IAEA: Iran Installing More Advanced Centrifuges for Uranium Enrichment
September 10, 2019, 7:20 am

IAEA: Iran Installing More Advanced Centrifuges for Uranium Enrichment

Iran is moving towards enriching uranium by installing more advanced centrifuges in breach of the 2015 nuclear deal with world powers, the International Atomic Energy Agency said on Monday.

The deal only lets Iran produce enriched uranium with just over 5,000 of its first-generation IR-1 centrifuge machines. It can use far fewer advanced centrifuges for research but without accumulating enriched uranium.

But in response to US sanctions imposed since Washington withdrew from the deal in May last year, Iran has been breaching the limits it imposed on its atomic activities step by step.

Last week Tehran said it would breach the deal’s limits on research and development, the term applied to Iran’s use of advanced centrifuges.

An IAEA spokesman said Iran had informed it that it was making modifications to accommodate cascades - or interconnected clusters - of 164 of the IR-2m and IR-4 centrifuge. Cascades of the same size and type were scrapped under the deal.

Inspectors from the UN nuclear watchdog have verified that smaller numbers of various advanced centrifuges had been or were being installed, the spokesman added.

“All of the installed centrifuges had been prepared for testing with UF6,” though none of them were being tested with UF6 on Sept. 7 and 8, he said, referring to the uranium hexafluoride feedstock for centrifuges.

He added that Iran had told the agency it would modify lines of research centrifuges so that enriched uranium was produced, which is not allowed under the deal.

In a confidential report to member states, the IAEA also said Iran had made those modifications on some lines.

Iran defended Sunday its decision to use advanced centrifuges as IAEA acting chief Cornel Feruta urged Tehran to offer "time and active cooperation" with his inspectors.

Feruta met with Iranian Foreign Minister Mohammad Javad Zarif and Ali Akbar Salehi, the head of Iran's nuclear program, while in Tehran.

He is serving as the IAEA's acting director after the death of late director-general Yukiya Amano in July.

While Iran continues to pull away from the deal, Tehran has made clear it wants IAEA inspectors to continue their work. But officials blamed European leaders for being unable so far to offer a way for Iran to sell its crude oil around US sanctions.

A proposal by France to offer a $15 billion line of credit failed to materialize. China, Britain, France, Germany and Russia all were parties to the accord.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.