• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Mohammad Reza Kazemi Najaf Abadi; Mohammad Mahdi Hajian; Ghadir Mahdavi Kelishmi
Abstract
One of the innovations that has been formed in the insurance industry in recent years is transfer the risk to the capital markets. Today, this possibility is provided by issuing insurance bonds and Catastrophe bonds, which are a most important type of insurance-linked securities, can redress inefficiency ...
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One of the innovations that has been formed in the insurance industry in recent years is transfer the risk to the capital markets. Today, this possibility is provided by issuing insurance bonds and Catastrophe bonds, which are a most important type of insurance-linked securities, can redress inefficiency in the insurance industry. On the other hand, traditional insurance solutions to cover the risks of Iran's oil and gas industry is not efficient and sufficient and using CAT bonds to transfer risks of this industry to capital markets is a necessary and inevitable issue. The aim of this research is to identify effective factors for issuing Catastrophe bonds in Iran's oil and gas industry. On this basis and after reviewing the literature through library studies, 33 factors were identified in the form of seven categories, based on the similarities. Then, based on Delphi method, experts were asked to express their opinions through an iterative questionnaire. After take the experts' opinions in every round, the statistics analysis was performed and the Delphi process was stopped in the third round. Based on the results, the number of thirty-two factors in six categories recognized. Also, by using the method of analytical hierarchy process and reusing the opinions of experts, the criteria and sub-criteria were prioritized and in order of preference with the titles Legislation and Amendment of the Rules, Process Management, Transparency, Knowledge Management, Creation and Strengthening of Software Platforms and Cultivation.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Eshagh Zarrin; Foroozan Baktash; Seyyed Rasoul Aqadavoud
Abstract
This article was done with the aim of presenting the industrial and commercial development model in the country's oil and gas industry in Gachsaran Oil and Gas Company. The current article is an applied-developmental research in terms of its purpose, and it is a survey-cross-sectional research from ...
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This article was done with the aim of presenting the industrial and commercial development model in the country's oil and gas industry in Gachsaran Oil and Gas Company. The current article is an applied-developmental research in terms of its purpose, and it is a survey-cross-sectional research from the point of view of the data collection method. A mixed exploratory design was used to achieve the goal of the research. The community of participants in the qualitative section includes managers with experience of Gachsaran Oil and Gas Company. Sampling was done by theoretical sampling method and theoretical saturation was achieved with 11 interviews. The statistical population of the quantitative part also includes the experts of Gachsaran Oil and Gas Company, which was estimated to be 384 people using Cochran's formula. The required sample volume was provided by simple random sampling method. A semi-structured interview and a researcher-made questionnaire were used to collect data. The basic categories of industrial and commercial development in the country's oil and gas industry were identified by grounded theory method in Maxqda 20 software. The final model was validated by partial least squares method in Smart PLS 3 software. The results have shown that financial and economic indicators affect the development of and managerial capabilities. These capabilities also affect commercialization strategies. In this regard, the legal and political atmosphere of the country provides the necessary platform and the risk-taking of the industry plays the role of an interventionist. Finally, commercialization strategies lead to industrial and commercial development.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Abbas Memarnejad; sheyda Nematollahi Sarvestani; Teimor Mohammadi
Abstract
The implementation of the mechanism of carbon border adjustments or carbon tariffs as a tool to deal with carbon leakage and reducing the competitiveness of production, was implemented by the European Union in October 2023 under the transitional phase and it will be implemented under the definitive phase ...
