China’s state-owned State Grid Corp promised further power price reductions for industrial and business users to support the economy, the company said on Sunday.
The state-backed company said in a statement on its website that it plans to offer a 10% price reduction in the average electricity price.
State Grid will start the price cut in April, state news agency Xinhua reported on Sunday.
Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis, highlighting deepening cracks in an economy facing weak demand at home and abroad.
China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.
An independent campaign has been launched in Iran in order to attract international aid in cryptocurrency for flood victims in the face of US sanctions which have choked off foreign funds.
The southeastern Iranian province of Sistan-Baluchestan exported products worth more than $337 million during March 21-July 22, 2019, indicating a 76-percent growth year-on-year.
China has reengaged with Iran on three key projects despite US sanctions on the Islamic Republic, the Oil Price quoted a senior oil and gas industry source who works closely with the Iranian Oil Ministry.
OPEC delivered a bearish oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
More than 4,600 new technology-based firms are currently operating in Iran, 46 percent of which are manufacturing or industrial units that take credit for some 80 percent of the profits yielded by the country’s knowledge-based enterprises, a Ministry of Industry, Mine and Trade of Iran official said.
Iranian heavy oil price increased $1.77 in July, according to OPEC’s latest monthly report published on Friday.