Iran to Develop its Mines
*Aimed at developing Mehdiabad Mine, as one of the world’s largest zinc mines, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) entered into a 1$ bn agreement with 6 private companies among which Mobin Mining and Construction can be named; this company has been in talks to have joint-ventures with foreign firms from Spain and Switzerland to develop and expand this mine.
*Recently released OPEC’s monthly report showed that Iran has managed to produce 3.8 mn barrels per day in February, which is 36,100 barrels more than its production in the same period last year. In this regard, the Oil and Gas Minister has announced that Iran will maintain this level of production in the second semester of 2017 if other OPEC members stay committed to their production levels set in November.
In the Market
The majority of tickers in the Oil Products space went through positive trades with Shiraz Oil Refining facing a buy queue. 120 mn shares of Bandar Abbas Oil Refining were also block traded at -3.43% zone in the retail market.
Despite their recent trend, symbols in the Metals industry mostly ended beneath their flat lines, although Middle East Mining Industries closed with a buy queue.
Many companies listed on the Chemicals space went through positive trades with some like Polyacryl, Abadan Petrochemical and Sina Chemical Industries closing with buy queues. Shiraz Petrochemical and Pars International Products also ended in the +2% territory.
Among most names in the Investment Group that witnessed balanced trades, Iranian Investment Development (+4.82%) and Buali Investment (+4.69%) closed with high demands. Tose’e Melli Investment ticker was also reopened and ended in the +6.22% zone.
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