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The implementation of the mechanism of carbon border adjustments or carbon tariffs as a tool to deal with carbon leakage and reducing the competitiveness of production, was implemented by the European Union in October 2023 under the transitional phase and it will be implemented under the definitive phase from January 2026. Some countries, including the United States of America and Japan, have also predicted similar policies. This is while developing and developed countries have committed to take measures to combat climate change and reduce carbon emissions based on the Paris Agreement. This shows the concern of countries applying carbon tariffs because of carbon leakage even after the creation of the Paris Agreement. Considering that the European Union has announced that it will first apply carbon tariffs to energy industries, this study uses the GTAP-E model to investigate the change in the amount of carbon dioxide emissions in Iran's industries as a result of the imposing of carbon tariffs by the European Union, the Japan, the United States of America and all regions on Iran's energy intensive industries. The statistical of the research includes 141 regions and 65 section in the GTAP10 data base that published in 2019. The estimation of the model shows that under all four scenarios, the amount of production and carbon dioxide emissions will decrease in the energy-intensive industries sector and the entire industries of Iran.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Mohsen Eslami; Alireza Najjarpour
Abstract
There is good reason to expect crude oil prices to follow nonlinear models. However, previous research has considered the linear assumption to investigate the existence of a unit root. Unit root linear tests such as ADF, PP, and KPSS are provided for linear models. These tests are not suitable for nonlinear ...
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There is good reason to expect crude oil prices to follow nonlinear models. However, previous research has considered the linear assumption to investigate the existence of a unit root. Unit root linear tests such as ADF, PP, and KPSS are provided for linear models. These tests are not suitable for nonlinear time series. Because the model deviation from the linear state may be considered as a random permanent deviation. The purpose of this article is to test the nonlinear unit root of crude oil prices, specifically Brent and WTI oil in the period 2019-2020 daily. For several decades now, various classes of nonlinear models have been introduced. These models introduce a wider range of dynamics than linear models in time series. A special type of these models that economists pay attention to are TAR models. In these models, as in linear models, valid statistical analysis requires distinguishing between the deterministic trend and the stochastic trend. In this study, the Bayesian unit root test for the general SETAR (1) model has been used with respect to the necessary and sufficient conditions for the maintenance of SETAR processes based on the article by Petrocyl and Wolford (1984). A nonlinear unit root test was performed using Bayesian validity interval. The results show that Brent crude oil prices in both regimes contain a unit root that is consistent with similar findings for the production or consumption of crude oil..
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Ali Ghadamyari; Mohammad mahdi Hajian
Abstract
The development of Underground Gas Storage (UGS) in depleted hydrocarbon reservoirs has always been a priority for industrialized countries. This is mainly because UGS helps in balancing the seasonal supply and demand of gas, managing reservoirs efficiently over time, ensuring the security of gas supply, ...
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The development of Underground Gas Storage (UGS) in depleted hydrocarbon reservoirs has always been a priority for industrialized countries. This is mainly because UGS helps in balancing the seasonal supply and demand of gas, managing reservoirs efficiently over time, ensuring the security of gas supply, and fulfilling international contractual obligations. Providing a legal platform and an attractive contract model is crucial to encourage private sector participation in this strategic industry and accelerate UGS development. Concession arrangements are one of the most commonly used and attractive models for UGS development. However, the main question of this research is whether the use of concessional agreements faces any legal prohibitions. To answer this question, the legal challenges facing the application of this contractual model in the oil fields development have been investigated. In this regard, the research verifies whether this industry is upstream or downstream from the legal point of view, and considers the opinions of prominent jurists. After analyzing the unique features of the storage industry, the essential differences between UGS and the traditional development of oil fields, and especially the governmental ownership of the gas that is injected, the conclusion is that the use of concession agreements is allowed
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Mohammad Ali Zamani; Hossein Hasanzadeh; Ali Seifian; Mohammad Qezelbash
Abstract
Making long-term investments in the oil and gas industry to maintain the current production levels and increase its capacity is one of the ways to increase economic resilience in the country's upstream documents, including the resistance economy's general policies. In recent years, there have been intense ...
