Author: Steven Sahiounie

Speaking on the sidelines of the inaugural ceremony of the 17th edition of the International IRAN PLAST Exhibition in Tehran on Sunday, Iranian Oil Minister Javad Owji revealed the daily production growth of one million barrels of oil per day (bpd) in the current administration, which took office in August 2021. The daily oil production volume in the beginning year of the current administration was about 2.3 million bpd and rose to 3.3 million bpd in the current year, he said. “The important point is that the produced oil is either consumed at the domestic refineries or exported overseas.” Earlier, CEO of…

Of the total $23 billion worth of Iranian assets overseas, about $6 billion has been collected from South Korea, Majid Reza Hariri said. Speaking in a radio interview on Monday, Hariri added that a part of these assets includes the currency reserves (FOREX) of the Central Bank of Iran (CBI) and another part is related to the revenues from the sales of oil, gas, etc that have not so far been collected. After the re-imposition of sanctions against the country in 2019, about €22 billion of CBI’s reserves, which had been reserved at foreign banks, were transferred to the Republic of China, he further…

Abdullah bin Saud al-Anzi expressed the willingness during his visit to the pavilion of Iran’s National Petrochemical Company (NPC) at the 17th IranPlast International Exhibition. Anzi pointed to areas Saudi Basic Industries Corporation (SABIC) and NPC can cooperate in, expressing hope that the two sides will hold talks on petrochemical projects. He said Iran has made great progress in petrochemical industry, SHANA reported. The Saudi diplomat was briefed on Iran’s latest petrochemical achievements during his meeting with NPC Director of Planning and Development Hassan Abbaszedeh, NPC Director of Projects Ahmad Shokri, and Head of NPC’s International Affairs Department Hossein Alimorad. The…

Deputy Minister of Roads and Urban Development for Construction and Development of Railways, Ports and Airports Affairs Abbas Khatibi told IRNA on Monday that negotiations continue for the conclusion of the contract for the construction operation of Rasht-Astara Railway. The construction operation of this railway project will start by the end of the current Iranian calendar year (to end March 20, 2024), the deputy roads minister added. Khatibi added that his company was duty-bound to hold talks with the Russian side to finalize the trade contract after the agreement was inked between Iran and Russia for the construction operation of this…

“IRAN PLAST” Exhibition is the largest and most prestigious event in the rubber and plastic industry in West Asia and also one of the most reliable exhibitions in the world’s plastic and rubber industry. It seeks to provide a unique platform for booming the market of domestic plastic industries and facilitate the global marketing process. Domestic and foreign producers of plastic and rubber products will showcase their latest achievements in this exhibition. The expo is held in the four groups of raw materials, prefabricated and manufactured products, relevant equipment, machinery and services. The exhibition kicked off on Sunday, September 17 and will…

Reviewing the debt rate of 162 countries compared to the gross domestic product (GDP) in 2022, the IMF announced a considerable improvement in Iran’s situation in this respect. According to the calculations of this international body, Iran’s total gross debt in 2021 had been equivalent to 42.4 percent of the GDP. Accordingly, the Iranian government’s debt in 2021 had reduced compared to a year earlier. Iran’s foreign debt has decreased by about 30 percent during the two-year tenure of the administration of President Ebrahim Raisi. Iran’s global ranking of foreign debt improved in 2022. Source: Tasnim

Firms from ‘unfriendly’ countries reportedly cannot withdraw their profits Multinational companies from ‘unfriendly’ countries made large profits in Russia last year despite sanctions that their home countries placed on Moscow, the Financial Times reported on Monday, citing calculations by the Kiev School of Economics (KSE). The KSE calculations are based on sources such as the Russian company register, news reports, and corporate statements. Major Western brands that decided to continue operating in the country recorded over $18 billion in Russian profits in 2022, out of the $20 billion reported by all foreign businesses working in the country, the data showed.…

The country has successfully withstood unprecedented restrictions against its economy, according to the president Russia’s GDP has once again attained the level it had prior to the imposition of Ukraine-related sanctions, President Vladimir Putin said on Monday at a government meeting on the draft federal budget for 2024-2026. “In general, we can say that the recovery stage of the Russian economy has been completed. We have withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc,” Putin said. He added that Russia’s gross domestic product had now reached the level it had in…

Kiev has lost more than 71,000 troops since early June while failing to gain any substantial ground, according to Moscow Ukrainian troops have suffered colossal losses during Kiev’s counteroffensive while achieving almost no results, Tesla and Space X CEO Elon Musk has said. Writing on X (formerly Twitter) on Sunday, the US tycoon commented on a post by investor and entrepreneur David Sacks, who shared an article by analyst David Pyne stating that “Ukrainian territorial gains from their much-vaunted counteroffensive are so miniscule they can barely be seen on a map.” Musk appeared to agree with this assessment, writing: “So much death…

The discussions are taking place as the US closely observes significant personnel shifts within Beijing. The State Department said on its public schedule on Monday that US Secretary of State Antony Blinken is due to hold a meeting with China’s Vice President, marking the most recent high-level bilateral talks between China and the US. Blinken is scheduled to meet with Han Zheng, China’s Vice-President, in New York during the United Nations General Assembly sessions. The discussions are taking place as the US closely observes significant personnel shifts within Beijing. In July, Qin Gang, who had been chosen by President Xi Jinping as…