Tehran, March 1, IRNA – Head of Trade Promotion Organization of Iran (TPOI) Hamid Zadboom said on Monday that Iran’s foreign trade volume has reached $65 billion.

Zadboom said that Iran’s foreign trade reached $65 billion during March 2020-February 2021.

He added from this amount of foreign trade, about $34 billion is in imports and about $31 billion is in exports.

Despite sanctions, Iran conducted more than $80 billion in foreign trade last year, which part of it related to the agricultural sector, he noted.

Source: https://en.irna.ir/news/84247773/Iran-s-trade-improves-by-65b-Official

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh inaugurated three major oil industry projects worth €5.569 billion in Ilam and Boushehr provinces during a virtual ceremony on Monday, Shana reported.

As reported, the minister officially inaugurated Azar Oil field development project in the western Ilam province and Kangan Petro-refinery’s ethane recovery unit in southwestern Boushehr province, while commencing the project for the construction of a petrochemical complex in Assaluyeh.

According to Zanganeh, over €2.6 billion has been invested in the Azar oil field development project and the ethane recovery unit of Kangan Petro-refinery.

The other project, namely Kian Petrochemical Complex in Assaluyeh, in Bushehr Province, is also worth about €3 billion.

According to Shana, the mentioned projects are going to create direct job opportunities for 2,125 people.

Speaking in the opening ceremony, Zanganeh mentioned the desirable state of the development projects in joint oil and gas fields and said: “Fortunately, we are in a good situation in all joint fields compared to our neighbors,”

“The production capacity of crude oil in the joint fields of west Karun region has increased from 70,000 barrels per day to 400,000 barrels,” the official added.

Mentioning the development of the Azar oil field, the minister said: “Over €1.4 billion of the investment made in this project has been returned from the revenues earned by the field’s oil output.”

Zanganeh put the cumulative production of the field since it went operational in the Iranian calendar year 1392 (started in March 2013) up to the current year at 36 million barrels.

The official further mentioned Kangan Petro-refinery project and said: “We had plans to inaugurate 17 petrochemical projects worth $11.4 billion and with a total capacity of 25 million tons in the current year; Kanhgan project, with an investment of nearly $1 billion and a production capacity of 3.5 million tons per year, is one of the mentioned projects.”

Azar, one of the joint fields with Iraq, spans an overall area of 482 square kilometers in southeast of Mehran town in the western Iranian province of Ilam.

The field is estimated to hold 2.5 billion barrels of oil in place. The volume of possible oil reserves to be extracted from the Azar field is estimated to be around 400 million barrels.

Source: https://www.tehrantimes.com/news/458653/Major-oil-industry-projects-worth-over-5-6b-inaugurated

TEHRAN – Iran’s National Development Fund (NDF) has opened a €200 million credit line for the country’s Trade Promotion Organization (TPO) to use for developing exports of commodities and services to African countries.

The mentioned fund has been allocated as part of a $2-billion support package which has been allocated by NDF for developing the country’s non-oil exports, Farzad Piltan, the director-general of TPO’s Office of Arabian and African Countries said.

“The board of directors of the National Development Fund has approved this fund and it has scheduled to notify the relevant agencies for its implementation after the plan is reviewed and finalized in the next meeting of the African headquarters headed by the First Vice President,” Piltan stated.

According to the official, despite all the opportunities and capacities for mutual cooperation, the development of economic and trade ties with Africa has been facing some problems such as lack of planning, lack of recognition and interest by the private sector organizations such as chambers of commerce and trade unions, lack of appropriate infrastructure and lack of government resources and facilities.

“These problems are expected to be resolved gradually with the opening of the mentioned credit line,” he said.

The official noted that the TPO and other relevant government bodies and agencies are preparing various programs in order to boost the Islamic Republic’s trade with African trade partners.

Holding three joint economic committees and four joint industrial committees with target African countries, holding 10 exclusive exhibitions in 10 different African countries, participation in 10 international exhibitions in African countries, sending 10 trade delegations and accepting 30 trade delegations from African countries, holding 18 trade promotion desks for introducing opportunities and fields of cooperation and export issues are some of the mentioned programs, he explained.

Over the past few years, the Iranian government has been pursuing new plans to promote the country’s exports of non-oil goods and services to new markets in order to reduce the country’s economic dependence on oil revenues.

