Monday, May 2, 2011

Inflation at 20%

Donya-e Eqtesad, Iran’s leading economic and business newspaper, said in its today’s edition that the official statistics released earlier on Monday by the Central Bank of Iran (CBI) shows the inflation rate in the Iranian calendar month of Farvardin (which ended on 21 April) showed a 19.7% increase over the same period last year. The inflation rate for the year 1389, ending on 20 March, was reported at 12.4%.


Anonymous said...

Iran's Revolutionary Guard awarded two giant natural gas projects

02 May 2011
A business consortium connected to Iran's powerful Revolutionary Guard was awarded without tender two giant natural gas development projects, a senior Iranian official said Saturday. Mahdi Fakoor, a senior Oil Ministry official, said the Revolutionary Guard's most important financial venture, Khatam-ol-Anbia, will develop two gas fields in the south of the country without tender.

'A contract to develop Halgan and Sefid Baghoon gas fields has been signed with Khatam-oil-Anbia ... without tender,' the semi-official Mehr news agency quoted Fakoor as saying. Fakoor said development of the two gas fields located in Fars Province will result to production of 19 million cubic meters of natural gas a day.

Iran said in February last year that the Halgan gas field’s in-place gas reserve stands at 12.4 trillion cubic feet, or 355 billion cubic meters, with the volume of condensates estimated at 249 million barrels. See: Iran's Halgan gas field has reserves of 12.4 TCF.

Khatam-ol-Anbia is currently the largest contractor of government projects in Iran, handling 1,500 of the country's most important state projects over the past four years. The conglomerate is already involved in developing Iran's giant South Pars Gas Field in the Persian Gulf. Khatam al-Anbia is one of the country's largest corporations with stakes in mining, telecommunications and the oil and gas sector.

The guard, which was created after the 1979 Islamic Revolution to defend Iran's clerical rule, has become a vast military-based conglomerate, amassing a network of economic and political power that extends to virtually every aspect of life in Iran. Its finances are not on the government budget and are free from any state oversight. The Revolutionary Guard is accountable only to Supreme Leader Ayatollah Ali Khamenei, who has the final say on all state matters in Iran

Anonymous said...

"May 3, 2011 3:01 PM"...So who else do you propose we give the contracts to?? Shell, BP, Total, China???

Seems there people who'll criticize Iran on whatever decision they make, regardless. Like it or not, IRGC is a part of Iranian society and their cash are not locked up in some Swiss account as you have in other countries. Their monies is actually invested within Iran itself so...tough!

Love it or hate it, the American economy is basically dominated by the MIC (military industrial complex). Go figure!!!