Iran Economy - News & Updates

[Destructlord]

President inaugurates world’s largest olefin unit​

ASSALUYEH, Feb. 8 (MNA) – Iranian President Mahmoud Ahmadinejad here on Sunday inaugurated the Jam Petrochemical Complex, consisting of the largest olefin production unit in the world.

According to PIN, with the production capacity of 1,321,000 tons of ethylene, the complex is the world’s largest ethylene production unit. Also producing 306,000 tons of propylene, 600,000 tons of polyethylene, and 300,000 tons of polypropylene per annum, Jam Petrochemical Complex is the most unique petrochemical complex in the Middle East.



The project came on stream with the aim of increasing the country’s income, expanding the exports of polymer, promoting Iran’s share in the global market, making optimal use of oil and gas reserves, improving domestic technical knowledge, and raising domestic production.



The complex was commercially put into operation last Iranian calendar year (ended March 19). The complex now has above 70 percent of its production capacity and some 90 percent of the complex’s output is for export.



The output of the complex is the raw material needed for downstream industries like the production of machine-made carpets, paints, solvents, textiles, cables, disposable containers, and industrial parts.



NK/MRK

END

 

[Destructlord]

Iran ready to sign free trade deal with PGCC​

TEHRAN, Feb. 8 (MNA) – Iran’s cabinet gave the green light for the signing of a free trade agreement between Iran and the Persian Gulf Cooperation Council, a Commerce Ministry official announced here on Sunday.

Hossein Soltani-Nia told the Mehr News Agency that the Iran-PGCC agreement would reduce trade tariffs to a minimum level.



The deal will greatly promote Iran’s trade with the six PGCC countries (Saudi Arabia, Oman, Kuwait, the United Arab Emirates, Qatar, and Bahrain), Soltani-Nia added.



NK/MRK

END

MNA

 

[keeninterest]

$13bn: new record in Iran-India trade


Press TV - $13bn: new record in Iran-India trade


Trade volume between Iran and India has reached almost $13 billion in 2007 after business between the two countries grew by 80 percent.

The Indian Embassy in Tehran said in a press release, "India exports goods worth US$ 1.937 billion to Iran and imports goods worth US$ 11.049 billion from Iran.”

“India's imports from Iran include crude oil and petroleum products worth US$ 10.06 billion and India's exports include petroleum products worth US$ 850 million,” the statement continued.

The press release added that Indian public and private sectors are increasingly interested in investing in Iran.

The embassy said that companies including Tatas, Essar, Oil & Natural Gas Corporation, and Gas Authority of India Limited are already active in the Iranian industrial sectors of oil and gas, mining, metallurgy and steel.

The Indian Minister for External Affairs, Pranab Mukherjee, is currently in Tehran on a 3-day visit. The minister's delegation includes senior officials from different government departments including the Ministry of External Affairs and the Ministry of Petroleum & Natural Gas.

According to media reports, New Delhi and Tehran will discuss the Iran-Pakistan-India (IPI) gas pipeline project. India delayed the project following pressure from the US in the build up to a nuclear deal between the two countries.

Iran hopes that the pipeline initiative can now progress as the US-India nuclear contract has been signed.

MVZ/CW/DT

__________________________________________________________________________

Trade Articles - Iran and India broadening Trading opportunities


In tune of the changing business environment of the world, Iran is exploring the new trading avenues in the world's 5th largest economy i.e, India. During the seminar hosted by the Confederation of Indian Industry(CII), delegation of the Iranian business leaders along with the senior officials from the iran, the Iran's government has reinforced in finding the new pathways of interacting with their counter parts from the Indian industrial market in relation to their new upcoming projects from the sectors of roads & railways, infrastructure, cement, power, shipping and maritime, pharmaceuticals, aluminum & steel, automotive & auto components etc. Co-Chairman of the CII Gulf Council, Mr. A C Patankar said that "India and Iran share strong trade and cultural ties, we can expand the trade amongst the two nations by acting as a facilitator in the exchange of expertise. CII is ready to take forth the issues faced by the corporate from either sides, and will be more than happy to address issues associated with the trade". Showing the optimistic behavior towards the Iran and India trading future, Mr. S Hossein Salimi, Senior office bearer of Iran Chambers of Commerce and Industry said"I being an entrepreneur in Iran, witnessed the ups and downs of the Iranian economy. At present the Iran trade and business sector has come of age. However we are yet to catch up with up with the world on various aspects of development, and we are confident to find Indian interest in sharing their technology and expertise with us. Iran is a promising option for India as it is just 3 hours air connectivity away. Iran at present seeks special expertise in the areas of automobiles, cement, steel among others".

