4 August 27, 2019 ECONOMIC NEWS Minister: 99.7% of ’s Iran Makes New Oil Discovery in Khuzestan Villages Have Electricity (Dispatches) - The National Iranian Oil Company Ex- ing to data released by companies ploration Directorate (NIOCEXP) active in the country’s power sec- Seyed Saleh Hendi announced on tor back in late June. Monday that the company has found Iran’s nominal electricity genera- a new oil reservoir in Dezful in the tion capacity reached 80,311 MW southwestern province of Khuzestan. at the end of last year and now, it “According to exploration stud- has risen to 80,868 MW, the data ies and Seismological surveys con- showed. ducted in the exploratory region of In February 2018, Arda- Northern Dezful, near the fields of kanian highlighted the coun- Mansouri, Cheshmeh Khosh and try’s self-sufficiency in the Maroun, in the regions in Western area of power generation and and Eastern Sousangerd, reports said the Islamic Republic is are indicating the discovery of an the top producer of electricity oil reservoir,” the NIOCEXP said. in the Middle East. The company added that further About 90 percent of power gener- details will be revealed later. In a related front, earlier on De- the Society of Iranian Petroleum ation equipment, even complicated Late in January, Iranian Minister cember 17, Hendi said that new oil Industries Equipment Manufac- TEHRAN (Dispatches) – Iranian administration took office in 2013, parts like turbines and generators, of Petroleum Bijan Namdar Zan- and gas reserves have been discov- turers Reza Khayyamian said Energy Minister every week nine more villages of are currently manufactured inside geneh said that the country has ered in Iran since last year, adding dozens of European companies on Monday highlighted the progress the country have been electrified. the country, the energy minister discovered a new oil reserve in that the recently re-imposed U.S. have voiced willingness to co- in the process of supplying electric- According to the UN statistics, told reporters at the time. the Southwestern city of Abadan, sanctions have had no effects on operate with Iran in developing ity to villages and towns across the about 76% of the world’s rural He added that Iran’s capabilities Khuzestan province, rich with very exploration operations. its oil industry despite U.S. sanc- country and said the population of population has access to electricity in the area of power generation light and sweet crude. Earlier on October 20, Head of tions. 99.7 percent of the villages have ac- but in Iran this figure has reached have developed over the past four cess to electricity. 99.7%, and only 0.3% of the rural decades so much that the country In remarks, Ardakanian said the population lacks access to power has become the top producer of Envoy: process of supplying electricity supply, the minister went on to say. electricity in the region. ‘Knowledge-Based Companies to the country’s villages has been Since the beginning of the cur- “At present, we have energy ex- Turkmenistan very fast since the victory of the rent Iranian year (March 21), the changes with all the countries that Withstanding U.S. Sanctions’ 1979 Islamic Revolution. country has added 557 MW of ca- share land borders with us,” he He added that since the current pacity to the national grid, accord- said. to Enhance Economic Iraq Seeks Ways to Keep Importing Ties With Iran

Energy From Iran TEHRAN (Dispatches) - Turkmenistan’s Ambassador indicating the discovery of an oil to Tehran Ahmed Gurbanov reservoir,” the NIOCEXP said. The company added that further has voiced his country’s dis- details will be revealed later. satisfaction with curbs in Late in January, Iranian Minister of commercial ties with Iran, and Petroleum said that the country has discovered said Ashgabat is determined a new oil reserve in the Southwest- to restore strength to its eco- ern city of Abadan, Khuzestan prov- nomic ties with the Islamic ince, rich with very light and sweet Republic. crude. In a related front, earlier on De- In a meeting with the Gov- cember 17, Hendi said that new oil Iranian Vice President for Science and Technology speaks ernor General of North Kho- and gas reserves have been discov- with reporters ahead of his arrival to the city of Arak, Markazi Province. rasan province, Gurbanov ered in Iran since last year, adding TEHRAN (IFP) - Iranian Vice tions have proved successful after said that Iran–Turkmenistan that the recently re-imposed U.S. President for Science and Technol- coordination with the local knowl- trade cooperation have been sanctions have had no effects on ex- ogy Sorena Sattari says the coun- edge-based companies, which he ploration operations. try’s knowledge-based companies said have capitalized on the ca- weakened in recent years, Earlier on October 20, Head of and start-ups have already resisted pabilities of local forces and have saying the relations should TEHRAN (Dispatches) - The Na- “According to exploration stud- the Society of Iranian Petroleum tional Iranian Oil Company Explora- ies and Seismological surveys con- the U.S. sanctions, and his office will manufactured indigenous prod- be