Economic news in brief (Dec. 2)

Iran begins major industrial project in Venezuela 

TEHRAN – The construction of Iran’s largest industrial project in Latin America began Thursday in Venezuela, the industry ministers of the two countries were present at the opening ceremony held for the project.

The one-million-ton cement plant will be built in Maturin, capital city of the Estado Monagas (Monagas Province). Victor Alvarez, Venezuela’s minister of industries, Iranian minister of Industries and Mines Alireza Tahmasbi, and the Iranian ambassador to Caracas Ahmad Sobhani attended the ceremony to open Venezuela’s first state-owned cement plant. The Latin American country intends to use the project for supplying cement to its domestic market, which is now in dire need of inexpensive cement for implementation of construction projects. To date, multinational cartels have dominated this market.

Japan sees dramatic drop in price of imported Iranian crude in November

TEHRAN – A Japanese newspaper wrote on Friday that the price of Iranian crude exported to Japan in November decreased by 2 dollars and 83 cents to reach $51.81.

Nihon Keizai Shimbun also put the price of imported Iranian heavy crude at $48.99, which corroborated 2 dollars and 78 cents slump compared to the registered price of the commodity for October. The paper noted that Japan also saved three dollars for each barrel of extra light Saudi crude oil it imported in the month of November (54 dollars and 75.7 cents for November trade).

IKCO’s Khorasan branch produces 35 Peugeots a day

MASHHAD, Khorasan Razavi – Each day, Iran Khodro Khorasan produces 35 cars of Peugeot brand, said managing director of the company Mohammad Siadat.

“By the end of the current Iranian year (March 20, 2006), some 10,000 cars of  the same brand, including Peugeot Pars, Peugeot 405 GLX, and Peugeot 405 GLI, will be produced here,” he added. The factory is located in Binalud New Town, 55 kilometers southeast of Mashhad. It exports cars to Kerman, Sistan-Baluchestan, North and South Khorasan provinces as well as supplying the car market in Khorasan Razavi.

ER/RA

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MNA