Presenting the government's view point, Mr M.K.Anand, Director of the West Asia North Africa (WANA), Department of Commerce, Ministry of Commerce and Industry, Government of India, emphasized on the need of building strong trading relations between India and Iran. He said,"We praise the efforts made by the CII for streamlining the existing areas and developing new areas for trade. Iran is a radiant and vibrant market and we look forward to greater engagement by the Indian cooperates in sectors apart from Oil and Chemicals. We should look forward at the possibility of creating a Indian trade hub in Iran for further expansion in the region. We will be hosting a Joint Commission Meeting in Tehran, Iran on the 1-2nd November 2008, for facilitating stronger trade ties". Further hosting the trade perspective of the Micro, Small and Medium Enterprises (MSMEs), Mr. G C Narang, Managing Director, Progressive Thermal Controls stated,"Indian small scale sector brings tremendous options for trade engagement. A major chunk of business in the fields of automobile, food processing, pharmaceuticals, biotechnology, textile, electronics, telecom, retail and light engineering is being held by small sector. Iran's business fraternity should try to capitalize from the vast scope offered by the small scale sector". He reinstated on the need of diverting the India's industrial growth towards the Iran's business potential.

Mr. Mahmood Ali Abadi, Director General, Foreign Investment Office, Organization for Investment, Economic and Technical Assistance of Iran, has candidly added,"Iran offers investment opportunities in different varieties. In a Joint venture, it is possible for a foreign country to hold 100% shares. We welcome Indians to invest in Iranian Stock market, which is not affect by the global financial crackdown. We ensure that the foreign investments will be protected here and good returns are generated for the investors". Bilateral trade between Iran and India has touched the mark of $9.53 billion in 2006-07 from $6.1 billion of 2005-06. The figure is believed to be augmented further due to the implementation of the right policies by th governments of respective countries.

 

[lincdean]

Nice Post!. I don't have any thing to say regarding that.

 

[Destructlord]

Iran, Iraq set $5b target for annual trade​

BAGHDAD, Feb. 11 (MNA) – The first joint commercial commission of Iran and Iraq was held in Baghdad on Wednesday in which the two sides agreed on setting a $5 billion goal for annual trade.

Iranian Foreign Minister Manochehr Mottaki led a delegation of oil and banking officials to Iraq to discuss expanding bilateral trade ties with the Iraqi Commerce Minister Falah al-Sudani, according to the Mehr News Agency.

“The prospect of Iran-Iraq trade is promising,” Mottaki said adding, “Economy, health, housing and urban development were issues in the spotlight of the joint commission.”

In this meeting, the Iraqi official suggested that the two countries expand bilateral relations in specialized fields.

Mottaki’s delegation met also with the Iraqi Foreign Minister Hoshyar Zebari, said Iranian embassy spokesman Amir Arshadi.

Prime Minister Nouri al-Maliki has been making a major push to increase trade ties and attract investments from neighbors like Turkey and Iran as well as Europe. But investment is coming in only slowly and sporadically, even in key industries like oil.



MG/MRK

END

MNA

 

[Destructlord]

Iran, Belarus hold 9th joint commission​

MINSK, Feb. 11, (MNA) – Iran and Belarus held their 9th joint economic commission in Minsk on Wednesday with the aim of reinforcing bilateral trade and economic relations.

Minister of Commerce Masoud Mirkazemi heads the Iranian delegation which is constituted of representatives from related state-run organizations and a 70-strong group from the private sector.

According to the Mehr News Agency, Mirkazemi is scheduled to visit the Belarusian prime minister, as well as the ministers of foreign affairs, commerce, industries, and economy.



MG/MRK

END

MNA

 

[Destructlord]

Majlis urged to probe budget infractions ​

There have been at least 2,000 cases of infraction in the 2006-2007 budget, says head of the Iranian audit office Abdolreza Rahmani.

The report comes about a week after the National Audit Office revealed more than $1 billion of oil revenues in the budget for the Iranian calendar year of 1385 (March 2006-March 2007) had not been returned to the treasury.

“There were 2,000 cases of infraction in the 1385 budget which have been overshadowed by the report on $1.058 billion of surplus oil revenues,” said Rahmani.

He further stressed that such cases should be investigated by the Iranian Parliament (Majlis).

In the past three years, Iran ran a surplus of oil revenues due to an increase in crude prices. According to the law, any additional oil income must be transferred to the treasury or the foreign exchange reserves.

Iranian President Mahmoud Ahmadinejad last month denied reports that his government had illegally withdrawn funds from the foreign exchange reserves.

Parliament Speaker Ali Larijani has also called for further investigations into the issue to ensure that the capital is returned to the treasury as soon as possible.

AKM/HGH

 

[lincdean]

I would like to know what type of Linc Energy they are using.

 

[Aragorn]

Iran non-oil exports surge 29 per cent despite sanctions

TEHRAN: Iran’s non-oil exports surged 29 per cent to nearly $44 billion in the year to mid-March despite tough Western sanctions to rein in Tehran’s disputed nuclear drive, according to officials and data.

Overall exports excluding crude oil hit $48 billion, Kiumars Fathollah Kermanshahi, a deputy head of Iran’s Trade Promotion Organisation, told the official IRNA news agency.

Iran raked in $43.8 billion for exporting products other than oil, and a further $4.2 billion for exporting technological services, Kermanshahi said.

Exports of non-oil products during same period a year before were worth $34 billion, excluding technological services.