bolstered to reach its pre- Industries Equipment Manufactur- keep providing unwavering support ucts. tion Directorate (NIOCEXP) Seyed ducted in the exploratory region of vious state. ers Reza Khayyamian said dozens for them in doing so. He further unveiled plans for of- Saleh Hendi announced on Monday Northern Dezful, near the fields of of European companies have voiced The volume of two coun- that the company has found a new oil Mansouri, Cheshmeh Khosh and During a visit to the city of Arak, fering a broad range of assistance willingness to cooperate with Iran in Sattari said his administration will to the knowledge-based enterpris- tries’ trade exchange had ex- reservoir in Dezful in the southwest- Maroun, in the regions in Western developing its oil industry despite ern province of Khuzestan. and Eastern Sousangerd, reports are vigorously support the knowledge- es, such as supplying raw materi- perienced $5 billion over last U.S. sanctions. based business and start-ups. als for the pharmaceutical industry The official also noted that the and animal husbandry, as well as decade, whereas it has lately plans to counter the foreign sanc- veterinary and human vaccines. decreased, he added. Handmade Carpets Attracting Visitors Stating that both countries Trump Threatens Germany have high capabilities in to Int’l Expo in Tehran commercial field, he added TEHRAN (Dispatches) - Thou- With Tariffs on Cars that two sides should not sands of traders, researchers and ignore boosting relations in art fans have come to visit the BIARRITZ, France (Reuters) - U.S. President Donald Trump said on economy, agriculture, tour- 28th Handmade Carpet Exhibi- Monday that he and German Chancellor Angela Merkel discussed a trade tion in Tehran where a wide range deal with the European Union and said he hoped Washington would not have ism, culture as well as sport. to consider imposing tariffs on German cars. of products from Iran’s carpet in- The joint economic com- He was speaking on the sidelines of a G7 summit in the French coastal dustry are on display till the end of mission is going to be held in resort of Biarritz, which Trump said had been productive. August. line with implementing the The 28th Handmade Carpet countries’ MoUs in the near Exhibition, which opened on future which will take mu- Sunday, is being held at Tehran’s Gold Breaches $1,550 Mark International Fairgrounds. Hun- tual trade ties into account, dreds of Iranian carpet weaving for First Time in Over 6 Years Gurbanov noted. units are taking part in the event NEW YORK (Reuters) - Gold slowdown or even a global reces- He went on to say that Iran- prices jumped more than 1% to sur- sion that is driving investors to putting their latest products on 100,000 visitors including trad- es, museums and private houses pass the $1,550 per ounce mark for safe-havens,” said Julius Baer ana- Turkmenistan private sectors display. ers and researchers from Iran and around the world. the first time in more than six years lyst Carsten Menke. should be activated and it re- According to official figures, the world. Latest statistics show Concurrent with the 28th edi- on Monday as investors flocked “There is doubt in markets about quires resolving the current carpet industry has a significant that handwoven carpets worth tion of Iran carpet exhibition, the to safe haven assets driven by the these trade talks, so benefit of share in the country’s non-oil ex- challenges in this regard. some 500 million dollars were 32nd National Crafts Exhibition heightened U.S.-China trade dis- doubt or the leap of faith is not ports. Iranian handmade carpets Back in mid-May, Turk- exported in the last fiscal year. is also underway at the Tehran pute. provided by financial markets any- are well-known worldwide for Spot gold was up 0.3% at more when it comes to the trade The 28th edition of Iran carpet Permanent International Fair- menistan’s Foreign Minister their delicate designs and good $1,530.20 per ounce as of 1309 topic, which will be supportive for exhibition will wrap up on Satur- ground. Raşit Meredow told his Ira- quality. The event is aimed at GMT, after hitting its highest since gold.” day, August 31. Early in January, for the first nian counterpart Moham- promoting handmade carpets in April 2013, at $1,554.56 earlier in Washington announced last week Persian handmade carpet, be- time, an exhibition was held in mad Javad Zarif that Ashga- the world and paving the way for the session. an additional 5& duty on $550 bil- sides excellent position in art and Sulaymaniyah of Iraqi Kurdis- U.S. gold futures were steady at lion in targeted Chinese goods, further exports carpets in global bat has the political will to culture, is considered as a luxury tan to showcase handicrafts and $1,538.90. hours after China had unveiled markets. strengthen bilateral relations commodity with a high value that souvenirs made by Iranian artists “This is all about the trade ten- retaliatory tariffs on $75 billion The annual event attracts about has been adorned in many palac- from various provinces. sions and the related risk of global worth of U.S. products. with Tehran in all areas.