Iran’s five-month copper cathode production at 110,000 tons
Domestic Economy Desk
The National Iranian Copper Industries Company (NICICO) produced 110,000 tons of copper cathode in the first five months of current Iranian year (March 21-August 22), announced managing director of the company.
Ardeshir Sa’d-Mohammadi also said on Saturday that Khatun Abad Smelting Plant, subsidiary of NICICO has plans to increase its annual production to 120,000 tons from current 80,000 tons by mid-March 2020, imidro.gov.ir reported.
The official also added that NICICO’s annual copper cathode exports will increase 100 percent by the end of current Iranian year, according to company’s strategy.
According to a report by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Iran’s copper cathode production capacity will reach 655,000 tons by 2025.
Iran’s copper reserves stand at 21 million tons which is 1.3 percent of the global total, the report added.
The NICICO’s copper concentrate production capacity is currently over 1.2 million tons per year and, based on a development plan, this figure is set to reach 2.5 million tons by 2025.
At present, six copper mines are operating in the country.
Ardakanian: New committee to expedite Tehran-Kabul electricity cooperation
Iran’s Energy Minister Reza Ardakanian said on Saturday that Tehran and Kabul have recently finalized an agreement which will lead to the formation of a joint cooperation committee intended to speed up implementation of joint projects, particularly in the field of electricity.
“Setting up a joint working group was agreed by Afghanistan President Ashraf Ghani and now, we are waiting for the establishment of the committee as soon as possible,” he added, according to Fars News Agency.
In this committee, date for organizing summit of joint economic cooperation commission will be consulted, the minister said, adding, “Then, necessary measures will be taken for holding the summit.”
Ardakanian pointed to the agreement inked between Iran and Afghanistan for repairing Afghan’s electricity transformers and turbines and added, “Necessary measures have been taken in this respect.”
Last month, Tehran and Kabul signed a memorandum of understanding (MoU) to increase bilateral cooperation on repairing the electricity grid and upgrading power transmission equipment of Afghanistan
According to the MoU, which was signed on August 18 in the Afghan capital city of Kabul, the two sides emphasized the expansion of bilateral cooperation in the fields of repairing the worn out power transmission equipment, construction of armor lines, synchronization of two countries’ grids and issues related to the electricity industry.
Iranian Deputy Energy Minister Homayun Haeri and the Director General of TAVANIR Company Mohammad Hassan Motavallizadeh signed the MoU on behalf of Tehran and Director General of Afghanistan Electricity Company Amanallah Ghaleb signed it on behalf of the Afghan government.
The largest exporter and importer of electricity in the Middle East, Iran plays an important role in power supply in the region.
Iran is currently supplying Iraq, Afghanistan and Pakistan with electricity, Motavallizadeh said on January 4, adding that the country is poised to double the volume of its power export to neighboring countries.
Iran to offer 2m barrels of condensates at IRENEX
The National Iranian Oil Company (NIOC) is going to sell two million barrels of gas condensates on the Iran Energy Exchange (IRENEX) on Wednesday.
The NIOC will offer the condensates at the base price of $56.09 per barrel in this round of offering, Shana reported.
The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, buyers can receive their cargoes for at most three months after the purchasing date.
The delivery of cargoes in other areas strictly depends on the previous approval of the NIOC.
The NIOC sold 2 million barrels of heavy crude oil on the IRENEX on August 13 at $57.98 per barrel.
According to the NIOC, it was the 7th crude oil offering by NIOC at IRENEX.
Iran has started direct sales of oil to
domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge the impacts of returning sanctions.
Buyers have to pay 20 percent of the total value of their purchases in Iran’s national currency – the rial. The remaining payments would need to be made in foreign currencies after loading.
US officials have already said the sanctions will be meant to bring down Iran’s oil exports to zero. However, Iranian officials have repeatedly rejected the feasibility of this, stressing that international consumers cannot afford to lose Iranian supplies.
Iran’s First Vice President Es’haq Jahangiri said in October 2018 that the government of President Hassan Rouhani had already devised mechanisms to counter the impacts of returning US sanctions against the country’s oil exports.
Iran, Germany sign contract on flight check plane
Managing Director of Iran Airports Company Siavash Amir-Mokri said on Saturday that his country will buy its second flight check plane according to a $9.9 million worth of contract signed with Germany.
He added the purchase includes the plane, a flight information service (FIS) device which is installed on the plane and provides information related to the safe and efficient conduct of flights, as well as some spare parts, reported Fars News Agency.
Due to the US sanctions, the German company cannot directly deliver the plane to Iran, he said, adding “the company has said we could place an order with any other company that would be willing to sell the plane to us, and then the German company would take the plane from that seller and deliver it back to us after installing the FIS on it.”
“Right now, we are in talks with a third company for selling us the plane, and we have reached some results,” he added.
In December 2018, Head of the Civil Aviation Organization of Iran (CAOI) Ali Abedzadeh said that the number of Iranian technology-based companies entering the air industry has increased in the past couple of years, adding that the development will help the country to counter the effects of the US unilateral sanctions on Iran’s air industry.
Arvand Free Trade Zone exports up
The Arvand Free Trade Zone in the southwestern province of Khuzestan exported $67 million worth of non-oil commodities during the first five months of the current Iranian year (March 21-August 22), announced Ali Mousavi, the deputy head of Arvand Free Trade Zone Organization.
According to Mousavi, this figure is 37 percent more compared to the related figure of the same period of last Iranian year, IRNA reported.
He added that in the first five months of the previous Iranian year, the exports amounted to $49 million.
Main export goods were industrial equipment, building materials, clinker, steel and foodstuff, he said.
Mousavi further noted that the main export destinations were Iraq, India, Thailand, CIS countries and Australia.
Hormuzgan non-oil exports top $12b
Domestic Economy Desk
The southern province of Hormuzgan exported $12.697 billion worth of non-oil goods during March 21-August 22, said the head of Industry, Mine and Trade Organization of the province.
Khalil Qasemi said that it was targeted to export $12.5 billion worth of non-oil commodities for the five-month period, reported shatanews.ir.
The official also added that Hormuzgan Province exported $5.38 billion worth of non-oil goods during March 21-August 22, 2018.
He added iron ore, ethylene, bitumen, chemical and mineral fertilizers were the main exported products during the said period.
China, the UAE, Thailand, India, Oman and Ghana were the top importers of Hormuzgan products, Qasemi said.
Tabriz Oil Refining Company signed a contract worth €17 million with Iranian Oil Design and Construction Company to launch a new sulfur production plant with a daily capacity of 110 tons, Shana reported.