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10-year period, according to a video statement released by (NIOC).
Yaran, a deposit shared between Iran and Iraq, has an estimated 550mn barrels of oil in place (OIP) and is divided into northern and southern sections in the Iranian territory.
On the side of the signing of the deal, “It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Iranian Petroleum Minister Zanganeh said in a speech broadcast on state television. “We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary,” he added.
9.2.2 ​Automotive corporate news
Iran finally bids farewell to the ‘super budget’ Pride after 27 years
Hyundai removes two representative companies in Iran from website
Reopening of IKCO
Iranian automaker SAIPA (Société Anonyme Iranienne de Production des Automobiles) has bid farewell to production of Iran’s most popular car, the Pride.
The “super budget” subcompact, a copy of the old Korean Kia Pride, has been produced in Iran since 1993 in various formats including as a two-door pickup and sedan.
SAIPA saw the vehicle as a cash cow for many years, but modern crash test rules and government pressure have finally seen the last model roll off the production line.
The automaker’s Pride cars were the most popular and cheapest models on the Iranian market. In recent years, it cost around $4,500 at the free market exchange rate, coming in much cheaper than main automaking rival IKCO's smallest vehicle, the Peugeot 206.
The Pride became a running joke in Iran. It was ridiculed by urbanites for its poor reliability and safety rating. Quips about the car included “a faster way to the grave, coffin not needed” and “Pride-o” which referred to the car's usage in several settings, a play on words referring to Toyota’s Prado off-road vehicle. Since 1993, SAIPA has produced over six million Pride units—an average of 230,000 per year.
Korea’s Hyundai has quietly removed from its main website the details of two companies that represent it in Iran, ​Asbe Bokhar​ magazine reported on July 20.
Iran’s car sales environment is in deep decline given the ongoing anxiety and obstacles caused by US sanctions combining with economic life extinguished by the coronavirus (COVID-19) crisis.
Asan and Pakro are reportedly the two representative companies that have disappeared from the website’s list of authorised international Hyundai vendors. Iran’s Kerman Motors and Soroush Diesel Mabna CO remain on the list.
Despite the deletion, Asan and Pakro can continue to operate in the field of Hyundai after-sales service in Iran. Both companies confirmed they intended to do so.
The unofficial nature of car sales representatives in Iran has become commonplace in the environment pressured by American sanctions. Toyota and BMW are two automakers that have kept their Iran dealerships open despite removing their names from their main websites.
Other carmakers, including Mitsubishi, Mercedes-Benz, Renault, Borgward and Kia continue to be linked with local representatives in Iran amid the sanctions.
More than 350,000 people signed up on the website of second largest
58​ IRAN Country Report September 2020 www.intellinews.com