Kish Stock Exchange is an oil bourse stock exchange launched in late 2010. It is a stock exchange located in the Iranian island of Kish . Kish island is a free trade zone .
71-580: In 2013, Kish Stock Exchange announced the transaction of 9 million and 822 thousand shares. According to the Public Relations and International Affairs of the Kish Free Zone Organization, this number of shares was exchanged valued at 27 billion and 288 million Iranian Rials . http://english.irib.ir/analysis/commentaries/item/72711-kish-island-oil-stock-market-to-be-launched-soon This article about stock exchanges
142-700: A form of bearer teller's-cheque with fixed amounts, printed in the form of official banknotes. Once they were acquired from banks, they could function like cash for a year. Two forms of these banknotes were available. One known as "Iran cheque" could be cashed in any financial institution, while the other could be cashed at the issuing bank. They were printed in denominations of Rls 200,000, Rls 500,000, Rls 1,000,000, Rls 2,000,000 and Rls 5,000,000. In 2008, CBI revoked this privilege from banks, and currently issues its own Iran Cheques in denominations of Rls 500,000, Rls 1,000,000, and Rls 2,000,000. Security Paper Mill (called TAKAB)
213-664: A result of issuance of larger banknotes in 2003. Opponents of redenomination are wary of more inflation resulting from psychological effects, and increase in velocity of money leading to more instabilities in the economy of Iran . On April 12, 2007, the Economics Commission of the Parliament announced initiation of a statute in draft to change the currency, claiming redenominations had helped reduce inflation elsewhere, such as in Turkey . In 2008, an official at
284-557: Is a paper mill and a subsidiary of the Central Bank of Iran responsible for production of security papers , including those of the Iranian rial banknotes located in the city of Amol . Ministry of Petroleum (Iran)#Revenues from crude oil The Ministry of Petroleum (MOP) ( Persian : وزارت نفت , romanized : Vezârat-e Naft ) manages the oil industry , the producer of oil and petrochemical products. MoP
355-451: Is a stub . You can help Misplaced Pages by expanding it . Iranian Rials The rial ( Persian : ریال ایران , romanized : riyâl-è Irân ; sign : ﷼ ; abbreviation: Rl (singular) and Rls (plural) or IR in Latin ; ISO code : IRR ) is the official currency of Iran . It is subdivided into 100 dinars , but due to the rial's low purchasing power the dinar
426-470: Is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard has a compatibility character defined U+FDFC ﷼ RIAL SIGN . A proposal has been agreed to by the Iranian Parliament to drop one zero at the end of number , by replacing the rial with a new currency called
497-723: Is in charge of all issues pertaining to exploration, extraction, exploitation, distribution and exportation of crude oil and oil products. In addition, according to the " Imports and Exports Regulation Act ", issuing import licenses for such products is also among the functions of the Ministry of Petroleum. The ministry has been placed under sanctions by the United States Department of State as of 2020. According to BP , Iran's has 137.6 billion barrels (2.188 × 10 m ) of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves . Iran ranks third in
568-566: Is in charge of oil and gas exploration and production, processing and oil transportation. National Iranian South Oil Company (NISOC) is an important subsidiary of NIOC. NISOC is producing about 83% percent of all crude oil and 16% percent of natural gas produced in Iran. National Iranian Oil Company subsidiaries: National Iranian Gas Company (NIGC) manages gathering, treatment, processing, transmission, distribution, and exports of gas and gas liquids. The huge reserves of natural gas put Iran in
639-542: Is likely to be phased over a period of up to two years. It was reported in 2007 that a U.S. Central Intelligence Agency (CIA) plan had been authorized to manipulate the Iranian rial in order to destabilize the country, though the details and outcome of said plan are not known. Iran reported arresting 20 "Forex manipulators" in 2012. In 2013, talking about the sanctions against Iran , US Senator Carl Levin said that "Iranian Rial banknotes are printed in Europe". During
710-485: Is not practically used. While POS terminals are in use in Iran, the country does not participate in any of the major international card networks due to sanctions between it and the United States . Travelers are instead advised to load money onto a local prepaid card account. There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it
