Energy Economy

Iran has posted a more-than-$1-billion foreign trade surplus for the 1-year period ending August 20. according to the data released by the country’s Customs Administration (IRICA).

Abqaiq. in the kingdom’s eastern province. is the world’s largest oil processing facility.

The Supreme Council of Economic Coordination Sat. decided to extend the authorities of the Central Bank of Iran (CBI) for managing the exchange market for the purpose of stability in the market.

Iranian firms are set to take part at the 46th International trade exhibition which will be held in Iraqi capital Baghdad early November.

The Director General of Khorramshahr Ports and Maritime Organizations said that loading and unloading of cargo in Khorramshahr Port registered a 38% growth from March 21 to August 21. as compared to the last year’s corresponding period.

Iran’s Minister of Industry Reza Rahmani announced that his country is planning to lower the imports of machinery and equipment used in major production lines. in a bid to further indigenize manufacturing capabilities in the face of the US sanctions.

The Supreme Council of Economic Coordination decided to extend the authority of the Central Bank of Iran (CBI) for managing the exchange market for the purpose of stability in the foreign currency market.

Iranian Interior Minister Abdolreza Rahmani Fazli criticized the European countries for not following through with their economic commitments to Tehran.

Russia and Iran are organizing cooperation between the Russian financial messaging system and Iran'.s Electronic Financial Messaging System (SEPAM) as an alternative to making payments through SWIFT.

The Plan and Budget Organization of Iran (PBO) announced that the country’s non-oil exports. including petrochemicals and condensates. exceeded $44 billion in the year ending March 2019. posting a 5.9% rise in comparison with figures from 2013.