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Iran | Economics

Sayyed Khamenei Backs Iran Plan to Scrap Subsidies

Supreme leader Ayatollah Ali Khamenei has backed the Iranian government's plan to scrap subsidies in the coming weeks. Sayyed Khamenei has asked the government of President Mahmoud Ahmadinejad to "seriously apply... the plan for removing subsidies," state news agency IRNA reported late Monday quoting the Supreme leader as telling members of the government, including Ahmadinejad. "The people have embraced you (Ahmadinejad) for ... ... More

'Egypt Wishes to Limit Gas Supply to Israel'
27/08/2010 16:49

The Egyptian newspaper al Shaab reported Tuesday that the Egyptian government wishes to purchase back 1.5 billion cubic meters of natural gas which it sold to Israel. According to a contract between Tel Aviv and Cairo, Egypt is supposed to provide Israel with a total of 7 bcm of natural gas. The report states that Egypt plans on buying back the gas for a higher price than agreed with Israel and this way prevent it from being ... Details

Sanctions Not Affecting Gasoline Supply: Iran Official
16/08/2010 15:17

Iran is not having any problems procuring gasoline, a top official said on Monday, despite sanctions by the United States and European Union targeting refined petroleum imports. "The adoption of sanctions have not created any obstacles for the country in procuring gasoline," Mohammad Ali Khatibi, Iran's envoy to the Organization of Petroleum Exporting Countries (OPEC), told Mehr news agency. To combat sanctions, Iranian ... Details

Iran Offers Three Billion Dollar Bonds to Fund Gasfields
15/08/2010 14:09

Iran will within days offer the first tranche of a three billion dollar domestic bond issue to fund the development of its South Pars gasfields, a top official said on Sunday. Ali Vakili, head of Pars Oil and Gas Company, the Iranian firm in charge of developing South Pars, said the funds will be raised in six stages during the current year to March 2011, according to oil ministry's news agency Shana. Vakili said state-run Saderat Bank ... Details

Turkey Won’t Curb Iran Petroleum-Products Trade
06/08/2010 15:45

Turkey sees no reason to curb a trade in petroleum products with neighbor Iran, Turkish Energy Minister Taner Yildiz said. United Nations sanctions on Iran don’t cover the trade and “right now we believe that commercial companies can carry out this business,” Yildiz said in Trabzon. “It’s a functioning commercial relationship.” He said the trade involves Turkish companies importing crude oil from Iran and selling refined products ... Details

Iran Signs 1.3 Billion Dollar Gas Pipeline Deal with Turkey
24/07/2010 14:07

Iran has signed a 1.3 billion-dollar deal with a Turkish firm to build a pipeline for gas exports of 60 million cubic meters (2.1 billion cubic feet) a day in three years, press reports said on Saturday. "The contract to build a gas pipeline stretching 660 kilometers (410 miles) and worth one billion euros was signed in the presence of Iranian and Turkish energy and oil ministers," the Arman newspaper, said quoting an oil ministry ... Details

General Strikes Hit Greece and Portugal
08/07/2010 15:21

Thousands joined general strikes in Greece and Portugal on Thursday bringing planes, trains and ferries to a halt in a new protest against austerity spending cuts. The main impact of strike in Greece was on planes and boats while in Portugal it was on trains. The general strike in Greece was the sixth held this year and came only hours after parliament increased the retirement age to 65 as part of a pensions reform law aiming to save billions of ... Details

Russia Serious about Change, Medvedev Tells West
18/06/2010 12:32

Russia’s President Dmitry Medvedev promised the West on Friday that Russia was serious about economic reform, saying it needed a boom in foreign investment to modernize its economy. "We are truly modernizing Russia," Medvedev, Russia's third post-Soviet president, told business leaders in a keynote speech at the annual economic forum in its second city of Saint Petersburg. "The changes take time but it will happen," he said in the ... Details

Iran Guards Sign Multi-Billion Dollar Gas Contracts
15/06/2010 10:30

Iran on Tuesday signed contracts worth 21 billion dollars with local firms to develop six gas fields, some of them awarded to the elite Revolutionary Guards, state media reported. The state television website said the "contracts to develop the South Pars gas fields -- phases 13, 14, 19, 22, 23 and 24 -- were inked with three consortia including Khatam al-Anbiya," the Guards' industrial conglomerate. The other deals were awarded to groups led by ... Details

Iran, Pakistan Sign Gas Export Deal
13/06/2010 15:15

Iran and Pakistan formally signed on Sunday an export deal which commits the Islamic republic to supplying its eastern neighbor with natural gas from 2014. The contract is the latest step in completing a multi-billion dollar gas pipeline between Iran and Pakistan within the next four years. "This is a happy day," Iran's Deputy Oil Minister Javad Ouji told reporters at the contract signing ceremony in Tehran. "After decades of ... Details