In this regard, TPO has played a significant role in supporting the country’s exporters and to follow up on the implementation of programs in this field.

Source: https://www.tehrantimes.com/news/458464/Iran-allocates-200m-for-promoting-exports-to-Africa

TEHRAN- During a ceremony held via video conference, three major pipelines for the transfer of oil products were launched on Monday.

The ceremony was attended by Oil Minister Bijan Namdar Zanganeh, and National Iranian Oil Refining and Distribution Company (NIORDC) Managing Director Alireza Sadeq-Abadi.

The three pipelines are the 26-inch Shazand-Qom-Rey pipeline for the transfer of oil products with a length of 293 km and a capacity of 300,000 barrels per day; the 20-inch Naein-Kashan-Rey pipeline with a length of 420 km and a capacity of 204,000 barrels per day of oil products; and the 14-inche Tabriz-Khoy-Urmia pipeline with a length of 220 km from Tabriz to Urmia with a total capacity of 65,000 barrels per day.

Source: https://www.tehrantimes.com/news/458424/3-key-pipelines-launched-to-transfer-oil-products

TEHRAN – The 8th edition of Regional Conference on Electricity Distribution (CIRED IRAN) was opened in Tehran on Monday.

The opening ceremony was attended by senior officials from the country’s electricity industry, including the Deputy Energy Minister Homayoun Haeri.

As one of the most important electricity distribution industry associations in the world, CIRED (Congrès International des Réseaux Electriques de Distribution) has been set up as an international association and since October 2004, it takes the legal form of de facto association (association de fait) based in Belgium.

As one of the major electricity hubs in West Asia, Iran is the only country in the region that is licensed to hold the CIRED conference biannually.

Iranian researchers have been continuously among the countries with the most number of research papers presented to this international event.

By attending this conference, Iranian researchers, engineers and scholars will stay in touch with the latest achievements in the world’s electricity industry and also share their knowledge and experiences with their counterparts all around the world.

Electric vehicles, responding to demand in the distribution market, using new equipment and technologies in the country’s distribution industry, reducing losses, capital management, new solutions and equipment for smart grids, evolution of standards, economic issues in the distribution business, electricity market, smartening grids, electricity market regulations, smart metering experiences, and future orientations, as well as network development are among the important topics that are discussed in this event.

CIRED works for the purpose of increasing the business relevant competencies, skills, and knowledge of those who see themselves as a part of the electricity distribution community, whether they are from the utility, product, consultancy, service, business, or academic sector.

CIRED is dedicated to the design, construction, and operation of public distribution systems and of large installations using electrical energy in industry, services, and transport.

Source: https://www.tehrantimes.com/news/458415/Regional-CIRED-conference-underway-in-Tehran

TEHRAN – Iran has traded 134 million tons of non-oil commodities worth $65.5 billion in the first 11 months of the current Iranian calendar year (March 20, 2020-February 18, 2021), according to the head of the Islamic Republic of Iran Customs Administration (IRICA).

As reported by IRIB, during the mentioned period, 103 million tons of commodities worth $31.2 billion were exported to foreign destinations, while about 30.8 million tons of non-oil goods valued at $34.3 billion were imported, Mehdi Mir-Ashrafi said.

Iran’s top five non-oil export destinations during this period were China with $8.1 billion worth of exports, Iraq with $6.8 billion, the United Arab Emirates (UAE) with over $4.1 billion, Turkey with $2.2 billion, and Afghanistan with $2.1 billion.

According to the official, the mentioned five countries accounted for 72 percent and 75 percent of Iran’s total non-oil exports in the said period, in terms of weight and value, respectively.

Meanwhile, the country’s top five sources of imports during these 11 months were China with $8.8 billion, the UAE with $8.4 billion, Turkey with $3.8 billion, India with $2 billion, and Germany with $1.7 billion worth of imports.

The mentioned countries exported a total of 15.2 million tons of commodities to the Islamic republic to account for 50 percent and 72 percent of the country’s total imports during the said period in terms of volume and value, respectively.

The imports of non-oil goods in this time span decreased by six percent and 15 percent in terms of weight and value, respectively, compared to the same period last year.

Of the total imported commodities in the mentioned 11 months, some 21.4 million tons worth $11 billion were basic goods.

