Iran allocated $33b to industry & mining combination plan
Tehran, Iran | August 31, 2008 by
The Iranian minister of industries and mines announced in Tehran last week that over 300 trillion rials (some $33 billion) has been allocated to the industry & mining combination national plan. According to Mehr News Agency, Ali-Akbar Mehrabian added that the plan has been developed with the aim of balanced use of potentials, taking benefit of regional advantages, and indigenizing industries across the country.
The industry & mining combination plan includes completion of half-finished projects, offering financial facilities for promotion of industrial investments, and implementation of new projects, he noted.
Most applicants for receiving facilities in the frame of the industry & mining combination plan have been from Tehran, Gilan, Mazandaran, Fars, and Isfahan provinces so far, he said adding, in the next phase of the plan Iranian expatriates and foreign investors will be granted facilities.
IRIB quoted the minister as saying that $5 billion out of the Foreign Exchange Fund has been earmarked for making up for the losses of the industrialists as a result of fluctuations in global prices.
The sum will be used as the revolving capital and importing required raw materials for the industry sector of the country, the minister said and added that as of next week the facilities will be gradually paid.
The repayment interest rate has been set at 10 percent and the figure has been lowered to 2 percent for projects in deprived regions, he observed.
Iran to Build Refineries Abroad
Meanwhile, the preliminary arrangements have been made for construction of oil refineries in other countries including Malaysia, Syria and Indonesia and the capacity established in this sector amounts to 750,000 barrels, Head of National Iranian Oil Refining and Distribution Company (NIORDC) Mohammad-Reza Nematzadeh has announced.
He was further cited by MOJ news agency as adding that throughout the refinery projects in Malaysia, Indonesia and Syria respectively 100%, 50% and 25% of the needed crude for refineries will be provided via Iran. Furthermore, he underlined, currently the construction of seven new oil refineries in the country is underway with the application of the private sector and international companies’ capacities and potentials.
He added that with the plans made hopefully the current capacity for refinement of crude across the country would be up from 1.6m to 3.2m barrels.
During the fourth D-8 Working Group Meeting on Energy in Cairo, Egypt on 1-2 June 2008, Indonesian delegation confirmed their readiness to be the host for the 1st D-8 Working Group on Mines Cooperation. D-8 member states posses huge potential of natural resources, such as mines. As popularly known, Indonesia and Malaysia are the world’s biggest palm oil producer, either for food or bio diesel; while Turkey also renown for its boron, which is imported by most Asian countries. Palm oil producers such as Indonesia and Malaysia require boron anhydride for micro nutrient. Secretary General of D-8, Dipo Alam, said that they will propose to discuss Turkey’s potency as the biggest boron deposit country in the Working Group on Mines, to be used in the coperation framework of D-8.
D-8 plans to hold at least two programs this year with regard to mines and energy industries. Delegations from the memberstates will sit down to discuss potential issues about the matter in Working Group on Mines, and Working Group on Industry, in Bali, Indonesia, on 27-28 October 2008.
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