Iran to Grant Two Key Oil Deals to China

Iran plans to grant the development of two of its major oil fields to the Chinese companies. Gholam-Reza Manouchehri, the deputy director for engineering and development affairs of the National Iranian Oil Company (NIOC) said that China’s CNPC will be awarded the development of the second phase of North Azadegan project. Manouchehri added that the […]

ANZ Refuses Trade with Iran Fearing US Backlash

Australia and New Zealand Banking Group Limited (ANZ) refuses Australian customers’ transactions with Iran, fearing US Treasury’s reaction, a report said. “While there has been a lifting of some sanctions to Iran by Australian authorities, as an international bank we continue to comply with the US Department of the Treasury’s Office of Foreign Assets Control […]

Iran to Improve Fuel Bunkering Services to Its Ships

Iran has plan to improve fuel bunkering services to its oil tankers across the world, Managing Director of National Iranian Tanker Company (NITC) Ali Akbar Safaei said on Tuesday. By recognizing the existing capacities and improving the infrastructure, Iran can enhance the capability for providing bunkering services to its ships across the world, he added. […]

Iran Eyes Role in Nicaragua Canal Project

Iranian Foreign Minister Mohammad Javad Zarif expressed the country’s readiness to be involved in a gigantic project on the construction of an inter-ocean canal across Nicaragua, a planned shipping route to connect the Atlantic Ocean with the Pacific Ocean. Speaking to reporters in Nicaragua’s capital of Managua on Tuesday night, Zarif said the Iranian state-run […]

What is the New Oil Contract Model?

The main priority in enforcement of the new model of oil contracts will be given to development of the joint fields and increasing the co-efficient of recovery from the reserves, says Iranian Minister of Petroleum Bijan Zangeneh. But what are these new contracts? The new model before being fully endorsed by the administration for enforcement […]

German Exports to Iran Surge

German exports to Iran rose 15 percent in the first half of the current year following the removal of sanctions, a report said. Exports to Iran, mostly machines and equipment, surged by 15 percent year-on-year in the first six months of 2016 to 1.13 billion euros ($1.3 billion), the German Federal Statistics Office said, Reuters […]

Kurdistan Petchem Plant Operational Soon

The Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei says Kurdistan Petrochemical Plant will become operational in the near future, adding the project will be beneficial to value chain completion in the petrochemical industry of the region. During a one-day visit to a number of petrochemical facilities in western Iran, Shahdaei said Kurdistan Petrochemical […]

Iran closer to rolling out new oil project contracts

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Dispute remains ongoing over whether parliamentary approval is required for the Iran Petroleum Contract (IPC), a new oil and gas contract model rolled out by the government for upstream projects. Conservative lawmakers want to […]

Iran’s 1st IPC-Based Oil Deals Likely in 2017

A research analyst at Wood Mackenzie, a global energy, metals and mining research and consultancy group based in Edinburgh, Scotland, said Iran is expected to sign its first oil and gas deals based on the terms of a new contract model in the second half of next year. Iran is set to sign major oil […]

Iran’s Steel Production Tops 10m Tons in 7 Mstths

Iran has produced over 10 million tons of steel in the first 7 months of 2016, data released by the World Steel Association showed. Iran’s steel production from January to July 2016 stood at 10.101 million tons indicating a growth of 4.7% compared with the same period last year, the latest report by the World […]