Corporate News & Business

 

Monthly car output up 27% yr/yr (Tehran Times, 13 April 2017)

Iranian car makers manufactured 124,691 vehicles in the last month of the past Iranian year (20 February 2017-20 March 2017), a 27% increased compared with the same period last year. Iran manufactured 1.3 million of cars in the past Iranian year (21 March 2016-20 March 2017) and targets to push the figure up to 1.5 million cars by the end of this year.

 

 

Finance

 

Iran focusing on insurance development (Financial Tribune, 13 April 2017)

An economy heavily controlled by the government and a lack of development in key economic sectors are the two main reasons for the Iranian insurance sector’s lower penetration rate compared to other countries, has said Head of the Central Insurance of Iran (CII) Mr. Abdolnasser Hemmati. He also referred to a logical correlation between insurance penetration– measured as a percentage of premiums to a country’s gross domestic product–and economic growth and development. However, emmati Mr. Hemmati noted that the progressive trend for insurance sector is currently satisfactory and for the first time, the penetration rate of insurance surpassed 2% in 2015 and is currently at 2.1%. This is while, he said, when he was first appointed as the head of CII in 1994, the figure was 0.34%.

Bank loans to economic sectors rise 40% to $133bn (Tehran Times, 13 April 2017)

Governor of the Central Bank of Iran (CBI) Mr. Valiollah Seif has announced that banking loans paid to various Iranian economic sectors witness a 40% rise in the past Iranian year (21 March 2016-20 March 2017), compared to the preceding year. More US$ $133 billion of banking loans have been paid to various Iranian economic sectors.

 

IME growth in trade value exceeds 73% (Mehr News Agency, 12 April 2017)

Over the last Iranian year (21 March 2016-20 March 2017), in excess of 33 million tons of commodities worth over US$ 25bn were traded on physical markets of Iran Mercantile Exchange (IME). The derivatives market of IME, in 1395, played host to trading more than 3,245,000 gold coin futures contracts, experiencing a 91% in trade volume. Moreover, 7.1 million tons of commodities within the framework of standard parallel SALAM contracts and 453,000 of underlying assets were traded in certificate of depositary receipts (CDRs). The metal and mineral trading floor within the period witnessed trading of more than 9 million tons of commodities. More than 2,509,000 tons of agricultural commodities were traded that compared to the same period the previous year, registering a 229% growth. Over 13 million tons of oil and petrochemical products were traded.

 

 

Oil & Gas

 

President to inaugurate 4 petrochemical projects in coming days (Tehran Times, 13 April 2017)

Iranian President Hassan Rouhani will officially inaugurate four petrochemical projects in the coming days, according to the official news agency IRNA. These projects will add two million tons to the country’s annual petrochemical output and US$ 2 billion to its value. Once all unfinished projects coming online are completed, the country’s petrochemical industry will witness a significant boost and annual production capacity is planned to reach 72 million tons. NPC also plans to export 23 million tons of petrochemical products, worth $11 billion,
in the current Iranian year.

 

Iran to export gasoline from 2018 (Maghreb Emergent, 11 April 2017) 

Speaking at a conference on development, President Mr.Hassan Rouhani noted that that his country had become a major exporter of gasoil, stating that the next step was to export gasoline.

By Natela Outtier

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