...

Iran working on big projects in many fields – President Rouhani

Finance Materials 7 July 2021 15:19 (UTC +04:00)
Iran working on big projects in many fields – President Rouhani

BAKU, Azerbaijan, July 7

By Elnur Baghishov – Trend:

Iran has many projects in water, electricity, water filtration, steel, aluminum, petrochemical, and other fields, Iranian President Hassan Rouhani said in a government meeting today on July 7, Trend reports citing the Iranian President Office’s official website.

The president stressed that the cost of these projects is about $200-$300 billion. Necessary research has been carried out in connection with the projects and the locations have been identified.

Rouhani added that investments and funds are needed to implement these projects.

“A number of facilities at a cost of 400 trillion rials (about $9.52 billion) will be put into operation in Iran tomorrow on July 8. About $1.2 billion was spent on one of these facilities. These facilities were built at the expense of funds received after the implementation of the nuclear deal,” he noted.

As reported, in January 2016, JCPOA was launched between Iran and the P5+1 group (US, Russia, China, UK, France, and Germany) in connection with Iran's nuclear program. In May 2018, the US announced its withdrawal from the deal and imposed sanctions on Iran in November of the same year.

To preserve the agreements reached as part of the JCPOA, the European signatories of the deal started in January 2019 that a financial mechanism for maintaining trade with Iran called INSTEX was formed.

On May 8, 2019, Iran announced that it had ceased fulfilling its commitments regarding the sale of over 300 kilograms of uranium, as stated in the deal, basing its decision on the other signatories that have not fulfilled their obligations. On July 7, Iran announced that it will not be fulfilling its commitments regarding the enrichment of uranium at 3.67 percent and the reconstruction of the Arak Heavy Water Reactor Facility as stated in the deal.

Iran announced that it will enrich uranium using next-generation centrifuges and will not mix it with the enriched uranium residues as part of the third step of reducing commitments in JCPOA on Sept.5.

On Nov. 5, 2019, Iran announced that it took the fourth step in connection with reducing its commitments to the nuclear agreement. So, uranium gas is being pumped to the centrifuges at the Fordow Fuel Enrichment Plant.

On Jan.2020, Iran took the last fifth step in reducing the number of its commitments within JCPOA.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.

Latest

Latest