Tragedy in Tehran

Iran’s government declared a day of national mourning in commemoration of the firemen killed in a Thursday collapse of a blazing high-rise building in downtown Tehran. Iranian President Hassan Rouhani’s cabinet declared Saturday, January 21, a day of national mourning in the wake of firefighters’ deaths in the tragic incident. More than 20 firefighters are […]

China to Invest $3bn in Iranian Refinery

By John Lee. Iran and China are to sign a $3-billion contract next month to upgrade the Abadan oil refinery (pictured), according to Mehr News agency. Deputy oil minister Abbas Kazemi said that China officially opened the financing for the plan last week. (Source: Reuters)

Implementing the Iran Nuclear Deal: A Status Report

From International Crisis Group. Re-published with permission by Iran Business News. Implementing the Iran Nuclear Deal: A Status Report  One year since its “implementation day”, 16 January 2016, the July 2015 nuclear agreement between Iran and the five permanent members of the UN Security Council plus Germany (the P5+1) – the Joint Comprehensive Plan of […]

Amedeo Buys Stake in Iranian Copper Mine

UK-based Amedeo Resources has announced that it has acquired a 2.5-percent stake in Ganjine Kani Company (GKC) for US$500,000, a copper mining company close to the city of Mashhad in Iran. As part of the transaction, Amedeo has a 5-year option to acquire a further 5% of GKC for US$2 million. GKC is a producing […]

Iran near Bottom in “Passport Power”

By John Lee. Iran has been rated joint-tenth-from-the-bottom of the list in a ranking of the ‘passport power’ of 199 countries around the world. The list, compiled by passportindex.org, ranked passports by their ability to allow persons to travel visa-free to other destinations. Top of the list was Germany, followed by Sweden and Singapore, while […]

Iranian Govt Earmarks $462m for Rail Expansion

By John Lee. Financial Tribune reports that the Iranian government has earmarked 18.5 trillion rials ($462 million) to complete a set of ongoing rail projects. Jabbar Ali Zakeri, a board member of the Construction and Development of Transportation Infrastructure Company (CDTIC), was quoted by IRNA as saying: “This includes 4.7 trillion rials ($117 million) for […]

President Rouhani Test-Drives Homegrown Electric Car

Iranian President Hassan Rouhani on Wednesday test-drove a domestically-made electric car in Tehran. President Rouhani was invited to test-drive the battery-powered car called “Yooz” (Cheetah) while being briefed on electric products of three Iranian knowledge-based companies on Wednesday. The car as well as two electric motorcycles displayed on Wednesday have been developed by the research […]

Global Shipping Insurers to Cover Iran’s Oil without US

Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month, a report said. An official in London told Reuters that global shipping insurers will provide cover to Iran’s oil exports without involving US-domiciled reinsurers. “There will be no US-domiciled reinsurer participation on the 2017 IG reinsurance […]

Finland’s Outotec wins EUR 50m Iran Contract

Finnish-based minerals and metals processing technology firm Outotec has agreed with National Iranian Copper Industries Company (NICICO) on the delivery of two sulfuric acid plants for the Sarcheshmeh and Khatoon Abad copper smelters in Iran’s Kerman province. The value of the orders, approximately EUR 50 million, has been covered by a confirmed Letter of Credit […]

Iran to impose new Duty on Steel Imports

By John Lee. Platts has reported that the Iranian parliament will impose a new duty on steel imports, likely to be effective from September. The duty is Iranian Rial 100,000/mt (about $25/mt) of imported material and it will cover billet, beam, different strips, tubes, pipes, stainless steel and scrap. It is in addition to all […]