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Making long-term investments in the oil and gas industry to maintain the current production levels and increase its capacity is one of the ways to increase economic resilience in the country's upstream documents, including the resistance economy's general policies. In recent years, there have been intense sanctions on the country, especially in the energy field. The importance of proper use of China's allocated credit lines to finance these projects is revealed due to the high need for investment in oil and gas industry projects and the impossibility of covering the investment needs of this industry from domestic sources, and the challenge in effective communication with international monetary and financial institutions. Anyway, the conducted studies indicate serious challenges in using the capacity of these credit lines. For this purpose, this research tries to investigate these challenges from many aspects. After studying the background of the research and reviewing various sources, this article conducted targeted interviews with financing experts. Also, the challenges of using credit lines were extracted and classified into four categories: financial and economic, executive and operational, structural and institutional, and juridical and legal, utilizing the method of thematic analysis and focus group. The extracted challenges were exposed to experts to validate the findings. Finally, the formation of the focus group presented the corrective solutions for the use of credit lines to finance oil and gas industry projects.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Sarah Akbari; Teymour Mohamadi; Hamid Reza Arbab; Reza Taleblou
Abstract
Oil prices and other oil-products prices are connected to each other and their price volatilities are parallel. Firms which are using crude oil in their products are facing a risk of price volatility which has different reactions in each era and is known under different oil regimes. For example lubricant ...
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Oil prices and other oil-products prices are connected to each other and their price volatilities are parallel. Firms which are using crude oil in their products are facing a risk of price volatility which has different reactions in each era and is known under different oil regimes. For example lubricant industry is completely connected to the oil price. With this philosophy when the economy faced volatility the market players faced loss and so to overcome this issue they began to hedge themselves with another commodity. This hedging process in different regimes has different rates. So there is a need to introduce a new model. From the work of Hamiltonian (1989) oil price has its own volatility and regimes so to this attitude there is an effort to calculate an efficient hedging ratio with regime switching dynamic constant correlation. In this article, monthly data of oil and gold prices for about 10 years from 2010 till 2020 is used and the model is programed with MATLAB. The result showed that the efficient hedge ratio for the first regime (first major change in price of two markets) is 66 percent and the second (second major change in price of two markets) one is 26 percent.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
mojtaba rostami; Alireza Najjarpour
Abstract
The price of crude oil is one of the most important indicators of the global economy, which is monitored by policymakers, producers, consumers, and participants in financial markets. Oil prices are changing course depending on economic conditions, which is why it is so volatile. The knowledge of researchers, ...
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The price of crude oil is one of the most important indicators of the global economy, which is monitored by policymakers, producers, consumers, and participants in financial markets. Oil prices are changing course depending on economic conditions, which is why it is so volatile. The knowledge of researchers, policymakers, and stakeholders about the impact of crises on the oil market provides better control over its negative consequences. Studies show that as a result of various crises, the Volatility Persistence of the oil market is very high. Therefore, it makes sense to consider the hypothesis of a unit root in the Volatility shocks of this market. In the present study, the long-term Volatility Persistence shocks due to the Covid-19 epidemic crisis in the Brent and WTI oil markets, which are the two criteria for determining global oil prices, are investigated using a test proposed by Lee and Yu (2010). The results of this study indicate the existence of a unit root in oil market turbulence. Therefore, the oil market and the economic climate are long-term affected by the effects of this crisis. This can have a significant impact on the revenues of exporting countries and investors in the crude oil sector. Thus, market players and governments need to assess the consequences of this crisis more carefully
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Mohammad mahdi Hajian; Seyyed Esmaeil Hashemi; Rahim Saemi
Abstract
Strategically, the Caspian region has become one of the most important parts of the world in recent years due to the existence of energy reserves and its transfer to consumer markets consequently it draws the attention of regional powers and global superpowers. After the collapse of the Soviet Union ...