781-446: Is seen as the first step toward a new currency. In 2010, President Mahmoud Ahmadinejad announced that Iran would remove three zeros (not the four that had been proposed) from its national currency as part of the economic reform plan . In April 2011, it was reported that the Central Bank is working on a six-month redenomination project to cut four zeros from the national currency and replace old bank notes with new ones, similar to
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#1732780540568852-617: The Central Bank of Iran , each bearing the signature of the President of the Iranian Central Bank . The Rls 100, Rls 200 and Rls 500 banknotes are becoming increasingly uncommon; shopkeepers habitually give out small packages of gum in lieu of the last Rls 500 of change. For day to day means people will carry wads of Rls 100,000 notes. In preparation for an upcoming redenomination whereby Rls 10,000 will become one toman, notes of this series display
923-704: The Iran Mercantile Exchange . In addition to banks , exchange shops are also available for limited transactions. Exchange shops must operate under the licenses issued by Central Bank of Iran . Foreign currencies can be bought or sold at these exchange shops. Exchange restriction arises from limitations on the transferability of rial profits from certain investments under the Foreign Investment Promotion and Protection Act and from limitations on other investment-related current international payments under this act. In 2010,
994-467: The United States and Iran . Specifically the ministry has been on the sanction list of the European Union since 16 October 2012. The features of fifth development plan in oil industry include: a systemic template of a set of interconnected components that interact with each other to exchange data, information, materials and products, and they perform a targeted move. Also, different parts of
1065-508: The hostage crisis , many sanctions were leveled against the Iranian government. By 1987 the import of Iranian goods into the United States had been banned. In 1995, President of the United States Bill Clinton issued Executive Order 12957 , banning U.S. investment in Iran's energy sector, followed a few weeks later by Executive Order 12959 eliminating all trade and investment and virtually all interaction between
1136-428: The nation's overall budget . Iran exported over 844 million barrels (134,200,000 m ) of oil in the one year to 21 March 2010, averaging around 2.3 million barrels (370,000 m ) a day. The exports included around 259 million barrels (41,200,000 m ) of light crude and more than 473 million barrels (75,200,000 m ) of heavy crude oil. Japan, China, South Africa, Brazil, Pakistan, Sri Lanka, Spain, India and
1207-417: The nationwide protests that began on September 16, 2022 , following the death of Mahsa Amini , a 22 year old Kurdish-Iranian woman in police custody. Pre-unification, rials per US dollar: Until 2002, Iran's exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the "preferred or official rate" (Rls 1,750 for US$ 1) while the private sector paid
1278-456: The private sector , while in the meantime retaining its ownership of oil resources. This is also the case in other fields of the Ministry of Petroleum's activities. Iran plans to invest $ 500 billion in the oil sector until 2025. As of 2010, US$ 70 billion worth of oil and gas projects were under construction. Iran's annual oil and gas revenues were expected to reach $ 250 billion by 2015. The Ministry of petroleum of Islamic Republic of Iran
1349-454: The revaluation of the Turkish lira in 2005. A website to poll the public on the redenomination plan was launched July 21, 2011; the public was allowed to vote on how many zeroes to cut and what the new currency's name should be. Preliminary results indicate that four zeroes would be cut (in line with the government's recommendation) and that the name will be changed to Parsi. In 2016,
1420-617: The toman , the name of a previous Iranian currency, at the rate of 1 toman = 10,000 rials. The rial was first introduced in 1798 as a coin worth 1,250 dinars or one-eighth of a toman . In 1825, the rial ceased to be issued, with the qiran subdivided into 20 shahi or 1,000 dinars and was worth one-tenth of a toman, being issued as part of a decimal system . The rial replaced the qiran at par in 1932, subdivided into 100 new dinars . Prior to decimalisation in 1932, these coins and currencies were used, and some of these terms still have wide usage in Iranian languages and proverbs: In 1932,
