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Plant to Supply Power for 12 Petchem Units

Phase I of Damavand Petrochemical Utility Plant, officially launched this week, generates 648 megawatts of power to be fed to 12 petrochemical facilities operating in Phase II of Asaluyeh Petrochemical Hub, southern Iran. Addressing a press conference on Monday, Mohammad Reza Samiei, managing director of the plant, said the complex is being built to provide […]

Iran to Launch Major Urea, Ammonia Project

Iran is to launch Phase III of Pardis Petrochemical Plant which accounts for 65 percent of the country’s ammonia and urea exports. According to the plant’s managing director Hossein Shahryari who was addressing a press conference on Monday, Pardis Petrochemical Complex is the largest supplier of ammonia and urea in Iran and the Middle East […]

Iran Commissions its Largest Wind Farm

By John Lee. Iran has reportedly commissioned its  largest ever wind farm. According to Energy Digital, the Sihapoush wind farm, in Qavzin province, is set to have a capacity of 61.2MW and comprise 18 Siemens Gamesa SWT-3.4-108 turbines. It has been fully commissioned by Arian Mah Baad, with EPC being done by local Iranian company […]

NISOC signs Major Gas Deals with PGPIC, Maroon Petchem

The National Iranian South Oil Company (NISOC) signed two contracts, totally valued at $1.2 billion, with the Persian Gulf Petrochemical Industries Company (PGPIC) and Maroon Petrochemical Company for gathering associated gases in East Karoon area. The deals was signed on the sidelines of inauguration of some petrochemical projects in Asaluyeh, southern Iran, on Tuesday. The […]

Iran Develops Technology to Make Refinery Catalysts

An Iranian petrochemical company achieved the technical know-how to make special catalysts used for gasoline production, making Iran the world’s second producer of such advanced component and helping it earn as much as $60 billion a year in export revenue. According to Jaleel Sobhani, CEO of Iran’s ‘Supplying Petrochemical Industries Part Equipment and Chemical Engineering’ […]

Iran Drops bid to transfer Millions out of Germany

By John Lee. Iran has reportedly dropped its request to transfer 300 million euros ($347 million) in cash out of Germany. The cash is understood to be held in accounts at the Iranian-owned trade bank Europäisch-Iranische Handelsbank (EIH). According to AP, the US had been pressuring German authorities to reject the request due to concerns about […]

Iran Launches New Petrochemical Plant

Iranian President Hassan Rouhani inaugurated a new methanol-producing plant in Iran’s energy-rich province of Bushehr. During a visit to the southern port city of Assalouyeh on Tuesday, the Iranian president opened ‘Marjan’ methanol plant, developed by a private sector petrochemical company. The nominal production capacity of the plant, whose construction began in 2011 in an […]

Iran to Launch Energy Technology Center

The Scientific and Technology Department of Iranian Presidential Office will launch an energy technology center for the first time in the country. Kambiz Mehdizadeh, secretary of the energy technological development of the Scientific and Technology Department of the Presidential Office, said the center will be inaugurated with support from the private sector to serve as […]

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US Dollar Ditched in Iran-Iraq Trade

Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Ishaq said that the US dollar is no longer used in the bilateral transactions between the two countries. Dollar-based transactions between Iran and Iraq have been discarded, Ale-Ishaq said on Saturday, adding that euro, the Iranian rial, and the Iraqi dinar are mostly used in the bilateral trade […]

Iran Seeking to Save Major Oil Deal with Vitol

The National Iranian Oil Company (NIOC) is in talks to salvage a $1 billion oil deal with Swiss trader Vitol Group as companies sever ties with the Islamic Republic ahead of US sanctions. Iran is fighting to keep one of its most profitable oil deals, according to people familiar with the matter, the Wall Street […]

Iran Resumes Electricity Exports to Neighbors: Official

The Iran Power Generation Transmission and Distribution Management Company (Tavanir) announced that it has resumed supplying electricity to neighboring countries since 10 days ago after meeting domestic needs. “Currently, we are exporting 200 to 250 megawatts of electricity to Iraq, Afghanistan, and Pakistan,” Spokesman for Tavanir Mahmoudreza Haghifam said on Tuesday. The state-run company will […]

Marjan Petchem Plant Operational

Iran’s Marjan Petrochemical Plant is currently producing methanol in a sustainable manner. The newly-built facility is now fully operational and is supplying pure methanol, National Petrochemical Company (NPC) reported. Assaluyeh Green Tank Farm is responsible for the transfer, storage, and shipment of the plant’s output to the jetty for export. Marjan Petrochemical Co. is one […]

Iran to Work with Italy’s Bankrupt Banks Using Euros

Italy’s banking system authorities have agreed to let a number of the country’s bankrupt banks and the second and third-class banks to work with Iran using euro instead of dollar to skirt US sanctions, an Iranian official said. In an interview with Tasnim, chairman of Iran-Italy joint chamber of commerce, Ahmad Poorfallah, said Italy has […]

US Sanctions cause Big Losses for Iraqi Investors in Iran

By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iran Business News.  The Iranian economy has spiraled out of control since a new set of US-enforced sanctions against trade with Iran went into force Aug. 7, as its currency value has been plummeting ever since while inflation rates are […]

BA, Air France to Stop Flights to Iran

By John Lee. British Airways (BA) and Air France have both announced that they will stop flying to Iran in September, saying that the routes are “not commercially viable.” According to a BBC report, the reintroduction of US sanctions has caused a slump in the value of the Iranian rial, making it harder for Iranians […]

Video: Religious Tourism Squeezed by Iran Sanctions

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqis in the holy city of Najaf are being hit hard by US sanctions on neighbouring Iran, which have forced cash-strapped pilgrims to stay at home. View on YouTube

UK Replaces US in Redesigning Arak Reactor

By John Lee. The head of the Atomic Energy Organization of Iran (AEOI) has said that the US has been replaced by the UK on the working group tasked with redesigning the Arak heavy water reactor in central Iran. Ali Akbar Salehi (pictured) told IRIB that the US withdrawal from the nuclear deal has not impacted […]

Iran’s Parliament to Impeach Economy Minister

Iranian Minister of Economic Affairs and Finance Massoud Karbasian will appear in the Parliament on Sunday, August 26, for an impeachment inquiry in the wake of skyrocketing prices in the country and devaluation of the local currency. Karbasian will go to the Parliament to answer the questions of a number of lawmakers complaining about his […]

EU adopts Support Package for Iran

The Commission has adopted a first package of €18 million for projects in support of sustainable economic and social development in the Islamic Republic of Iran, including €8 million assistance to the private sector. Today’s projects are the first of a wider package of €50 million for Iran, aiming to support the country to address […]

Nazanin Zaghari-Ratcliffe temporarily Freed from Jail

By John Lee. The British-Iranian woman sentenced to five years in jail in Iran for spying, which she denies, has been temporarily released from Evin Prison. Nazanin Zaghari-Ratcliffe was given a three-day furlough on Thursday morning, taking both her and her family by surprise. She is currently with her family in Damavand. (Sources: The Guardian, […]