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which comprises North and South Azadegan, North and South Yaran and Yadavaran.
Together, the group are estimated to contain at least 67bn barrels of oil in place (OIP), but the average recovery rate across West Karoun is just 5-6% with combined production from the fields currently running at 420,000 bpd. Output has risen from just 70,000 bpd in 2013 and Tehran believes that by increasing recovery across these fields they can achieve 1.2mn bpd of combined output.
The broader average crude recovery rate across Iranian fields is roughly 24%, against a global rate of around 35%.
9.1.2 Automotive sector news
Combined output of Iran’s three main automakers ‘flat in 1H of Persian year’
Iran’s central bank to inject 150 trillion into troubled auto producers
The combined output of Iran’s three main automakers was flat year on year in the first half of the Persian calendar year (March 21 to September 22), according to a study of production figures by official news agency IRNA.
Largest carmaker Iran Khodro Corporation (IKCO), second largest Saipa and third largest Pars Khodro reportedly produced 429,414 units in the six-month period, slightly up by 0.87% against the same period of 2020.
IKCO managed 206,000 units—with models based on an old platform of France’s Peugeot—accounting for nearly 66% of the total output. Its output was down 2.7% y/y.
Saipa achieved 165,463 units, up 0.53% y/y.
Its exports stood at over 1,100 units with 195 complete built units (CBU) and 960 semi-knocked-down (SKD) shipments.
Pars Khodro reached 58,017 units, up 17.3% y/y.
Iran’s industry ministry forecasts Iranian auto production will top 1.2mn in the Persian calendar year to late March 2022. If achieved, the figure would represent a year on year gain of nearly 22%.
Iran’s automotive industry is still contending with major US sanctions brought in by the former Trump administration.
Central Bank of Iran (CBI) governor Abdul Nasser Hemmati has said that the national lender plans to inject Iranian rial (IRR) 150 trillion ($607.3mn at the free market rate, $3.6bn at the official rate) in loans into local auto producers Iran Khodro (IKCO) and SAIPA to stem losses they have suffered in the past year, Eqtesad Iran reported on January 31.
IKCO and SAIPA, part state-owned companies that are the two largest automakers in Iran, have haemorrhaged cash amid the coronavirus (COVID-19) crisis, which has seen car sales plummet and belts tightened across the country.
The loans are to be provided through a newly developed financial instrument known as “GAM” by its Iranian acronym, put together to support industry in Iran impacted by the pandemic and US sanctions.
Iran’s Supreme Leader Ayatollah Ali Khamenei previously ordered authorities to help the loss-making auto giants increase local auto output by 50%, including by pushing ahead with launching new car models.
Recently released production data shows that IKCO, SAIPA and third largest automaker in Iran Pars Khodro (previously GM Iran) together manufactured and assembled 730,787 cars during the first 10 months of the current Persian calendar year (March 20, 2020 – January 19, 2021).
According to the data, IKCO manufactured 388,094 vehicles, SAIPA 262,038 vehicles and Pars Khodro 80,655.
48 IRAN Country Report November 2021 www.intellinews.com