1491-420: The "Law on Development of Gas Industry" on 25 May 1972. In addition, the extent of Iranian or foreign companies and firms has clarified to participate in petrochemical product plans. Finally, a detailed description of presenting and receiving proposals, signing contracts, contract termination, conservation and preventing environmental pollution, maintaining Iran's interests and pricing conditions were presented by
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#17327805405681562-420: The "Law on Development of Gas Industry" on 25 May 1972. In addition, the extent of Iranian or foreign companies and firms has clarified to participate in petrochemical product plans. Finally, a detailed description of presenting and receiving proposals, signing contracts, contract termination, conservation and preventing environmental pollution, maintaining Iran's interests and pricing conditions were presented by
1633-450: The "market rate" (Rls 8,000 for US$ 1), hence creating an unequal competition environment. The "official rate" applied to oil and gas export receipts, imports of essential goods and services, and repayment of external debt. The "export rate", fixed at Rls 3,000 per dollar since May 1995, applied to all other trade transactions, but mainly to capital goods imports of public enterprises. In 1998, in order to ease pressure on exporters,
1704-757: The 1940s, with Rls 10 notes disappearing in the 1960s. In 1961, the Central Bank of Iran took over the issuance of paper money. In 1979, after the Islamic revolution, Iranian banknotes featuring the Shah's face were counter-stamped with intricate designs to cover the Shah's face. The first regular issues of the Islamic Republic were in denominations of Rls 100, Rls 200, Rls 500, Rls 1,000, Rls 5,000 and Rls 10,000. Rls 2,000 notes were introduced in 1986. They are issued by
1775-491: The CBI ), eventually settling at Rls 17,000 at the end of the period. Besides all the bad effects on the economy in general, this had the effect of boosting the competitiveness of Iran's domestic industries abroad. Following President Mahmoud Ahmadinejad 's decision to liberalize the mechanism by which bank interest rates are set (granting banks the authority to raise interest rates to 21%), CBI announced that it would be fixing
1846-426: The Central Bank of Iran said the bank plans to slash four zeros off the rial and rename it the toman . The bank printed two new traveller's cheques , which function quite similar to a banknote, with values of Rls 500,000 and Rls 1,000,000. However, they have the figures "50" (should read 50 thousand toman) and "100" (should read 100 thousand toman) written on their top right hand corners, respectively, which
1917-631: The Shah 's effigy but the sizes and compositions were not immediately changed. 50 dinar coins were only minted in 1979 and Rls 50 coins were introduced in 1980. In 1992, a new coinage was introduced with smaller Rls 1, Rls 5, Rls 10 and Rls 50 coins and new Rls 100 pieces. Rls 250 coins were introduced the following year. In 2004, the sizes of the Rls ;50, Rls 100 and Rls 250 coins were reduced and Rls 500 coins were introduced. New, smaller types of Rls 250 and Rls 500 were introduced in 2009, along with
1988-530: The announcement of this proposal, "the law of oil Nationalization throughout the country and two-month extension to Petroleum Commission to study around implementation of this principle" passed in National Assembly and eventually in the Senate on 29 March 1950. Thus, The National Iranian Oil Company was established. First board of directors of National Iranian Oil Company was constituted by implementing
2059-472: The approval of first "Oil Act" on 8 August 1974, in addition to defining the terms and conditions of work within hydrocarbon resources of whole country. Upon approval of first " Oil Act ", the "Law on Statute of National Iranian Oil Company" was ratified in five seasons on 17 May 1977. "General and capital", "subject, duties, rights and authorities of company", "the entity of company", "balance sheet and profit and loss account" have formed first four chapters of
2130-470: The approval of first "Oil Act" on 8 August 1974, in addition to defining the terms and conditions of work within hydrocarbon resources of whole country. Upon approval of first "Oil Act", the "Law on Statute of National Iranian Oil Company" was ratified in five seasons on 17 May 1977. "General and capital", "subject, duties, rights and authorities of company", "the entity of company", "balance sheet and profit and loss account" have formed first four chapters of