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Strategically, the Caspian region has become one of the most important parts of the world in recent years due to the existence of energy reserves and its transfer to consumer markets consequently it draws the attention of regional powers and global superpowers. After the collapse of the Soviet Union and the increase in the number of coastal countries, different views and opinions have been expressed about the ruling legal regime of the Caspian Sea. This article employs the equal arc sharing model and combines different methods of division, divides the map and area of the Caspian Sea fairly, and tries to pay attention to the principle of justice and fairness simultaneously. The main question of this article is determining the portion of each of the Caspian littoral countries in the harvest of proved reserves in energy resources. The results show that the share of each country in the common area will be 20%. In total, Kazakhstan (28%), Iran (23%), Russia (22%), Turkmenistan (14%), and Azerbaijan (13%) allocate occupancy of the Caspian Sea area..
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
samaneh abedi; Khosro Rezaei Mirghayed
Abstract
The present research has been conducted with the aim of the pathology of conservation in the production of the Parsi oil field and providing solutions for improved maintenance production process. For this purpose, using the SWOT approach and analyzing the information collected from the questionnaires ...
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The present research has been conducted with the aim of the pathology of conservation in the production of the Parsi oil field and providing solutions for improved maintenance production process. For this purpose, using the SWOT approach and analyzing the information collected from the questionnaires was completed by experts and specialists of the National Iranian Oil Company in 1400. The results indicate that the production conditions of protection in the situation of conservative strategies are based on the final scores of the internal and external factors of the SWOT matrix, which are 1.988 and 2.67, respectively. Also, the results show that the expertise and efficiency of the workforce and the existence of knowledge and technology required to use reservoir-based overdraft methods with scores of 0.24 and 0.177, respectively, are the most important strengths. Moreover, lack of principle of safe production in practice due to reasons and lack of comprehensive and specialized planning in accordance with the goals of safe production to convert potential oil into actual at the ministry level with scores of 0.063 and 0.062, respectively, have been identified as the most important weaknesses. In addition, the support of upstream documents on the conservation in the production and the nationality of the NISOC with scores of 0.228 and 0.224, respectively were identified as important opportunities. It should be noted that the existence of restrictive regulations and programs of the Ministry and the existence of some anti-conservation in the production of oil contracts with scores of 0.057 and 0.056, respectively, are the main threats. Therefore, the existence of integrated management with a focus on the conservation in production and attention to internal and external factors could improve the conservation in the production process.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Amrollah Amini; Hassan Amoozadeh Khalili
Abstract
Today, energy demand has increased as a result of population growth around the world. Due to the limited fossil energy resources and the problems caused by greenhouse gas emissions, it is necessary to pay more attention to renewable energy, because in this way, the goals of sustainable development can ...
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Today, energy demand has increased as a result of population growth around the world. Due to the limited fossil energy resources and the problems caused by greenhouse gas emissions, it is necessary to pay more attention to renewable energy, because in this way, the goals of sustainable development can be achieved. Therefore, the purpose of this study is to properly evaluate the performance of renewable energy technologies and also to investigate the relationship between renewable energy, carbon dioxide emissions, and sustainable development in Iran and compare it with non-renewable energy. In order to rank renewable energy carriers and identify the best type of them for electricity generation in Iran, a multi-criteria decision model has been used. In this regard, by conducting library studies and collecting the opinions of experts, a set of criteria in the form of four technical, economic, social, and environmental dimensions has been determined. Then, using the VIKOR approach, renewable energies consisting of wind, hydropower, solar, biomass, and geothermal energies are discussed. Findings indicate a high priority of wind energy and solar, hydropower, geothermal and biomass are in the next ranks. The results indicate that the effect of positive momentum on the share of renewable and non-renewable energy on sustainable development in Iran is positive.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
ELHAM GHOLAMPOUR; Teymour Mohamadi; Asghar Abolhasani Hastiani; Mohsen Mehrara
Abstract
The extant study was conducted to examine the economic effects of an oil supply shock, assess the response of Iran's GDP[1] to oil supply shocks specific to the main oil exporting countries, and oil-based Global Vector Autoregression Model (GVAR-Oil) throughout 1976Q2-2016Q4 covering 27 country-region ...
