Iran Economy in Brief – No. 90

Oil ministry and its female Vice Minister

Bijan Zangeneh, Iran’s Oil Minister, introduced Marzieh Shahdaii as his deputy. This is the first time that a woman has become Deputy Minister of Oil in Iran. Ms Shahdaii, born in 1961, has previously served four years as the CEO of the National Iranian Petrochemical Company (NIPC).

Mr Zangeneh also introduced Seyyed Reza Norouzzadeh as the New CEO of the NIPC. Mr Norouzzadeh was previously the CEO of the Social Security Investment Company (SSIC) which manages more than 170 companies and institutes.

Iran’s plan for reaching self-sufficiency in oil production

The National Iranian Oil Refining and Distribution Company (NIORDC) announced that only 17% of the gasoline used in Iran is imported.

Based on figures released by this company, 81.3 million liters of gasoline are used in Iran, of which 65.5 million liters are produced domestically. The usage of gasoline has grown by 7.9% compared to last year.

“22 million liters of Euro 4 gasoline are distributed among 8 cities. When the Persian Gulf refinery fully goes online, we will have the capacity to distribute Euro 4 gasoline to all cities,” said Mansour Riahi, the ex CEO of NIORDC.

Read More about Oil Consumption in Iran

Iran Insurance returns the premium of pilgrims

Iran Insurance Company, the state-owned company, has announced that insurance services provided to pilgrims during Arbaeen are considered as its social responsibility activities and the company will not profit from these contracts.

Arbaeen ceremonies are held 40 days after Ashura and every year a large number of Iranians head to Karbala in Iraq to take part in the religious ceremony.

Iran Insurance has reduced the cost of services for Arbaeen pilgrims by 15%, compared to last year and has announced: “Currently, the premium for pilgrims is 160.000 IRR (4.6 USD). Under normal circumstances, the same insurance plan is offered with a 288.000 IRR (8.2 USD) premium. Additionally, the special insurance contract for Arbaeen pilgrims also covers terrorist attacks. In the standard contract, terrorist attacks are not covered.”

In their website, the company announced: “We are prepared to refund the remaining monetary sum to the insured, after costs and damages have been paid.”

The contract covers loss of limb, permanent disability and death as a result of accidents, up to 2 billion IRR ($57.200) as well as Hospital costs due to disease or accident, up to 200 million IRR (5700 USD).

Top Iranian exporters in 2016

The Ministry of Industries, Mining and Trades has announced this year’s top exporters, according to the previous Iranian fiscal year, i.e. March 2016 to 2017. Each company is graded based on its own industry. The top three companies this year were Iran Doostan Tourism and Air Travel Services, Farab Company and Iran Golab Company.

Iran Doostan Tourism and Air Travel Services was established in 1991 and specializes in attracting foreign tourists to Iran. Farab Company is a hydroelectric power plant contractor which began operations in 1992. Iran Golab Company was established in 1949 and since 1981 has been industrially manufacturing rosewater in Kashan.

Get to know Iran’s top exporters