2201-409: The cases of multiple currency practices arose from the following: Until 2012, the dollar had different exchange rates, depending on where you are buying your currency In 2012, Bank Markazi classified a long list of goods into categories with priorities 1 through 10, leaving it to the parallel market to take of all other needs. Priorities 1 and 2 are food and medicine, receiving foreign exchange at
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2272-544: The central bank introduced a currency certificate system allowing exporters to trade certificates for hard currency on the Tehran Stock Exchange , thus creating a floating value for the rial known as the "TSE rate" or "market rate". This method finally replaced the fixed "export rate" (Rls 3,000:US$ 1) in March 2000, and has since held steady at some Rls 8,500:US$ 1. In March 2002, the multi-tiered system
2343-434: The central bank. The state ownership of oil export earnings and its large reserves , supervision of letters of credit , together with current – and capital outflow account – outflows allows management of demand . The central bank has allowed the rial to weaken in nominal terms (4.6% on average in 2009) in order to support the competitiveness of non-oil exports. There is an active black market in foreign exchange, but
2414-587: The contractor funds all investments, receives remuneration from the National Iranian Oil Company (NIOC) in the form of an allocated production share, then transfers operation of the field to NIOC after a set number of years, at which time the contract is completed. Since the 1979 revolution in Iran, the country has been under constant US unilateral sanctions. The first U.S. sanctions against Iran were formalized in November 1979, and during
2485-543: The country through its subsidiaries. In addition to meeting its major energy needs, the ministry supplies over 80% of foreign currency earnings by exporting crude oil and refined petroleum products. According to the Fourth Economic, Social and Cultural Development Plan, the Government has been required to transfer at least 10% of the activities related to the exploration, extraction and production of crude oil to
2556-483: The country with a total refining capacity of over 15 kbbl/d (2,400 m /d) (in Tehran , Tabriz , Isfahan , Abadan , Kermanshah , Shiraz , Bandar Abbas , Arak and Lavan Island ) and a storage capacity of 8 milliard litre. Abundance of basic material, like natural gas, in the country provide favorable conditions for development and expansion of petrochemical plants. [REDACTED] Iran's total revenues from
2627-452: The country. Objective 3: Use of oil and gas industry capacity to defend national interest Objective 4: Implement energy management to prevent waste in the country's fuel consumption, reducing energy intensity and granting targeted subsidies Objective 5: Establishing effective and constructive interaction with energy producer and consumer countries; playing management role of Iran in energy distribution and transit . Objective 6: Realizing
2698-526: The development of the TSE rate and the ready availability of foreign exchange during 2000 narrowed the differential to as little as IR100 in mid-2000. However, the spread increased again in September 2010 because channels for transferring foreign currency to and from Iran being blocked because of international sanctions . Monetary policy is facilitated by a network of 50 Iranian-run forex dealers in Iran,
2769-412: The economic system forms the phenomenon of " Dutch disease " in a country. There are two main consequences for a country with Dutch disease: loss of price competitiveness in its production goods, and hence the exports of those goods; and an increase in imports. Both cases are clearly visible in Iran. Although described as an (interbank) "market rate", the value of the Iranian rial is tightly controlled by
2840-528: The general policies of article 44 of the constitution in oil industry Objective 7: Achieve advanced technology in oil, gas and petrochemical industries to reach the second position of science and technology in the region . Objective 8: Changing the look to oil and gas and its revenues, from source of public funding to "economic productive resources and capitals" Objective 9: Increase productivity in various sectors of oil industry in order to grow GDP (Gross Domestic Product) National Iranian Oil Company (NIOC)