Turkey, Lebanon, Jordan, Syria to Set Up Free Trade Zone
10/06/2010 18:42

Turkey, Lebanon, Jordan and Syria agreed on Thursday to set up a free-trade zone, complete with a visa-free travel regime for their nationals. According to a joint declaration, the four countries will establish a cooperation council "to develop a long-term strategic partnership" and "create a zone of free movement of goods and persons among our countries." The deal was agreed by the foreign ministers of the four ... Details

Iraq Aims to Boost Oil Output to Meet Asian Demand
07/06/2010 12:35

Iraq plans to boost its crude production capacity almost five-fold over the next seven years as the country moves to meet rising demand in Asia, its oil minister said Monday Hussein al-Shahristani also said he did not plan to stay in his post in Baghdad's new government, and had asked the prime minister "to look for somebody else". At an industry conference in Kuala Lumpur, Shahristani said Iraq's current oil capacity was about 2.5 ... Details

US Oil Spill Cap Catching Some 10,000 Barrels a Day: BP
06/06/2010 12:15

BP's oil spill cap, designed to stop huge leaks from a ruptured well in the Gulf of Mexico, is currently catching around 10,000 barrels a day, the firm's chief executive Tony Hayward told the BBC Sunday. "As we speak, the containment cap is producing around 10,000 barrels of oil a day to the surface," Hayward said, adding that this was "probably the vast majority". When asked whether the cap would get most of the oil, Hayward added: ... Details

Britain to Give 19 Million Pounds to Gaza
06/06/2010 8:56

Britain announced Sunday it was giving 19 million pounds (27 million dollars, 23 million Euros) for refugees in Gaza and repeated calls for Israel to lift its blockade of the territory. "The humanitarian situation in Gaza is both unacceptable and unsustainable," International Development Secretary Andrew Mitchell said announcing the funds, which will help support schools and health clinics for Gazan refugees. The money is part of a ... Details

Spanish Parliament Approves Austerity Plan
27/05/2010 15:21

Spain's parliament Thursday backed by just one vote an unpopular 15-billion-Euro austerity plan aimed at reining in its massive public deficit and easing fears of a Greek-style debt crisis. The draft law, which includes a pay cut for civil servants, was passed with 169 votes in favor and 168 against. The governing Socialist Party backed the bill while all others, including the conservative opposition Popular Party, either opposed or abstained. ... Details

German Lower House Approves Euro Rescue Package
21/05/2010 17:40

The German parliament approved the country's share of a trillion-dollar rescue package for debt-stricken Eurozone countries Friday, after Chancellor Angela Merkel warned the Euro was "in danger". The German contribution is a key to the plan, and would amount to up to 148bn Euros. Chancellor Angela Merkel has faced widespread domestic opposition to her support for measures to help Greece and other struggling EU economies. But she has warned that ... Details

Lebanon GDP to Grow by 7-8 Percent in 2010: Central Bank
20/05/2010 19:21

Lebanon's economy is expected to grow by seven to eight percent this year, the Central Bank governor said on Thursday. "It is expected that real (economic) growth will reach seven to eight percent in 2010," Riad Salameh said at the start of the 18th Arab Economic Forum, which 25 countries are attending. The liquidity that Lebanese banks have enjoyed "has boosted confidence and had a positive impact on growth," Salameh ... Details

Euro Ministers Support Currency; "More Talks Are Needed"
18/05/2010 10:14

Eurozone finance ministers pledged on Tuesday to fix the region's finances, a day after the Euro has fallen against the Dollar and the Asian markets retreated, but also announced more talks to finalize the massive rescue fund for debt-hit members. The chairman of the 16-strong Eurozone group meanwhile backed controversial plans for Brussels to vet budgets in all 27 European Union countries before they are put to national parliaments. Luxembourg ... Details

Euro Falls against Dollar, Asian Markets Retreat
17/05/2010 15:31

The European unified currency is facing more risks as it has fallen to four-year low against the dollar, after being hit by renewed fears over the strength of the Eurozone country and as the global stock markets mostly retreated on Monday, with the heaviest falls in Asia . Despite the huge sums of money pledged in support for Eurozone countries, the Euro fell to $1.2237, while one pound was worth 1.1702 Euros. Thus, severe austerity measures are ... Details

After Greece, Spain to Impose Tough Measures to Face the Fiscal Crisis
12/05/2010 15:17

Spain announced on Wednesday dramatic cuts to public sector salaries in a plan to tackle the current fiscal crisis that it facing and Greece received its first injection of an IMF bailout as doubts face Europeans over the reality of their massive debt crisis. Wednesday's most severe new measures came in Spain, home to the eurozone's third largest deficit after Ireland and Greece, where Prime Minister Jose Luis Rodriguez Zapatero ordered a five ... Details