- The refinery companies released their 9 and 11 month production and sales reports. Bandar Abbas Oil Refinery Co. announced 4 percent decline in its production and 1 percent increase in its sales compared with last year during the 9 months period. Tabriz Oil refinery Co. in its 10 month report reduced the production and sales by 6 and 5 percent respectively compared with same period last year. It’s noteworthy to mention that the company’s production and sales reduction is due to an overhaul in last May and June. No specific changes in production and sale are noticeable in Lavan Oil refinery’s report. Shiraz Refinery Oil could also cover 92% of its forecasted budget in 11 months. Almost 10 months ago, based on 2014 state budget, the board of Iranian National Oil Refinery & Distribution Co. passed a bill of which the price of 5 main oil products including Petrol, Diesel Fuel, Mazut, Kerosene, Jet Fuel should be determined by their quality. Following this bill the trades of all refinery companies have halted. Not setting the prices based on quality by Ministry of Oil is announced as the reason for this halts. However the oil ministry denied this claim and announced that all the prices had been declared to the Iranian National Oil Refinery & Distribution Co. Nevertheless, in none of the released reports captioned feed or sales rates. In addition there is no news regarding the time the trades of this companies will be allowed and reopened.
- “With regards to the recent contract between French Peugeot and Iran Khodro, a joint company for producing a mutual product will be established”, the Iran khodro CEO said. He also added that in 10 years, the Iran khodro productions will reach 1,800,000 vehicles in partnership with Peugeot, Renault, Suzuki and another European Company, which he preferred not to mention the name. Based on his statements the Iran Khodro domestic market share is currently 54 percent which will grow to 60 percent in 10 years.
TSE at Glance
IFB at Glance
Trading Halts & Delays
U.S lifts sanctions against Belarussian oil firm. Before this the U.S had imposed sanctions on the company for engaging in business with Iran Oil Co. besides this, the harsh reaction of white house to the senate Republicans over the warning letter to Iran officials brought more hopes to the market. The market pays no attention to the budget reports released by companies. However, the 11 months reports from refineries give the signals that they may soon release their official reports on Codal and preliminaries for reopening will be provided.
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