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The extant study was conducted to examine the economic effects of an oil supply shock, assess the response of Iran's GDP[1] to oil supply shocks specific to the main oil exporting countries, and oil-based Global Vector Autoregression Model (GVAR-Oil) throughout 1976Q2-2016Q4 covering 27 country-region cases. The consequences caused by the positive oil supply shock of the USA included an actual increase in the GDP of oil-importing countries in both developed and emerging markets, an inflation decline in most countries, and rising stock prices worldwide. In particular, Iran-specific oil-supply shock had a minor impact on the global economy because of the increase in the oil production rate of Saudi Arabia. In contrast, a negative shock to the oil supply in Saudi Arabia led to an instant and permanent rise in oil prices. According to countries' vulnerability findings, the economies of Saudi Arabia and Iran were more influenced by negative oil supply shocks compared to Indonesia and Norway. The present study indicated that Saudi Arabia-specific negative oil supply shock had a different effect than other major oil-exporting countries.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
younes khodaparast; Teymour Mohamadi; Hossein Tavakolian
Abstract
Increasing oil consumption efficiency in the household and production sectors, as well as improving oil production technology, are among the most important factors that can improve the economic situation of oil-rich countries. Therefore, in this paper, the effects of oil consumption productivity (demand ...
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Increasing oil consumption efficiency in the household and production sectors, as well as improving oil production technology, are among the most important factors that can improve the economic situation of oil-rich countries. Therefore, in this paper, the effects of oil consumption productivity (demand shocks) and technological oil production shocks (supply shocks) on macroeconomic variables are investigated in the form of the Keynesian Dynamic Stochastic General Equilibrium model. Annual data for the years 1352-1396 have been used to estimate the model parameters. The results show that oil consumption efficiency shocks in the household and production sectors have a positive and significant effect on oil exports, oil investment, total employment, and government spending. However, the shocks of oil consumption efficiency in the household sector reduce oil production and household’s oil consumption and increase inflation, while the effect of the shocks of oil consumption efficiency in the production sector on these three variables is inverse. Also, technological oil production shocks have a positive effect on oil investment, oil production and export, non-oil employment, total consumption, government spending, and inflation, and in contrast, slightly reduce employment in the oil sector and oil consumption. Given that the above three shocks have positive effects on oil exports, oil investment, employment, government revenue, and even the level of consumption and non-oil production, appropriate planning and policy-making that stimulates consumer productivity and improves oil production technology should be on the agenda of policymakers.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Jalil Ghanavaty
Abstract
Oil represents a big share in Iran’s economy; thus, it is a sensitive issue for the public in Iran, and oil disputes are a public concern and provoke political debate in Iran. This article analyses the importance of arbitration as an oil dispute resolution mechanism, then, it studies the possibility ...
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Oil represents a big share in Iran’s economy; thus, it is a sensitive issue for the public in Iran, and oil disputes are a public concern and provoke political debate in Iran. This article analyses the importance of arbitration as an oil dispute resolution mechanism, then, it studies the possibility of taking cases to it under international and Iranian law. To this aim, it employs a comparative legal approach to highlight factors in arbitration’s popularity among other Alternative Dispute Resolution mechanisms. Then, the legitimacy of taking cases to arbitration is investigated from domestic and international law perspectives. Finally, implications of the Iranian law on the performance of the National Iranian Oil Company in the arbitration proceedings are discussed and a recommendation to alter conditions of going to arbitration is presented for lawmakers.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Zohreh Jalali; Majid Shakhsi-Niaei
Abstract
Lack of financial resources is a common dilemma in various types of projects which can result in project delays and, in some cases, can threaten project feasibility. One of the remedies for these situations is early production where a part of the project will be completed and commissioned. In this paper, ...
