Iran Replaces US Dollar with Euro

Iran Replaces US Dollar with Euro as Official Reporting Currency The Iranian cabinet on Wednesday approved a plan to replace the US dollar with euro in reporting foreign currency amounts. During a meeting chaired by Iranian President Hassan Rouhani in Tehran on Wednesday, the cabinet obliged all ministries, and governmental organizations and companies to use […]

Telegram in Iran on verge of being Blocked

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The popular messaging app Telegram is seemingly drawing its last breaths in Iran as a number of reports indicate its likely imminent blocking. Telegram has more than 40 million users in Iran and is widely believed […]

Unilever pleased with Omo’s Iran Roll-Out

By John Lee. Unilever has announced that the roll-out of its Omo washing powder brand into Iran has “continued to perform well“. In its first-quarter results, the Anglo-Dutch multinational also declared a share buy-back programme of up to €6 billion to start in May 2018. (Source: Unilever)

Is Iranian state TV’s Monopoly at Risk?

By Rohollah Faghihi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Islamic Republic of Iran Broadcasting (IRIB), Iran’s state TV, has the sole monopoly over domestic radio and television services and is independent of successive Iranian governments. The head of IRIB, who is appointed by […]

Finnish Fast Food Chain Opens in Tehran

By John Lee. Finnish fast food chain Hesburger has opened an outlet in Tehran. The restaurant, in Tehran’s Pars district, is run by a local franchise entrepreneur. Hesburger CEO Kari Salmela said: “Iran has a market of 80 million customers, who don’t yet have access to Western burger restaurants … We see it as an […]

EU Extends Sanctions on Iran for Human Rights Violations

The Council of the European Union has voted unanimously to extend its “restrictive measures” (sanctions) against Iran by one year due to human rights violations. These measures consist of: a travel ban and an asset freeze against 82 people and one entity. a ban on exports to Iran of equipment which might be used for […]

Tehran, Muscat to close Gas Deal by July: Iran

Iranian Minister of Petroleum Bijan Zangeneh says Tehran and Muscat will finalize a gas deal by the end of June 2018. The deal concerns construction of a subsea gas pipeline to transfer Iranian natural gas to the Sultanate of Oman, IRNA reported. Speaking in Muscat on Wednesday evening, Mr. Zangeneh said the agreement for construction […]

5 potential scenarios for Iran deal

By Seyed Hossein Mousavian, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. President Donald Trump’s tapping of Mike Pompeo and John Bolton for secretary of state and national security adviser, respectively, should do away with any pretense that the US administration wishes to “fix” the […]

Gas Supply to Chabahar Power Plant complete by May

An Iranian gas official says the first phase of gas supply to Chabahar power plant for delivering a million cubic meters per day of natural gas to the facility will be complete by late May. Speaking to Shana, Saeid Momeni, the director of gas distribution department of the National Iranian Gas Company (NIGC), said the […]

Speaker Calls for Closer Iran-Vietnam Trade Ties

Iranian Parliament Speaker Ali Larijani said Iran and Vietnam’s business people should be informed of the economic capacities of the two countries as part of efforts to boost bilateral trade. Speaking to reporters after an economic meeting between Iranian and Vietnamese delegations in Hanoi, Larijani said during the session, business people from the two sides […]

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: Grants Coordinator, Norwegian Refugee Council (NRC)  Livelihoods and Food security Officer, Norwegian Refugee Council (NRC)  Shelter and WASH Officer, Norwegian Refugee Council (NRC) Education Officer, UNICEF – United Nations Children’s Fund (Source: UN) (Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock)

Iranian Banking Reforms Gain Steam after Long Delay

By Maziar Motamedi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The arduous path to independence in monetary decision-making from the government that many central banks have gone through remains the road not taken for Iran. But the new Iranian year, which began March 21, holds […]

Lukoil “One of the Favorites” for Iran Oil Field Development

By John Lee. Russia’s Lukoil is reported to be “one of the favourites” to win the contracts to develop Iran’s Mansouri and Shanguleh oil fields. Sputnik quotes company boss Vagit Alekperov (pictured) as saying that contracts could be signed in the next three to four months. The National Iranian Oil Company (NIOC), which announced a […]

Iranian firm to set up Farm Machinery Factory in Philippines

By John Lee. An Iranian firm is reportedly seeking to establish a 50-meter assembly line in the Philippines to produce farm machinery such as tractors. The Philippines Department of Agriculture (DA) said in a statement that the Special Trade Adviser to the Embassy of the Philippines in Tehran, Nader Saeedi, discussed with Agriculture Secretary Emmanuel […]

Iran eyes Energy Cooperation with Brazil

Iran’s foreign minister highlighted the opportunities available for Tehran and Brasilia to broaden their bilateral economic relations, saying Iran supplied the South American country’s energy demands in the past and can now work with it in the oil and gas industry. “Brazil is one the world’s major economies, the main economy in Latin America, and […]

$21bn Capex for Iran’s Oil Projects by 2021

Almost $21 billion in capital expenditure (capex) will be spent by Iran on oil projects between 2018 and 2021 to ensure that production grows to around 4.9 million barrels per day in 2021, according to leading market research and analysis firm GlobalData. The region will have 66 fields producing liquid hydrocarbons by 2021, of which […]

Total Finalizes Tenders for SP11 Development

France’s energy giant Total has carried out tendering for subcontracts and other preparatory work at its South Pars Phase 11 project in Iran, the CEO of Pars Oil and Gas Company (POGC) said. Speaking to Shana, Mohammad Meshkinfam announced that the value of the tenders held by the French major surmounts €700 million. “Most of […]

Iran raises Minimum Wage in concession to Workers

By Zep Kalb for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Following intense tripartite negotiations, the Iranian government, employers and unions agreed to increase the country’s minimum wage by 19.8%, from 9.29 million rials ($245) per month to 11.14 million rials ($294.50). The deal will see the highest […]

Iran offers Russia €3bn Rail Electrification Projects

By John Lee. Iran has reportedly proposed rail electrification projects worth 3 billion euros to Russia. Alexander Misharin (pictured), Russian Railways First Vice-President, has said the projects include electrifying 3,000 kilometers of rail lines. He told Russia’s Sputnik news agency: “Three-thousand kilometers, a big project. We agreed to sit down at the negotiating table and […]

Iran “Keen to Invest” in Zimbabwe’s Private Sector

By John Lee. Iran’s Ambassador to Zimbabwe, Ahmad Erfanian, has reportedly said that several private companies from Iran were holding discussions with their local counterparts regarding business opportunities in Zimbabwe. He said in an interview in Harare: “We believe that with the new [administration led by President Mnangagwa], a lot of opportunities opened up in […]