Archive | Finance

GIC Signs Agreement with Unit International, Zarubezhneft

Iran’s Ghadir Investment Company has signed a trilateral agreement with Russia’s Zarubezhneft and Turkish energy company Unit International to finance oil and gas development projects. Signed in Moscow on Monday, the deal concerns development of oil and gas projects in or outside of Iran. Based on the agreement, the three companies will form joint ventures […]

€3bn Siemens Credit Line on the way

By John Lee. Germany’s Siemens is reported to be preparing to provide 3 billion euros in financing for rail and power projects in Iran. Deputy Minister of Road and Urban Development for International Affairs, Asghar Fakhriyeh-Kashan, said on Tuesday: “Through financing a number of construction projects, Siemens plans to enter into a joint venture with […]

Without Reforms, Iranian Banking Crisis Looms

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. In Iran, concerns are growing that banks may be facing the same fate as credit and financial institutions (CFIs), many of which are believed to be on the verge of collapse. CFIs, many of them […]

Inflation likely to rise in Rouhani’s Second Term

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In terms of economic management, containing inflation has been one of the most significant achievements of Iranian President Hassan Rouhani’s first term in office. The Rouhani administration managed to reduce inflation from close to […]

Firm Fined $12m for “Apparent Violations” of Sanctions

CSE TransTel Pte. Ltd. (“TransTel”), a wholly-owned subsidiary of the international technology group CSE Global Limited, both of which are located in Singapore, has agreed to pay $12,027,066 to settle its potential civil liability for 104 apparent violations of the International Emergency Economic Powers Act and the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part […]

Iran Ranks 14th in World Steel Production

A new report released by the World Steel Association (WSA) shows that Iran has ranked 14th in the world in crude steel production in the first six months of 2017. According to the report, Iran produced 9.947 million tons of crude steel in the first half of 2017 which shows 13.7 percent growth in compare […]

JCPOA Meeting Kicks Off in Vienna

The eighth session of the JCPOA joint commission, a group tasked with monitoring commitments to a nuclear deal between Tehran and six world powers, started work in the Austrian capital, Vienna on Friday. Representatives from Iran, the Group 5+1 (Russia, China, the US, Britain, France and Germany) and the European Union gathered in Vienna to […]

Rasheed Bank applies to open Branch in Iran

By John Lee. Iraq‘s state-owned Rasheed Bank has applied for permission to set up a branch in Iran. At a meeting on Sunday between Iran’s Minister for Industry, Mining and Trade, Mohammadreza Nematzadeh, and Iraqi Minister for Industry and Minerals, Mohammed Shia ‘Al Sudani, Minsiter Al Sudani said he hoped the application would be approved. […]

No New Sanctions on Iran, Just Technical Updates: EU

A European Union spokesperson dismissed the notion that the bloc has imposed fresh sanctions against Iran, saying the union has only complied with a series of “technical updates” the UN makes in the context of different sanction regimes periodically. “There has been some speculation in the press regarding recent updates to listings of individuals and […]

Cuban Debt Settlement on Track

By John Lee. Cuba has paid €6 million of its debt to Iran, following a debt restructuring agreement signed between Banco Exterior de Cuba (BEC), the Export Guarantee Fund of Iran (EGFI) and the Export Development Bank of Iran (EDBI) last September in Havana. Arash Shahraini, EGFI’s deputy CEO, who held fresh rounds of talks […]