Like all other countries around the world, Iran’s trade with its foreign partners has been affected by the coronavirus pandemic, however, the situation is getting back to normal and the country’s trade is reaching its pre-pandemic levels.

Source: https://www.tehrantimes.com/news/458416/Iran-s-non-oil-trade-stands-at-65-5b-in-11-months

(Bloomberg) –Saudi Arabia urged fellow members of the OPEC+ oil alliance to remain cautious as they prepare to consider further output increases.

Crude prices have rebounded to a one-year high above $60 a barrel in New York as fuel demand recovers and the 23-nation OPEC+ coalition constricts supply. Still, the ongoing pandemic poses a continuing threat to consumption, and oil output losses in the U.S. caused by freezing storms are unlikely to last.

“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.”

The alliance led by the Saudis and fellow oil titan Russia will gather in early March to decide whether they can revive some more of the production halted during the coronavirus crisis.

The group is currently withholding just over 7 million barrels a day — or about 7% of world supplies — and is committed to restoring about 1.5 million barrels in stages over the course of this year, depending on market conditions.

Riyadh and Moscow have differed on how quickly to revive the halted output, with Russia generally more keen to resume production quickly.

Saudi Cut

When the alliance gathered last month, the Saudis doubled down on the strategy of output restraint by making an extra 1 million-barrel-a-day cutback that would apply in February and March. Their move has paid off, helping to drive the recovery in prices.

For oil importers, there are growing signs that the strengthening market is becoming a problem. Dharmendra Pradhan, energy minister of India — one of the biggest buyers of OPEC’s crude — said at the same conference that higher prices were also harming the global economic recovery.

Prince Abdulaziz’s warning indicates that another debate could ensue when the Organization of Petroleum Exporting Countries and its allies meet again on March 4.

Iraq, another OPEC+ member that’s often eager to open the taps, said last week that the group may choose to keep production steady at the forthcoming gathering.

Russia and the United Arab Emirates, which have pressed for increases at recent meetings, have yet to make their preferences known.

For Riyadh, however, the comments on Wednesday from the prince suggest it prefers to keep a lid on supply.

Source: https://www.worldoil.com/news/2021/2/17/saudis-warn-against-opec-complacency-before-march-meeting

(Bloomberg) –Qatar aims to be the world’s biggest producer of liquefied natural gas for at least the next two decades, capitalizing on rising demand as the world transitions from oil and coal to cleaner energy.

Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year. That’s a level other countries will struggle to match, Energy Minister Saad Al-Kaabi said in an interview with Bloomberg Television.

The Persian Gulf state is already the world’s main supplier of the super-chilled fuel, but new projects elsewhere — especially in Australia and the U.S. — have eroded its dominance.

The nation will be able to produce LNG from the first phase of the expansion so cheaply that it will be viable even if oil prices fall below $20 a barrel, said Al-Kaabi. “This is one of the most competitive, if not the most competitive, projects on the planet,” he said.

Oil prices collapsed last year, but have soared more than 60% since the start of November to around $64 a barrel with the roll-out of coronavirus vaccines.

State producer Qatar Petroleum took a final investment decision on the North Field East Project last week. It’s likely to be the only project in the world to pass this milestone in 2021, after just one was sanctioned to move ahead last year, according to Bloomberg NEF.

The lack of new supply from other countries will benefit Qatar, said Al-Kaabi, who is also chief executive officer of QP. “With less projects coming online, our expansion is very timely,” he said.

Al-Kaabi downplayed the idea among some analysts that demand for LNG is, like that for oil, close to peaking. Energy companies looking to produce more renewable energy will still need gas to offset the intermittency of green power, he said.

“Renewables will definitely happen — we’re doing a lot ourselves — but you need gas to complement that,” he said. “Gas is sort of in a Catholic marriage with renewables. They would need to stay together for a very long time for you to have the transition successfully.”

For a country that built its wealth on natural gas, continued demand for LNG is crucial. Qatar is one of world’s richest countries, with a per capita gross domestic product of $53,000 last year, according to the International Monetary Fund.

QP has booked capacity at units that turn LNG back into gas in Belgium, France and the U.K. It’s also looking to build on its 70% stake in Britain’s largest LNG import terminal by investing in more regasification plants, said Al-Kaabi.