2911-497: The government announced its plan to end the official status of the rial, replacing it with the commonly used unit the toman (which represents 10 rials). In July 2019, the Iranian government approved a bill to change the national currency from the rial to the toman with one toman equalling Rls 10,000, a process which will reportedly cost $ 160 million. This proposal was approved by the Iranian parliament in May 2020. The changeover
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2982-498: The government faced a budget deficit . The widening of the gap between official and unofficial exchange rates stood at over 20% in November 2011. This shows the correlation between the value of foreign currencies and the domestic inflationary environment. The unofficial rial to US dollar rate underwent severe fluctuations in January 2012 (the rial losing 50% of its value in a few days, following new international sanctions against
3053-448: The government launched a foreign exchange centre, that would provide importers of some basic goods with foreign exchanges, at a rate about 2% cheaper than the open market rate on a given day. This project was cancelled following the strong depreciation of the rial between 2012 and 2013 but was put on the agenda again in 2015 for use in the reunification of forex rates (planned for 2017) and the introduction of currency derivatives . through
3124-502: The late 18th and early 19th century, silver coins were issued in denominations of 1 ⁄ 8 , 1 ⁄ 4 , 1 ⁄ 2 and 1 rial. The first coins of the second rial currency, introduced in 1932, were in denominations of 1, 2, 5, 10 and 25 dinars, Rl 1 ⁄ 2 , Rl 1, Rls 2 and Rls 5, with the Rls 1 ⁄ 2 to Rls 5 coins minted in silver. Gold coins denominated in pahlavi were also issued, initially valued at Rls 100. In 1944,
3195-463: The law of oil industry nationalization and after expropriation of former British oil company in June 1951. Then, new rules were adopted for this new company. The legal framework for activities of National Iranian Oil Company in discussion of hydrocarbons sources and its products was determined by approving the "Law on Development of Petrochemical Industries (with subsequent amendments)" on 20 July 1965 and
3266-482: The managing director of National Iranian Oil Company from the country in 1979. The organizational structure of this ministry consists of a central headquarters and four subsidiaries, including National Iranian Oil Company , National Iranian Gas Company , National Iranian Petrochemical Company and National Iranian Oil Refining and Distribution Company . It monitors the operations of exploration, extraction, marketing and sale of crude oil, natural gas and oil products in
3337-495: The ministry's performance is very important. Iran holds 836.47 billion barrels of liquid hydrocarbon reserves (crude oil, liquids and gas condensate) and about 34 trillion gas reserves. It is ranked first in the world in terms of having a total hydrocarbon reserves and in terms of energy security in the world. Also, the privileges like geopolitical position of the country and availability of powerful human capital have given it more strength. The National Petroleum Procurement Proposal
3408-682: The new denomination of Rls 1,000. Rls 2,000 and Rls 5,000 rial coins in 2010. Digital Rial or Iran's National Currency is a type of currency that according to the announcement of the Central Bank of the Islamic Republic of Iran, Its release is based on the Modern Rial. In 1932, notes were issued by the " Bank Melli Iran " in denominations of Rls 5, Rls 10, Rls 20, Rls 50, Rls 100 and Rls 500. Rls 1,000 notes were introduced in 1935, followed by Rls 200 notes in 1951 and Rls 5,000 and Rls 10,000 in 1952. Rls 5 notes were last issued in
3479-438: The numerical value in tomans as well as rials (the latter with the trailing four zeros de-emphasized). Due to a shortage of paper currency, higher denominations have been issued as cheques rather than legal tender banknotes. Printing banknotes larger than Rls 10,000 was first proposed in 1989, and in 1992 the central bank asked for government permission to print Rls 20,000, Rls 50,000 and Rls 100,000 notes. This
3550-406: The obverse of Rls 1,000 banknotes and greater. Currently the highest valued legal tender banknote issued by the central bank is Rls 100,000 (about US$ 2.4 on Aug. 22, 2023). However Rls 500,000 and Rls 1,000,000 Iran Cheques circulate freely and are treated as cash. The central bank used to allow major state banks to print their own banknotes known as "cash cheques". They were
3621-401: The official rate of Rls 12,260 per dollar, followed by other categories with lower priorities, which are mostly intermediate goods used in industrial production. Because of the current low value of rial, and that people rarely use the term, redenomination or change of currency has been proposed a number of times since the late 1980s. The issue has re-emerged and been under discussion, as
