Speaking in an event on developing ecosystem in the petrochemical industry,  Masoud Khansari pointed to the efforts of the youth to keep the hopes alive in the country and said that everybody knows that social and economic conditions have become difficult but all together should guide the condition to a better one.

He added that TCCIMA will celebrate its 139th anniversary of foundation soon as the chamber since its first day of establishment has been seeking importing modern innovation and many industries like electricity has been imported by the chamber.

He said that since three years ago the commission on digital innovation has been established in the chamber and it seems, despite decline in investment and flight of capital from the country, saving the national economy has been tied to the innovation and development in the digital economy, and the chamber intends to support the youth who are on this course.

Khansari went on to say that Iran and Turkey’s economies were close to each other in 1979 and currently Turkey’s economy is $500b ahead of Iran and by the way the investment growth ratio to amortization in Iran has declined.

He pointed to the double digit inflation rate in Iran in the recent four decades and noted that the inflation rate in Iran in recent years has been 30 to 40 percent and national currency has lost its value day in day because of the inflation, and at the same time the country faces losing social capital and currently the only hope which has remained is digital development which can compensate the country’s lag.

He also said that sanctions on oil and failure in oil sales has inflicted damages worth of $100b on Iran’s economy, adding that growth in the petrochemical industry is considerable as Iran’s petrochemical products was 3m tons in 1979 which it reached 80m tons in 2018 and it is hoped the amount to reach 133m tons in 2025.

Khansari went on to say that after oil, petrochemicals have the most earnings for the country and expressed hope with new innovations the earnings would increase in this field.

He noted that currently the flight of capital from the country has reached $10b and it is expected the figure to rise and unfortunately elites in all fields are also leaving the country but active youth in the field of startups and knowledge-based sector can improve the economic condition.

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TEHRAN (Iran News) – The US will likely lift sanctions within days on units of Chinese tanker company COSCO that Washington accused of transporting Iranian oil, two industry sources told Reuters on Friday.

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“The Islamic Republic of Iran will not allow any country to replace it in the oil market, and holds the US and the aforesaid countries (Saudi Arabia and Bahrain) accountable for all consequences,” he added.

“The Iranian government and nation will never forget the enmity from certain countries in such a historic juncture,” Mousavi underlined.

His comments came after Saudi Foreign Minister Ibrahim al-Assaf voiced the kingdom’s full support for the US decision to halt waivers for the customers of Iranian oil, saying Riyadh will continue efforts “to stabilize the oil market at all times by coordinating with other oil producers in order to ensure that sufficient supplies of oil are available to consumers.”

Bahrain has also followed the Saudi footsteps in backing the US move, saying it was “necessary and important, which will support and strengthen efforts drying up the sources of terrorism and address the dangerous role Iran plays in destabilizing security and stability.”

Elsewhere in the statement, the Iranian spokesperson denounced the recent mass execution of 37 Saudi citizens as a kind of move like those taken in “pre-Islam ignorance”, calling for the international community’s response to such “maniacal measures”.

He warned that the Saudi regime is pursuing the policy of fomenting seditions in the region under the aegis of the US government, and cautioned the regional countries against the dire consequences of such seditious policies.

On Wednesday, Saudi Arabia’s interior ministry said it executed 37 people, mostly Shiites, in connection with “terrorism” crimes.

So far this year, at least 104 people have been executed by Saudi Arabia – at least 44 of them are foreign nationals, the majority of whom were convicted of drug-related crimes. In 2018, Saudi Arabia carried out 149 executions.

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IRAN NEWS ECONOMIC DESK

Hassantash, who is a member of Iranian Association for Energy Economics and a member of scientific board of Institute for International Energy Studies, reacted on the U.S. sanctions on Iran’s oil exports and said he is not in a position to talk about on this issue but one thing is obvious that rounding the sanctions is very difficult. He added that as long as he knows, the major problem of sanctions is the transfer of money and international banking transactions, and the country has even problem for getting its money for selling its oil.

On the major challenge in the oil sector, Mr. Hassantash said that oil industry is a subdivision of energy sector, so any challenge in the oil sector cannot be separated from the energy sector. He reiterated that the major challenge in the energy sector is that this sector needs a unified ruling body for planning, directing and supervising.

He went on to say that energy sector in Iran does not move in a planned path, adding that it is also the same in the oil industry.

He also said that strategy and policy in the gas sector suffers the same problem and without any clear and transparent policy it is difficult to talk about it.

Hassantash who was once a critic of the L.N.G. project in the country said that four projects on the L.N.G. were to be carried out but three have been discarded and one of them has been remained and more than $2.5b has been spent on it in the past 17 years but nothing has happened. He reiterated that currently, there is not at all any project or program for L.N.G.

On the performance of the 11^th and 12^th governments in the oil sector, he said that the government has been successful in boosting oil production and setting record after the JCPOA as well as developing the South Pars fields but in other fields they have been weak.

When he was asked about controversial Crescent contract, he said the contract should be respected and be carried out because when an international agreement is signed, it should be respected even it is a bad one. He reiterated that the country will lose its credibility when it disrespects a contract. Hassantash went on to say that the country could fulfil its undertaking and it could later take action against those who had prepared such a bad contract. He noted that beaching a contract would lead to punishment and the country has to pay fine.

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