Spot Market

Though LNG is a cleaner-burning fuel than coal and oil, most supply agreements are still based on the price of crude. Al-Kaabi doubts that will change.

“There is this fallacy that LNG is traded like a commodity and you can have an almost endless spot market,” he said. “It’s not true.”

QP will continue to favor years-long contracts tied to oil and will sell only around 10% of the new gas via the spot market, the minister said.

“Long-term is the best approach for both sides,” he said. “It gives certainty.”

LNG spot rates have swung wildly over the past year, falling heavily around April as the pandemic raged and surging in mid-January amid a cold snap in Asia. The volatility created “big spikes that are not good for the buyer or the seller,” said the minister.

Source: https://www.worldoil.com/news/2021/2/17/qatar-outlines-plan-to-lead-global-lng-exports-for-the-next-20-years

TEHRAN- Iran’s production of the copper cathode has increased 13 percent during the first ten months of the current Iranian calendar year (March 20, 2020 –January 19, 2021), as compared to the same period of time in the past year.

The country has produced 231,113 tons of copper cathode during the ten-month period of this year.

The periodical reports and statistics indicate that Iran’s metals sector is progressing both in terms of production and export despite the limitations imposed by the U.S. sanctions.

The country’s copper industry is moving forward noticeably, as some outstanding projects are implemented.

Iran has seen its copper exports doubled in the past Iranian calendar year (ended on March 19, 2020) despite a series of bitter sanctions imposed by the United States aimed at hampering the Islamic Republic’s trade of lucrative metals.

A senior official at Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Iran’s largest metals and mining holding, has said that the value of exports for main copper products reached more than $1 billion over the past year.

The country has posted outstanding figures in terms of copper cathode production and export.

Copper cathode is the primary raw material input for the production of copper rod for the wire and cable industry.

According to the data released by the National Iranian Copper Industry Company, the value of Iran’s copper cathode exports reached $419 million during the first half of the current Iranian calendar year (March 20-September 21, 2020), which was 26 percent more than the figure projected for this period,

Meanwhile, the production of the copper cathode has increased six percent during the first half of this year, compared to the same period of time in the past year.

Copper cathode output hit 139,899 tons in the first six months of the present year, while the predicted figure was 130,015 tons.

Production of copper cathode, which stood at 250,000 tons in the past Iranian calendar year, is planned to reach 280,000 tons in the present year.

Source: https://www.tehrantimes.com/news/458138/Production-of-copper-cathode-up-13-in-10-months-yr-yr

TEHRAN – Denmark’s new Ambassador to Tehran Jesper Vahr has expressed his country’s willingness to cooperate with Iran in geology and mining areas, IRNA reported.

Vahr made the remarks in a meeting with Alireza Shahidi, the head of Geological Survey and Mineral Explorations of Iran (GSI) on Monday.

According to the GSI Office of Public Relations, in the mentioned meeting the two sides discussed the development of bilateral cooperation and stressed the need to strengthen scientific and research relations in the fields of geology and mining exploration.

Speaking in the meeting, Shahidi mentioned the activities of his organization in the country, and said: “Iran Geology and Mineral Exploration Organization is responsible for preparing geological maps of West Asia in UNESCO, including Quaternary and tectonic maps.”

He noted that GSI has carried out extensive studies in the field of karst water exploration in Iran, adding: “This organization is responsible for producing basic information for mineral exploration in the country and is currently localized the knowledge for aerial geophysical methods that were exclusively used by Canadians.”

According to the official, the chemical laboratories of the Geological Survey and Mineral Explorations of Iran are equipped with the latest modern equipment and machinery with very high accuracy.

Emphasizing that the training of specialized human resources in GSI is of great importance, Shahidi said: “Accordingly, in the field of international relations, we have had extensive educational and research relations and cooperation with European universities, including the universities from the United Kingdom, Germany, France and Italy; and last year, we cooperated with France’s Sorbonne University on the preparation of three-dimensional maps.”

He also referred to the holding of workshops by European universities in Iran in various fields of geosciences, saying: “These workshops have become a place for gathering and communication of European and Iranian geologists, which is now being held as a webinar due to the Coronavirus pandemic.”

Source: https://www.tehrantimes.com/news/458140/Denmark-eager-for-co-op-with-Iran-in-geology-mining