Transportation Development Fund Approved
The parliament approved the bill for the establishment of Transportation Development Fund. This fund will provide financial resources for developing transportation infrastructure and attracting investments.
Ministry of Roads and Urban Development is allowed to set up the TDF with an initial investment of 10,000 billion rials ($285.71 million at market exchange rate) out of its own resources and 190,000 billion rials ($5.42 billion) out of government budget.
The fund will be governed by a board of trustees including Minister of Roads and Urban Development, Abbas Akhoundi, Minister of Economic Affairs and Finance Ali Tayyebnia, and the head of Management and Planning Organization of Iran, Mohammad Baqer Nobakht.
42% Growth in Trade between Iran and EU in May
Trade between Iran and European Union (EU) member states witnessed a major leap in the fifth month of 2016 compared with the same month in the preceding year, according to the latest figures from EU’s statistical office, Eurostat.
The report indicated that Iran-EU trade stood at €929 million in May, registering a 42 % rise from its previous €653 million in May 2015.
Iran’s imports from EU countries in the period reached €626 million, showing 11 percent increase from its previous €562 million in May 2015, while its exports to EU tripled from the previous €91 million and stood at €303 million.
34 Mining, Mineral Industries Projects on Stream by end of 2017
34 mining and mineral industries projects will become operational noted Mehdi Karbasian, head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) in a press conference. The projects are estimated to be worth $7.2 billion, according to the same official.
Noting that Iran has a comprehensive plan for the development of mining sector, Karbasian reiterated that Iran is one of cheapest countries for investment in mining and mineral industry.
Iranian government plans a growth rate of 8 percent for the economy in the Sixth National Development Plan (2016-2021) and mining sector is thought to contribute considerably to economic growth.
Monthly Petchems Output at 4.15 mn tons
The total volume of petrochemicals produced in Iran reached 4.15 mn tons in the third month of Iranian calendar (May 21-June 20, 2016).
According to the main member of the board of directors of National Iranian Petrochemical Company (NPC), Farnaz Alavi, the Islamic Republic plans to increase its total capacity of producing petrochemical products by 50-60 million tons, based on the country’s Sixth Development Plan (2016-2021).
From 28 new petrochemical projects, some are to be directly financed by foreign parties.The projects need $32 billion capital.
In the preceding Iranian calendar year (which ended March 19, 2016), 46 million tons of petrochemicals were produced in Iran utilizing 80 % of the capacity of domestic plants.
In June 2015, Mohammad-Hassan Peyvandi, the deputy managing director of NPC, said Iran planned to raise its petrochemical production to over 180 million tons in the course of ten years.
Also, as Oil Minister, Bijan Namdar Zanganeh, noted in February the country plans to jack up worth of its petrochemical production by about 30 % to $22 billion in the foreseeable future.
Iran; MENA Region’s Leading Iron Ore Producer
Iran is the leading iron ore producer in the Middle East and North Africa region, the US Geological Survey reported in a recent report on Iran’s non-fuel minerals.
Iran’s iron ore production has nearly tripled over the past 10 years and continues to grow at an annual rate of 10%. If sustained, the rate of growth would be sufficient to meet the government’s 2025 target output of 66.2 million tons of iron ore.
In 2015, Iran exported 14.8 million tons of iron ore, down 35% compared with 21.8 million tons in 2014. The country was the world’s 11th leading exporter of the steelmaking material. Exports were projected to decrease to less than 10 million tons by 2017 owing to increased consumption of iron ore by domestic steel producers and declining global prices.
Most of Iran’s iron ore exports were received by China. In 2015, exports to China decreased by 40% from 2014 to 13.2 million tons, owing primarily to prevailing low global iron ore prices.
TSE at a Glance
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