Iran discovered new oil field with 50 billion barrels of crude: Prez Rouhani

News Network
November 10, 2019

Tehran, Nov 10: Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude oil, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over US sanctions.

The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the US pulled out of its nuclear deal with world powers last year.

Rouhani made the announcement Sunday in a speech in the desert city of Yazd. He said the field was located in Iran's southern Khuzestan province, home to its crucial oil industry.

Some 53 billion barrels would be added to Iran's proven reserves of some 150 billion, he said.

"I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country's workers and engineers were able to discover 53 billion barrels of oil," Rouhani said, according to the semi-official Fars news agency.

Oil reserves refer to crude that's economically feasible to extract.

Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.

Iran currently has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.

It shares a massive offshore field in the Persian Gulf with Qatar.

The new oil field could become Iran's second-largest field after one containing 65 billion barrels in Ahvaz.

The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, according to the semi-official Tasnim news agency.

Since the U.S. withdrew from the 2015 nuclear deal, the other countries involved — Germany, France, Britain, Russia and China — have been struggling to save it. However, they've offered no means by which Iran can sell its oil abroad.

Iran since has gone beyond the deal's stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal.

It just began injecting uranium gas into centrifuges at an underground facility as well.

The collapse of the nuclear deal coincided with a tense summer of mysterious attacks on oil tankers and Saudi oil facilities that the US blamed on Iran.

Tehran denied the allegation, though it did seize oil tankers and shoot down a US military surveillance drone.

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News Network
April 25,2020

Apr 25: External Affairs Minister S Jaishankar on Friday spoke to his counterparts from Qatar, the UAE, Niger, Palestine and Czech Republic and held discussions around the coronavirus infection.

In conversation with Qatar Foreign Minister Mohammed bin Abdulrahman Al Thani, Jaishankar discussed their experience of dealing with coronavirus infection and also thanked him for taking care of the Indian community.

"A cordial conversation with FM @MBA_AlThani_ of #Qatar. Discussed our #coronavirus experiences. Thanked him for taking care of the Indian community. Such challenging times will only further strengthen our friendship," he said in a tweet.

Jaishankar also spoke to United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed.

"Pandemics further highlight the need for international cooperation. Few better examples than our relationship with #UAE. Applaud the generosity of spirit and clarity of policy that has characterised its approach. Thank HH @ABZayed for the warm conversation today," he said in another tweet.

Jaishankar also spoke to Niger Foreign Minister Kalla Ankourao and assured him of India's support in meeting the coronavirus challenge, including medicines.

"Just spoke with FM @kallaankourao of #Niger. Assured him of India's support in meeting the #coronavirus challenge, including medicines. Discussed its global implications in the context of the United Nations," he tweeted.

Jaishankar also discussed the coronavirus situation with Palestine Foreign Minister Riad Al Malki. "Welcomed speaking with FM Riad Al Malki of #Palestine. Discussed the #coronavirus situation. Assured him of Indian medical assistance," he said in a tweet.

He also exchanged experiences on coronavirus response with Czech Foreign Minister Tomas Petricek.

The minister said the two leaders agreed that there are valuable lessons for international cooperation.

"Glad to catch up with FM @TPetricek of #CzechRepublic. Exchanged our experiences on #coronavirus response. Agreed that there are valuable lessons for international cooperation. Look forward to keeping in touch," he said in a tweet.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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News Network
May 5,2020

Dubai, May 5: A Saudi ministerial decision issued on Monday allows companies in the private sector to reduce salaries by 40 per cent and allows termination of contracts owing to the economic hardships resulting from the COVID-19 pandemic, according to daily newspaper Al Sharq Awsat.

The new decision was still not published by the cabinet according to the newspaper.

The decision which the newspaper saw a copy of was signed by Saudi Ministry of Human Resources and Social Development to regulate the labour contract in the current period, allows employers to reduce the employees salaries by 40 percent of the actual effective wage for a period of 6 months, in proportion to the hours of work and allowing the termination of employee contract after 6 months of the COVID-19 circumstances.

The new decision has also included a provision in which the employer would be allowed to cut wages even he or she benefits from the subsidy provided by the goverment, such as those for helping pay workers wages or exemption from government fees.

The decision also stressed that employers are not allowed to terminate any employee, unless three conditions are met.

1.            First the passing of six months since the measures of salary cut has been taken

2.            Reducing pay, annual leave and exceptional leave were all used

3.            Company proves that its facing financial troubles due to the circumstances.

The memo, which goes into affect as soon as its published in the government’s official newspaper, ensures that the employee will receive his/her salary if on annual leave within the period of 6 months.

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