Iran, Russia to Sign Deal to sell Moscow Oil

Iranian Oil Minister Bijan Namdar Zangeneh announced that the country plans to sign a deal with Moscow within the next two weeks to sell 100,000 barrels per day of oil to Moscow. Briefing the media on his meeting with Russia’s Energy Minister Alexander Novak in Tehran on Tuesday, Zangeneh said the deal would provide Iran […]

Polish Tractor Firm in Iran Deal

By John Lee. Polish tractor producer Ursus signed a memorandum of understanding with the Tabriz-based Iran Tractor Manufacturing Company (ITMCo). Under the deal, the companies will cooperate in the use of components to produce tractors in the 47-150 hp power range, dedicated to the markets where both companies currently operate. They will also start a […]

Indigo Holdings acquires 5% of Iranian Car Share App

Indigo Holdings plc, the Middle East focused Investment Company, has acquired a 5% stake in the Iranian car ride-sharing app, Carvanro, after investing €176,800 in its Series A fundraising round. Carvanro is a car ride-sharing marketplace aggregator, which connects drivers and passengers embarking on the same car journeys. It provides a flexible and transparent platform […]

Why Iranian Govt’s Debt Problem isn’t going away

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. The administration of Iran’s President Hassan Rouhani made three decisions on Jan. 30 that officials say will financially shore up commercial banks until the end of the Iranian fiscal year on March 20. However, the […]

Nazanin Zaghari-Ratcliffe requires Urgent Hospital Treatment

British-Iranian mother Nazanin Zaghari-Ratcliffe, who has been detained by Iranian authorities since April, has finally seen a specialist for her back and neck; the neurologist has warned that without urgent treatment she could run the risk of permanent impairment. Her husband Richard, who spoke to her for the first time in a month on Saturday, […]

Iran, Iraq Sign MoU to Export Kirkuk Oil

Iraq’s Oil Ministry announced that Tehran and Baghdad have signed a memorandum of understanding (MoU) to carry out studies on the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran. In a statement, the Iraqi ministry said the agreement was signed during a recent ceremony in the […]

Iran Running 7% of World Drilling Rigs

Iran is in possession of nearly 7 percent of the world’s oil rigs, a senior Iranian oil official said. Roknoddin Javadi, deputy petroleum minister for supervision over hydrocarbon reserves, told an international drilling congress on Saturday that 7 percent of the world’s drilling rigs are currently operating in Iran’s oil and gas industry. He said […]

Iran Postpones Unification of Exchange Rates

By John Lee. The Central Bank of Iran (CBI) has reportedly indicated that it will not be able to unify the country’s “official” and”open market” currency exchange rates by March 20, as previously planned. According to the report from Forbes, unifying the rates has been one of the key policy goals of the Rouhani government. […]

Iran keen to Increase Electricity Supply to Pakistan to 3,000 MW

By John Lee. Iran is reported to be keen to increase its electricity supply to Pakistan from 130 megawatts to 3,000 megawatts. According to Pakwired, the Iranian Consul General to Pakistan, Ahmad Mohammadi, told an event in Karachi: “The expansion of ties with neighboring countries is one of the priorities of Iran’s foreign policy and […]

MTN Irancell Invests in IIG

The Iran Internet Group (IIG), the leading internet group in Iran with several million unique and paid transactions every month, just announced the closing of a funding round led by MTN Irancell. The group, whose ventures include the by far market-leading car hailing platform Snapp, has secured the funding in a move that will further […]