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Lack of financial resources is a common dilemma in various types of projects which can result in project delays and, in some cases, can threaten project feasibility. One of the remedies for these situations is early production where a part of the project will be completed and commissioned. In this paper, a development, production, and transmission optimization model for oil and gas fields is extended to consider early production cash flows. A case study is analyzed which showed sooner completion of projects and also a significant improvement in the total net present value of considered projects. This research is applied, experimental, field, and long-term. A linear mathematical model is developed which is solved in GAMS software using the CPLEX algorithm.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Sahar Tighi; Shahram Fattahi; Ali Falahati
Abstract
The home sector has the largest share in the
The home sector has the largest share in the country's energy consumption, therefore, the present study tries to investigate the factors affecting the energy demand and the estimation of the deficient component in the energy expenditure gap of households ...
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The home sector has the largest share in the
The home sector has the largest share in the country's energy consumption, therefore, the present study tries to investigate the factors affecting the energy demand and the estimation of the deficient component in the energy expenditure gap of households using the approach of decomposition model by gathering data from families between 2008 and 2016. The result shows that income, education of householders, and urbanization have a negative influence, and the housing foundation has a positive and significant effect on the share of family energy expenditure. Evidence from the analysis of Oaxaca-Blinder Decomposition shows that the contribution of the deficient component in energy expenditure on total energy expenditure was 90. 4 and 84. 5 in 2008 and 2016, respectively. The outcome of meta-analysis reveals that in the fifth quantile, the share of the efficient component had been increased from 1. 16 percent in 2008 to 3. 05 percent in 2008, however, in the ninetyish quantile the contributions of the efficient component reached 22. 22 in 2016 from 15. 48 in 2008. So, efficiency improvement in energy consumption of households can play an important role in reducing energy consumption of households.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
mojtaba hosseini; Sayed Mohamad Mirhashemi Dehnavi; Mostafa Pourkaveh Dehkordi; rohallah mahdavi; ali taherifard
Abstract
This study attempts to present a pricing model for sulfur, based on the netback pricing method for selling the sulfuric acid to the production plants. Using data of a study presented by the national petrochemical company on sulfuric acid production plant with a capacity of 1.1 million tons in Mahshahr ...
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This study attempts to present a pricing model for sulfur, based on the netback pricing method for selling the sulfuric acid to the production plants. Using data of a study presented by the national petrochemical company on sulfuric acid production plant with a capacity of 1.1 million tons in Mahshahr port, the price of sulfur in the price range of acid Sulfuric was set to maintain the project's rate of return, operating profit rate and net profit rate at 25 percent. The results of this study showed that at prices below 1.75 million rials/kg, sulfur should be provided free of charge to sulfuric acid production units in order to reach the rate of 25%. The results also showed that the target sulfur price would be different if the target was to maintain the domestic rate of return, operating profit rate, and the net interest rate at 25 percent. It seems offering a new mechanism for sulfur pricing should be necessary and netback pricing which is presented in this study can be considered one of these new mechanisms.
• سیاستگذاریهای اقتصادی و مالی در حوزههای فوقالذکر در سطوح ملی، منطقهای و جهانی
Zahra Rafiei; Ali Sayehmiri
Abstract
Natural gas has a special place in relation to other energy carriers due to its environmental advantages in energy consumption policies. Also, among the various energy consuming sectors in the country, the share of the domestic sector in natural gas consumption is higher than that of other sectors. The ...
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Natural gas has a special place in relation to other energy carriers due to its environmental advantages in energy consumption policies. Also, among the various energy consuming sectors in the country, the share of the domestic sector in natural gas consumption is higher than that of other sectors. The aim of this study was to investigate the function of natural gas demand using an almost ideal demand system. For this purpose, the data of Khuzestan province during the period of 1988-2018 were used and the equations were estimated with the help of seemingly unrelated regression methods. The Calculation of intrinsic price elasticities using constrained and non-constrained models showed that all these elasticities were negative. So that in the constrained and non -constrained model, the intrinsic price elasticity of natural gas is 0.92 and 0.9. Also, the study of natural gas income elasticity in the non -constrained and constrained models is positive and 0.9608 and 0.9613, respectively, and indicates that natural gas is an essential commodity in the basket of Khuzestan households