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#17327805405683692-457: The official rate of the rial against the dollar at Rls 12,260 from January 28, 2012, and seek to meet all demand for foreign currency through banks. As of June 2020, the Iranian rial has fallen almost five-fold since the beginning of 2018 and contributing to the record inflation . Reason cited by analysts is the fact that the government has been printing money in excess of the economic growth. The Rial's value has dropped by 29% since
3763-471: The plan have been coordinated and have been seen as a value chain in industry as a whole. Objective 1: increase the share and improve position of oil, gas and petrochemical industry in the region and the world, to increase extraction of oil and gas with priority of common fields with neighboring countries, increasing refining capacity Objective 2: Optimum use of hydrocarbon reserves of the country as backing and stimulus for sustainable economic development of
3834-458: The prophet Mohammed , translated as: "Even if knowledge is at the Pleiades , the people from the land of Persia would attain it". Banknotes currently in circulation are Rls 100, Rls 200, Rls 500, Rls 1,000, Rls 2,000, Rls 5,000, Rls 10,000, Rls 20,000, Rls 50,000 and Rls 100,000. After the death of Ruhollah Khomeini , his portrait was used on
3905-714: The rest of the Middle East and Europe. According to the Wall Street Journal and dealers, the Iranian government was selling US$ 250 million daily to keep the rial exchange rate against the US dollar between Rls 9,700 and Rls 9,900 in 2009. At times (before the devaluation of the rial in 2013) the authorities weakened the national currency intentionally by withholding the supply of hard currency to earn more rial-denominated income, usually at times when
3976-436: The rial was pegged to sterling at a rate of £1 = Rls 59.75. The exchange rate was £1 = Rls 80.25 in 1936, £1 = Rls 64.350 in 1939, £1 = Rls 68.8 in 1940, £1 = Rls 141 in 1941 and £1 = Rls 129 in 1942. In 1945, the rial was pegged to the U.S. dollar at USD 1 = Rls 32.25. The rate was US$ 1 = Rls 75.75 in 1957. Iran did not follow the dollar's currency devaluation in 1973, leading to a new peg of USD 1 = Rls 68.725. The dollar peg
4047-474: The sale of oil amounted to $ 77 billion in Iranian year 1387 (2008–09). The average sale price of Iran's crude oil during that year was $ 100 per barrel. According to the National Iranian Oil Company , Iran's average daily production of crude oil stood at 4 million barrels (640,000 m ) per day. Of this amount, 55% was exported and the remainder was consumed domestically. As of 2010, oil income accounts for 80% of Iran's foreign currency revenues and 60% of
4118-585: The second place, in terms of the natural gas reserve quantity, among other countries, only next to the Russian Federation , with an estimate of proven reserve quantity close to 23 bcm. Iran's gas reserves are exploited primarily for domestic use. National Iranian Petrochemical Company (NPC) handles petrochemical production, distribution, and exports. National Iranian Petrochemical Company's output capacity will increase to over 100 million tpa by 2015 from an estimated 50 million tpa in 2010 thus becoming
4189-492: The silver coinage was reduced in size, with the smallest silver coins being the Rls 1 pieces. Minting of all denominations below 25 dinars ended in this year. In 1945, silver Rls 10 coins were introduced. In 1953, silver coins ceased to be minted, with the smallest denomination now 50 dinars. Rls 20 coins were introduced in 1972. After the Islamic Revolution , the coinage designs were changed to remove
4260-509: The statute. In the fifth chapter of this law is also addressed to "other regulations". Subsequently, the "Statute of National Petrochemical Company" and "Statute of National Iranian Gas Company" were approved on 21 November, and 25 November 1977, respectively. After Islamic Revolution of Iran, the editing and approval of new laws were also on the agenda of Islamic Consultative Assembly with the necessity of following some principles and with regard to departure of foreign experts. Hence, new oil law
4331-509: The statute. In the fifth chapter of this law is also addressed to "other regulations". Subsequently, the "Statute of National Petrochemical Company" and "Statute of National Iranian Gas Company" were approved on 21 November, and 25 November 1977, respectively. After Islamic Revolution of Iran, the editing and approval of new laws were also on the agenda of Islamic Consultative Assembly with the necessity of following some principles and with regard to departure of foreign experts. Hence, new oil law
