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Iraq Emerges as Iran’s Top Export Destination

Iraq has emerged as Iran’s top export destination in the current Iranian year, an official announced. The director of the export bureau of Iran’s Customs Office, Ali Akbar Shadmani, said the value of the country’s exports since the beginning of the current Iranian year (March 21, 2018) has surpassed $30 billion, with Iraq being the […]

Iraqi Dinar may replace US Dollar in Iran-Iraq Trade

Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries. Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop […]

Iraq offers to Mediate between Trump, Iran

By Laura Rozen for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Concerned that tensions between Iran and the United States could blow back onto Iraq, a senior Iraqi diplomat said today that Iraq would be willing to facilitate dialogue between […]

Wildfires Ravage Marshlands on Iran-Iraq Border

By Shaghayegh Rostampour for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. A mother covers her daughter’s mouth and nose with her headscarf as they rush through the heavy smog that blankets a crowded street. She stops to cough, but then […]

Iran “ready to establish Joint Bank with Iraq”

By John Lee. Iran’s private banks have reportedly laid the groundwork for setting up a joint bank with their counterparts in Iraq. Yahya Al-e Es’haq [Yahya Ale-Ishaq] (pictured), head of Iran-Iraq Chamber of Commerce, is quoted as saying that the bank would operate under the regulations of central banks of the two countries to facilitate […]

Iran-Iraq Ferry Service Resumes

By John Lee. The Iraqi Ministry of Transport has that the ferry between Al-Ashar Quay on the banks of the Shatt al-Arab in Basra and the Iranian port of Khorramshahr has resumed after a three-year suspension. Forty-six passengers travelled on the first service on Saturday. The Director of the General Company for Maritime Transport, Abdul […]

Volvo Halts Iran Truck Assembly under US Pressure

Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday. Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran. “With […]

Iraq seeks Sanctions Waiver on Iran Energy Trade

Iraq is negotiating with the U.S. for exemptions from the impending snap-back of sanctions against Iran, arguing that it could not cut consumption of Iranian electricity and natural gas immediately without suffering serious economic harm and social instability. An Iraqi delegation was in Washington last week seeking a waiver for its cross-border trade, meeting with […]

US Targets Thai Company Supporting Iranian Airline

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Thailand-based My Aviation Company Limited for acting for or on behalf of Mahan Air, an Iranian airline previously designated for supporting Iran’s terrorism activities.  The action today was taken pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support […]

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 […]