But more than half of what the exports generated were raised by a large growth in the amount of petrochemical products and gas condensates exported, figures released by Iran’s customs showed.

The boost was realised due to an increase in Iran’s production of the two products in the past year, and their rising value in the global markets because of soaring oil prices.

The export of petrochemicals saw a 55-per cent boost, amounting to $15 billion, and that of gas condensates was raised by 36 percent, bringing in $10 billion, according to the figures.

China, the United Arab Emirates — which acts as the hub for the re-export of goods to Iran — as well as Iraq and India have emerged as the main destinations for the country’s non-oil goods.

For its oil exports, Iran, the OPEC oil cartel’s second largest producer, is estimated by Iranian media to have generated $100 billion during the same period.

Iran earned about $78 billion by exporting oil during the year before that.

It exports most of its crude oil to China, India, Japan and South Korea.

Official figures for the past year have yet to be released.

The sharp increase in Iranian exports came against the backdrop of a tough trade and financial sanctions regime put in place since 2010 by Western powers who fear Tehran’s nuclear programme masks a military dimension.

But Iran insists it is only seeking to master an atomic energy cycle.

Officials have in recent months regularly used the rising exports to portray as ineffective the sanctions, which will be further tightened in July when Iran’s crucial oil sector is targeted.

Western economic experts in Tehran say the rise of Iranian exports is mainly due to soaring global oil prices.

Iran’s oil production, now about 3.5 million barrels per day according to OPEC, has declined steadily since 2008, while sanctions have significantly slowed the Islamic state’s efforts to develop its energy sector and produce and export its gas, they told AFP on condition of anonymity.

Iran holds the second largest gas reserves worldwide.

The experts also point out that Iran is finding it increasingly difficult to repatriate foreign currency for its oil exports, and has thus resorted to accept various forms of direct or indirect barter with many customers.

The obstacle has also greatly reduced Iran’s investment capacity, they said.

Iran non-oil exports surge 29 per cent despite sanctions | DAWN.COM

 

[Fitep]

Georgia wants to knock SANAM and Iran together. A few days ago Mahmudali Chehranganli, leader of Southern Azerbaijan National Awakening Movement, said that no one will prevent unification of Southern and North Azerbaijan and if Iran make any attempts to do so, then 35 millions of Iranian Azerbaijanis will oppose it and that will speed up Iran's break-up. Tehran for many times said that separatist movement receives financial and organizational support from Baku, but I wonder if Iranians really know that Tbilisi is main supporter of the movement and it want to damage reputation of North Iran of possible oil and gas supplier that can provide Europe with energy resources. Why? As always because of money. Saakashvili wants Europe to buy Caspian energy resources that run through Georgian pipelines at overestimated prices so he could put some extra cash into his private account. A good reason to provoke a conflict between Iran and SANAM...

 

[warpig]

iran economy on the verge of collapse
enough said !

 

[SOHEIL]

iran economy on the verge of collapse
enough said !

Good propaganda

 

[warpig]

Good propaganda

good nothingoanda ... what?

 

[Yeti]

India: Western Sanctions Unable to Impair Relations with Iran

TEHRAN (FNA)- New Delhi will not succumb to the western pressures to decrease the level of ties with Iran and will not impose the US-orchestrated sanctions against Tehran, an Indian official said on Sunday.


"Despite all pressures by the US, the relations between the Islamic Republic of Iran and the Republic of India have not been impaired," Head of Iran-India Friendship Association Prabhakar Reddy told FNA.

He also downplayed the effects of western sanctions against Iran, and said, "Many governments have asked us to impose sanctions against Iran but we didn't accept."

Iran and India which have deep historical and cultural relations are now seeking to further expand political and economic ties.

India, the world's fourth-largest petroleum consumer, is Iran's second largest oil customer after China and purchases around $12 billion worth of Iranian crude every year, about 12 percent of its consumption.

Indian President Pranab Mukherjee in a meeting with Iran's new Ambassador to New Delhi Gholamreza Ansari last Tuesday underlined his country's enthusiasm for the further expansion of relations with Tehran, specially in political fields.

"The political relations between Iran and India are highly extensive and such ties and cooperation should further expand," Mukherjee said in the meeting, during which Ansari submitted his credentials to the Indian president.

He also reiterated the deep and special relations between the two countries, and said, "Iran and India enjoy highly profound and age-old relations and there are abundant potentials for cooperation between two countries."

The Iranian envoy, for his part, described economic relations as one of the main potentials for the two countries' cooperation, and said there are good capacities for mutual cooperation in the energy sector.


Fars News Agency :: India: Western Sanctions Unable to Impair Relations with Iran

 

[Abii]

Good propaganda

eghtesad ke raft be darak azize man.

Akhe bi ensaf, khodet nemikhay khoone bekhari, kar begiri, ezdevaj koni dar ayande...?

Hamin alanam motmaenam khodeto khoonevadat vazetoon ziad roberah nist mese axare Iraniya. Khandedare raftaret Soheil.