Archive | Industry

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 […]

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 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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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 […]

Iran, Armenia to Produce Agricultural Machinery

Iran and Armenia have signed a memorandum of understanding (MoU) on joint production of agricultural machinery, Iran’s commercial attaché to Armenia Mohsen Rahimi said. Based on the terms of the agreement, an Iranian company will export Knock-down kit (CKD) parts to Armenia and do the assembling in the country, News.am website reported. The agreement was […]

UK Company Pulls Out of EUR500m Solar Investment

The recently imposed US sanctions on Tehran has led to British renewable energy investor Quercus stopping to build a 500 million euro ($570 million) solar power project in Iran. The solar plant in Iran would have been the first renewable energy investment outside Europe by Quercus and the world’s sixth largest, with a 600 megawatt […]

Closer Cooperation between Iraq and Iran

Iran Eyes Closer Cooperation with Iraq after Formation of New Gov’t Iranian Foreign Ministry Spokesman Bahram Qassemi hailed the growing relations with Iraq and said Tehran plans to boost its cooperation with Baghdad after a new government is formed in the Arab country. “Our relationship with Iraq as a neighboring country is good and there […]

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Turkey “Not to Comply” with US Sanctions against Iran

Turkish Ambassador to Tehran Hakan Tekin deplored the US renewed sanctions against the Islamic Republic as illegal, saying his country will not comply with the move. “We will do our best to prevent Tehran-Ankara relations from being affected by the US sanctions against Iran,” Tekin who was in Ankara to attend at the 10th annual […]

Pompeo announces Creation of Iran Action Group

US Secretary of State Mike Pompeo has announced the creation of the Iran Action Group. In a briefing Mr Pompeo said: The Iran Action Group will be responsible for directing, reviewing, and coordinating all aspects of the State Department’s Iran-related activity, and it will report directly to me. For nearly 40 years, the regime in […]

German Rail, Telecom Operators End Iran Projects

German rail operator Deutsche Bahn and Deutsche Telekom are ending projects in Iran after Washington imposed new sanctions against Tehran and said firms doing business with Iran would be barred from doing business with the United States. New US sanctions against Iran took effect last week and several European companies have suspended plans to invest […]

Tehran scores 4th Biggest Improvement in ‘Liveability’

By John Lee. Iranian capital Tehran has ranked as the city with the fourth biggest improvement in its ‘Liveability’, according to a report from the The Economist Intelligence Unit (The EIU). In the latest Global Liveability Index Vienna topped the list, with Syrian capital Damascus coming last. Published by The Economist Intelligence Unit (The EIU), the […]

Iran, Sanctions and Iraq: The Bigger Picture

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Current analysis of renewed Iran sanctions often overlooks the wider context of Iraq’s regional trading relations.  The extent of Iraq’s compliance with […]

Nestle to Remain in Iran despite US Sanctions

Nestle (NESN.S) sees no direct fallout from renewed US sanctions on Iran, the world’s biggest food company has said. “We continue to closely follow political developments regarding sanctions against Iran. There are no direct implications for our business at this stage,” it said in response to a query, Reuters reported. Nestle Iran has its headquarters […]

China to US: Ties with Iran Transparent, Lawful

China’s business ties with Iran are open, transparent and lawful, its foreign ministry said on Wednesday, after US President Donald Trump said companies doing business with Iran would be barred from the United States. China has consistently opposed unilateral sanctions and “long-armed jurisdiction”, the ministry said in a statement faxed to Reuters. The United States […]