reported on Wednesday, quoting an industry official as saying.

Renewables prevent emission of 3,048 tons GHG in 9 months

TEHRAN – Generating electricity from renewable sources prevented the emission of Green House Gases (GHG) in Iran by 3,048 tons during the first nine months of the current Iranian calendar year (March 22-December 21).

Bank loans to economic sectors rise 27% in 8 months yr/yr

TEHRAN- Iranian banking system has paid 5.31 quadrillion rials (about $126.42 billion) of facilities to domestic economic sectors in the first eight months of the current Iranian calendar year (March 21-November 23), registering a 27.6-percent rise from the previous year’s same period, IRNA reported citing the data released by the Central Bank of Iran (CBI).

By Mahnaz Abdi

Private sector dissatisfied with national budget bill

On December 8, President Hassan Rouhani submitted the administration’s draft of the national budget bill for the next Iranian calendar year 1399 to the Majlis.

Iran has taken significant steps to counter money laundering: fin. min.

TEHRAN - Iranian Finance and Economic Affairs Minister Farhad Dejpasand said on Monday that Iran has taken very effective and practical measures for countering money laundering and cooperation with Financial Action Task Force (FATF).

Daily gasoline consumption falls to 75m liters

TEHRAN – Average daily gasoline consumption in Iran fell to 75 million liters in the previous Iranian calendar month of Azar (November 22-December 21) following the implementation of the rationing scheme, according to the managing director of National Iranian Oil Products Distribution Company (NIOPDC).

Iran, India to expand transit co-op through Chabahar port

TEHRAN – Iranian Transport and Urban Development Minister Mohammad Eslami and Indian Minister of External Affairs Subrahmanyam Jaishankar met on Monday in Tehran to discuss expansion of transport and transit cooperation between the two countries, especially through Chabahar port.

NDF to allocate over $476m to support exports

TEHRAN – Iranian government is going to allocate 2 trillion rials (about $476.19 million) from the county’s National Development Fund (NDF) to provide working capital facilities for production units which are exporting their products, ILNA reported Monday, quoting the head of Trade Promotion Organization (TPO) as saying.

Iran’s crude steel output up over 5% in 11 months yr/yr: WSA

TEHRAN- Iran’s crude steel production during the first eleven months of 2019 has risen 5.3 percent from that of the same period of time in 2018, World Steel Association (WSA) announced in its recent report.

Upgrading auto industry to save Iran 17 MLD of gasoline

TEHRAN – Managing director of National Iranian Oil Products Distribution Company (NIOPDC) says upgrading the country’s automotive industry will reduce gasoline consumption by 17 million liters per day (MLD), Shana reported.

Inflation rate down 1.1%

TEHRAN- The Statistical Center of Iran (SCI) announced that the inflation rate in the twelve-month period ended on December 21, which marks the end of the ninth Iranian calendar month of Azar, stood at 40 percent.

CNG daily consumption at 800mcm in Iran

TEHRAN- Managing director of National Iranian Oil Refining and Distribution Company (NIORDC) put the daily consumption of compressed natural gas (CNG) at 800 million cubic meters in Iran, complaining that it is a high amount, IRNA reported.

‘Oil Ministry utilizing high scientific capacities of universities’

TEHRAN- Iran’s deputy oil minister for engineering, research and technology affairs said Oil Ministry is utilizing the high scientific capacities of the country for implementation of its projects, Shana reported.

‘Establishment of FTZs to prevent immigration from border cities’

TEHRAN- One of the major objectives behind establishment of new free trade zones (FTZs) in Iran is preventing migration of the border cities’ population to other regions, something occurred in the past 40 years creating some empty cities and villages in the border areas, the chairman of Majlis Development Committee stated.

Adequate basic commodities reserved for next year: trade min.

TEHRAN- Iranian Industry, Mining and Trade Minister Reza Rahmani said the basic goods that the country needs in the current Iranian calendar year (ends on March 19, 2020) and also in the next year have been reserved, IRIB reported on Friday.

Iran’s trade balance with Turkey positive in 10 months

TEHRAN- Trade balance between Iran and Turkey was $1.1 billion positive in favor of Iran during the first 10 months of 2019, ISNA reported on Saturday, citing the data released by Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA).

Copper cathode output to rise 100,000 tons in 3 months

TEHRAN- Iranian Industry, Mining and Trade Minister Reza Rahmani inaugurated a plant and a processing unit in Sungun Copper Complex in East Azarbaijan Province on Saturday, Shata reported.

NDF allocates €250m to prioritized water, electricity projects

TEHRAN- National Development Fund of Iran allocated €250 million to implementation of water, and electricity projects with high priority in the country, ILNA reported on Saturday quoting an official with the Energy Ministry as saying.

NIOC offers new incentives to buyers of crude oil, condensate at IRENEX

TEHRAN- National Iranian Oil Company (NIOC) has announced that the first offering of crude oil at Iran Energy Exchange (IRENEX) based on the new instructions will be done in the coming days, Shana reported.

IRISL, RAI ink co-op MOU on transit of goods

TEHRAN- Islamic Republic of Iran Shipping Lines (IRISL) and Iran’s Railways (known as RAI) signed a memorandum of understanding on cooperation for transit of commodities, IRNA reported.

‘Boosting production of base metals a serious plan of industry ministry’

TEHRAN- Iranian Industry, Mining and Trade Minister Reza Rahmani said increasing production of base metals is one of the most serious plans that his ministry is pursuing, IRNA reported.

Import of basic commodities via Shahid Rajaee Port at 1.5m tons in 8 months

TEHRAN- Some 1.5 million tons of basic goods have been imported to Iran via Shahid Rajaee Port in south of the country during the first eight months of the current Iranian calendar year (March 21-November 23), director general of Hormozgan Province, where the port lies, announced on Wednesday.

‘Boosting annual transit capacity by five folds achievable’

TEHRAN- Iranian Transport and Urban Development Minister Mohammad Eslami said the country is capable of boosting its capacity of transit of commodities to 50 million tons per year, IRIB reported.

ICOFC signs research deal with Amirkabir University

TEHRAN- Iranian Central Oil Fields Company (ICOFC), a subsidiary of National Iranian Oil Company (NIOC), inked a research-based deal with Amirkabir University of Technology on Tuesday, Shana reported.