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#17327805405684402-434: The world in oil reserves and second in gas reserves. It is responsible for applying the principle of Iranian ownership and sovereignty over oil and gas reserves. Also, it is undertake the separation of sovereignty tasks from management and development of country's oil and gas industry. The Ministry of petroleum was established after revolution in Iran and in the interim government of Bazargan , after departure of Hasan Nazia,
4473-410: The world' second largest chemical producer globally after Dow Chemical with Iran housing some of the world's largest chemical complexes. National Iranian Oil Refining and Distribution Company (NIORDC) handles oil refining and transportation, with some overlap to NIOC. There are eight refineries with a potential capacity of 950,000 barrels per day (151,000 m /d) and one refinery complex in
4544-421: Was approved on 9 October 1987. Following the announcement of this proposal, "the law of oil Nationalization throughout the country and two-month extension to Petroleum Commission to study around implementation of this principle" passed in National Assembly and eventually in the Senate on 29 March 1950. Thus, The National Iranian Oil Company was established. First board of directors of National Iranian Oil Company
4615-447: Was approved on 9 October 1987. office office government Akbar Hashemi Rafsanjani The Iranian constitution prohibits the granting of petroleum rights on a concessionary basis or direct equity stake. However, the 1987 Petroleum Law permits the establishment of contracts between the ministry, state companies and "local and foreign national persons and legal entities." Buyback contracts , for instance, are arrangements in which
4686-444: Was constituted by implementing the law of oil industry nationalization and after expropriation of former British oil company in June 1951. Then, new rules were adopted for this new company. The legal framework for activities of National Iranian Oil Company in discussion of hydrocarbons sources and its products was determined by approving the "Law on Development of Petrochemical Industries (with subsequent amendments)" on 20 July 1965 and
4757-508: Was dropped in 1975. In 1979, Rls 70 equalled USD 1. The value of the rial declined precipitously after the Islamic Revolution because of capital flight from the country. Studies estimate that the flight of capital from Iran shortly before and after the revolution in the range of $ 30 to $ 40 billion. Whereas on March 15, 1978, Rls 71.46 equalled $ 1, in July 1999, $ 1 equalled Rls 9,430. Injecting sudden foreign exchange revenues in
4828-418: Was formed with the aim of applying the principle of Iranian national ownership and sovereignty to oil and gas resources, and separating sovereignty functions from company in the management and development of oil and gas industry of the country. Since the petroleum industry has a special role in the country's economy as a propellant industry and plays a key role in achieving the major goals of national economy,
4899-404: Was not realized at that time, due to fears of inflation and counterfeiting . The Rls 10,000 note remained the highest valued banknote for more than 50 years until 2005, when a Rls 20,000 banknote was introduced and subsequently a Rls 50,000 banknote was introduced with the subject being the Iranian nuclear energy program . The note was issued March 12. The note features a quote by
4970-465: Was replaced by a unified, market-driven exchange rate. In 2002 the "official rate" a/k/a "preferred rate" (Rls 1,752:US$ 1) was abolished, and the TSE rate became the basis for the new unified foreign-exchange regime. Iran's Central Bank channels more than 90 per cent of hard currency into the local market (2012). In a move interpreted as aiming at unifying currency exchange rates, on September 24, 2012,
5041-430: Was signed by 17 representatives of National Petroleum Commission on 8 December 1950. In the text of message was following: "we are proposing for Iranian oil industry to be announced in all regions of the country without exception under the name of well-being of Iranian people and in order to contribute to peace of the world: all exploration, extraction and exploitation operations be in the control of government." Following
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