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(09-04-2019, 09:52 AM)AmirPatriot Wrote: Problem is although Iran has huge natural gas reserves it only exports a small amount because it has made a huge drive to make domestic cars run on LNG, so there is a lot of gas output is used domestically. This idea was probably so Iran could export more oil.
Quote:The IMIDRO said on Sunday that steel exports recorded between July 23 and August 22 this year had surged to 633,050 tons, up from 462,000 tons in the same period last year.
The holding said Khouzestan Steel Company (KSC), a major mill located southwest of Iran, topped the list of nine big exporting companies with 174,772 tons while Iran Alloy Steel Company (IASCO) came last with a total exports of 510 tons in the monthly period.
The government said earlier this month that it would slap a harsh tariff of 25 percent on exports of raw iron to help steel mills struggling with low stocks.
Official data suggest Iran’s annual steel output hit a record of 35 million tons in the year ending March 2019 while exports stood at seven million tons.
Sources within the industry say Iran seeks to become the seventh top steel producer in the world by 2025 relying on plans to bring output to 55 million tons a year.
Quote:Iran’s Minister of Energy Reza Ardakanian said on Sunday that Iran was now able to access the loan for construction activities to start at Sirik Power Plant after Iranian and Russian authorities signed final documents related to the loan deal.
The minister said construction activities for the major power plant, which is located on the Persian Gulf coast facing the Strait of Hormuz, would begin in two months time.
He had said during the trip that the long-anticipated Russian loan for Sirik, a 1,400 megawatt power plant that is estimated to cost €1.4 billion, would be paid soon.
Iran has sought to use Russian finances for its growing electricity sector. Once fully operational, the Sirik project would add some 12 terawatt hours of power to Iran’s current production of more than 300 TWh.
Quote:Iran’s oil minister says gas production from the South Pars gas field is nearing record levels so that Iran could for a first time take the lead in daily production from the field which is shared with Qatar.
Bijan Namdar Zanganeh said on Monday that Iran’s daily output from the world’s largest gas field would reach 790 million cubic meters per day in a near future, outperforming Qatar which currently extracts around 620 million cubic meters a day from the field.
The announcement is a revision of previous estimates about Iran’s increased production at South Pars. Zanganeh had said earlier this year that output from the field, which straddles the maritime border between Iran and Qatar in the Persian Gulf, would hit a target of 750 million cubic meters per day by the end of 2019.
Zanganeh said Iran’s ongoing development plans were focused on phases 13, 22-24 and the offshore section of the phase 14, adding that all of those projects would conclude by late March 2020.
Quote: Authorities say Iran’s economic growth, without considering the sale of oil, was 0.4 percent in the first three months of the current Persian calendar year beginning in late March.
The Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said on Thursday that growth recorded in the first quarter, compared to the similar period in 2018, was a first to come after months of depression that began following a decision by the United States last year to withdraw from an agreement on Iran’s nuclear program and impose sanctions on the country.
He said, however, that the development was “promising” given that Iran had reported three quarters of negative growth over 2018-2019.
Reports suggest Iran has managed to offset the impacts of the American sanctions that were enacted in November and toughened in May.
National currency rial began to rise against foreign currencies in July after months of trading at historic lows while the CBI and Iran’s Statistical Center have reported improved economic indicators, including lower inflation and increased employment.