The fourth edition of Iran’s National Excellence and Progress Award which celebrates achievements and improvements of the country’s economic sectors is slated to be held on Sunday, IRIB reported.
According to the Head of the Award’s Policy Council, Mohammad-Javad Irvani, this year’s award ceremony is going to be held on February 23, on which 150 companies are going to compete and the top competitors will be honored in the end.
“There are capacities in the country that enabling them is going to boost exports in addition to meeting domestic needs,” Irvani said.
Since the re-imposition of the U.S. sanctions, the Iranian Government has been taking various measures to develop the country’s non-oil economy and in this regard domestic production has been a top priority in the government’s policymaking in the past few years.
The country’s top companies will be provided with various facilities and advantages like tax exemptions and export incentives.
Iran produced 2.086 million barrels per day (bpd) of oil in January, a 9,000-bpd decrease from 2.095 million bpd in December 2019, according to OPEC’s latest monthly report published on Wednesday.
As one of the world’s oil-rich countries, Iran, for long, has been deeply relied on oil revenues for its economy and even all the governments which have come and gone since the Islamic Revolution in 1979, have based their economic policies upon oil while other areas remained deprived of the attention.
Foreign investment in Iran has risen 50 percent during the first 10 months of the current Iranian calendar year (March 21, 2019-January 20, 2020) from the same period of time in the past year, Iranian Finance and Economic Affairs Minister Farhad Dejpasand announced.
Iranian acting banks are authorized to offer up to $3 billion of loans to the oil industry’s upstream sector, according to the country’s budget bill for the next calendar year (starts on March 19, 2020), IRNA reported.
Head of Iran’s Planning and Budget Organization (PBO) said the oil revenues in budget bill for the next Iranian calendar year (starts on March 20, 2020) are estimated on the expectations of selling one million barrels per day (bpd) of oil at an average price of $50, ISNA reported.
Chairman of the Board of Directors of Iranian Association of Manufacturers of Oil Industry Equipment said nearly 85 percent of the country’s oil industry equipment are produced based on indigenized knowledge and technology, IRNA reported.