03272019Wed

Oil Refinery in Iran

Iran Focus

London, 18 Mar - US President Trump must soon decide whether or not to end sanctions waivers granted to several nations. US officials have affirmed that the global oil market can withstand the removal of all Iranian crude exports this year.

Four officials who spoke on condition of anonymity say that with the current oil supply, along with the potential of the US and Saudis to ramp up production, “going to zero” could happen this year, without compromising affordable crude supplies.

Iran's Petrochemical

Iran Focus

London, 12 Mar - According to Iran’s 20-year development plan, the petrochemical industry will become the first-generation power sector in terms of the value of petrochemicals, and the production capacity of petrochemicals will reach $180 million by 2025, because Iran’s massive gas resources can be used to make low-cost petrochemical products.

Iran’s Central Bank

By Mehdi

Five banks and financial institutions affiliated with the Iranian military, some suffering with accrued losses, are to be merged into Bank Sepah, Iran’s Central Bank announced on Saturday.

Iranian banks have been suffering from financial crises for years, mainly due to lack of proper banking supervision over loans given to government insiders that have never been paid back, something that has caused many credit institutions to go bankrupt and left millions of people without savings.

Flag of Iran and Flag of China

By Pooya Stone

Iran is in a very difficult position because of the pressure stemming from U.S. sanctions. The U.S. State Department has said that waivers on imports of Iranian oil will not be extended and maintains that its aim is still to reduce Iran’s oil exports to zero.

This is starting to have a real effect now on the Iranian economy and Iran is finding it difficult to persuade countries to cooperate. The EU had promised to take steps that guarantee trade with Iran and it has started to set up INSTEX – a mechanism that will, if it works, circumvent U.S. sanctions. However, it is not certain that the mechanism will work and the United States has warned the EU that it will be keeping a close eye on developments.

Iranian Currency Drops Against Dollar Ahead of FATF Deadline

Iran Focus

London, 19 Feb - The Iranian rial is dropping sharply in value against the US dollar this week, with the cost of one greenback reaching 130,000 rials on Monday, February 18.

This is the biggest gain for the dollar in Iran's government-controlled forex market in three months, especially as the exchange rate reached 11,000 rials on December 31.

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