Business

Iran has capacity to supply natural gas to the world: Raisi

Published

2 years ago

23/02/2022

MNN

Speaking at the Gas Exporting Countries Forum summit in Doha, Iranian President Ebrahim Raisi calls for the security of the global energy markets.

Iran’s President Ebrahim Raisi has declared his country’s readiness to supply natural gas to the world, including Europe.

Raisi said that Iran, as one of the world’s biggest holders of natural gas reserves, has the capacity to supply it to the world and called on the international community to support initiatives aimed at ensuring the security of the global energy market.

He was addressing the sixth summit of the Gas Exporting Countries Forum (GECF) in Qatar’s capital Doha on Tuesday.

This is Raisi’s fourth foreign trip since assuming office last August and his first visit to Qatar.

Raisi said his country has been able to boost its natural gas production and carry out significant projects in the oil and gas sectors by banking on domestic expertise and resources.

He said sanctions imposed by “hegemonic powers,” an oblique reference to the US, against “free nations” were “no longer effective,” urging closer cooperation among gas exporting countries to bypass sanctions.

Meanwhile, Iran’s Oil Minister Javad Oji in his remarks echoed Raisi, saying Iran has repeatedly stated that it has the “necessary capacity” to supply gas to neighbouring countries and even Europe.

Energy markets uneasy

Raisi’s remarks came amid heightened tensions between Russia and the West over the crisis in Ukraine, which has threatened to disrupt the global energy market.

Oil prices on Tuesday touched $100 per barrel, the highest in more than seven years.

Europe’s natural gas futures also experienced jitters, rising more than 13 per cent, as Russia supplies more than a third of the continent’s gas consumption.

Raisi’s remarks, which were meant to calm the situation in the energy market, are also being seen as a statement of solidarity with key regional ally Russia, which has been threatened with harsh sanctions by Western countries if it invades Ukraine.

In a statement on Tuesday, Iran’s Foreign Ministry spokesperson, Saeed Khatibzadeh, urged all sides to “exercise restraint” and “work to resolve disagreements through talks and within a peaceful framework.”

He said Iran believes that “any action that could escalate tensions should be avoided.”

Source: TRTWorld

Business

Maldives records USD 802.2 million in first four months

Published

3 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews