Archive | Industry

Iran Falls in Ease of Doing Business Index

By John Lee. Iran has been ranked 124th out of 190 countries in the World Bank‘s recent Doing Business 2018 report, down from 120th place the previous year. Despite the fall in the rankings, the report notes that over the previous year Iran improved access to credit information by reporting data on credit payments from […]

BASF seeks Catalyst Technical Savvy from Iran

German petrochemical heavyweight BASF has ordered 180 tons of methanol synthesis catalyst from Iran’s Petrochemical Research and Technology Company (PTRC). According to the National Petrochemical Company (NPC), Esmaeil Ghanbari, PTRC managing director, said the item was 10 years in the making by PTRC and its quality has been approved by BASF as superior to its […]

Domestic Refinery builds Transformer Oil Recycler

Imam Khomeini Oil Refinery has manufactured a transformer oil recycler to separate water and particles from the oil. Ali Jamshidi, managing director of the refinery, said the machine has been constructed with the aim of maximizing utilization of oil used in transformers of the facility. The machine separates moisture and floating particles from oil. It […]

Russia Hosting Conference on Iran-North Caucasus Cooperation

An international conference about ways to boost economic relations between Iran and the North Caucasus region opened in the Republic of North Ossetia-Alania in Russia on Tuesday. The international event is underway in North Ossetian State University in Vladikavkaz, the capital city of the Republic of North Ossetia-Alania, and will last for two days. The […]

Autoneum enters Iran Growth Market

Swiss-based company Autoneum has concluded an exclusive license agreement with Iranian automotive supplier Ayegh Khodro Toos (AKT) for the production and distribution of its multifunctional components for acoustic and thermal management in Iran. In the future, Ayegh Khodro Toos will produce carpet systems and inner dashes at its plant in Mashhad (Razavi-Khorasan province) for IKAP, […]

Banking Problems between Iran & UK being Removed Gradually

Boris Johnson, the UK foreign secretary, has underlined Iran’s importance in the region and also reiterated his country’s support for maintaining the JCPOA, the 2015 nuclear agreement between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany). In a Sunday meeting in Tehran with Head of the Atomic Energy Organization of […]

Iran Rises in Prosperity Index

By John Lee. Iran has risen one place in this year’s Legatum Institute Prosperity Index, ranking in 117th place out of the 149 countries measured. The index ranks countries according to its nine pillars of prosperity: Economic Quality, Business Environment, Governance, Personal Freedom, Social Capital, Safety and Security, Education, Health and Natural Environment. Despite the […]

Hungarian Bus-Maker to supply Iran

By John Lee. Hungarian bus maker Ikarus has reportedly signed an agreement to export 1,000 buses to Iran. Company Chairman Gábor Széles was among a 20-strong business delegation on an official visit to Iran last the weekend. The quantity is equivalet to one-third of full year’s production for the company. According to Budapest Business Journal, […]

Iran, South Korea in €720m Rail Deal

Iran Rail Industries Development Company (IRICO) and South Korea’s Hyundai Rotem have signed a contract to jointly manufacture diesel rail-cars for public transport in suburban Tehran. The €720-million contract was signed during a ceremony in the Iranian capital, Tehran, attended by Iran’s Minister of Roads and Urban Development Abbas Akhoundi. Hyundai Rotem will produce 150 cars […]

Iran, Netherlands sign Economic Plan of Action for 2018

Senior ministerial officials from Iran and the Netherlands signed a joint plan of action on the expansion of bilateral economic ties in the coming year. In a meeting in The Hague on Friday, Iran’s Deputy Economy Minister Mohammad Khazaee and his Dutch counterpart signed the plan of action for 2018, which entails cooperation in eleven […]

Qatar, Iran Boosting Trade, “Benefiting from Blockade”

The move by Iran to increase bilateral trade with Qatar, following a Saudi-led blockade, has benefited the two countries, according to an expert. “Trade between Iran and Qatar increased by 117 percent in less than six months and it shows the short-term effect of this crisis and bodes well for both countries in the long […]

Long road ahead for Iran’s Medicinal Plants Industry

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The world has seen great advances in medicine in recent centuries, leading to the discovery and manufacture of numerous types of drugs to cure diseases. Yet many around the world still prefer to use plants and natural […]

Iran moves to stamp out Corruption in Customs

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. Iran moves to stamp out Corruption Opportunities in Customs Government officials and investors all agree that Iran needs to improve its business climate to attract the needed investment for job creation. One of the phenomena that can […]

Iran, Brazil Sign Research Cooperation Deal

Officials from Iran and Brazil signed a memorandum of understanding on academic and research cooperation in cognitive sciences. The cooperation agreement was signed between Kamal Kharrazi, secretary of the department on development of cognitive science and technology at the Vice-President’s Office for Science and Technology Affairs, and the representative of CAPES, a foundation within Brazil’s […]

Video: Is the Iran Deal set to Unravel?

While the Iran nuclear deal was hailed as a “triumph of diplomacy” by its supporters around the world, US President Donald Trump called it “the worst deal ever”. He recently decided to officially “decertify” the deal formally known as the JCPOA, the Joint Comprehensive Plan of Action, between Iran six world powers and the EU […]

Iran Up (Slightly) in Prosperity Index

By John Lee. Iran has risen one place in this year’s Legatum Institute Prosperity Index, ranking in 117th place out of the 149 countries measured. The index ranks countries according to its nine pillars of prosperity: Economic Quality, Business Environment, Governance, Personal Freedom, Social Capital, Safety and Security, Education, Health and Natural Environment. According to […]

Iran’s Power Generation Capacity Nears 78,000 MW

Iran’s nominal capacity to produce electricity has reached about 78,000 megawatts (MW) following the connection of a number of power plants to the country’s national grid over the past two weeks. The country’s overall nominal capacity to generate electricity has increased by 381 MW over the past two weeks, reaching 77,987 MW. During the mentioned […]

Iran to sign Preferential Tariff Deal with EEU

By John Lee. Iran and the Eurasia Economic Union (EEU) have reportedly finalized negotiations on a preferential tariff agreement. Addressing a meeting of Iranian and Armenian businessmen in Yerevan on Tuesday, Iranian Foreign Minister Mohammad Javad Zarif (pictured) said: “The establishment of EAEU-Iran cooperation can ensure progress in the development of Armenian-Iranian economic ties.” Edward […]

Sharp Decline in Iranian Steel Imports

By John Lee. Platts reports that Iranian steel imports fell 33 percent to 1.2 million mt in the first seven months of the year (April-October), citing data from the Iranian Steel Producers’ Association (ISPA). Over the same period, only 26,000 mt of semi-finished products were imported, a fall of 83 percent, along with 501,000 mt […]

Iran “Keen on Keeping Ties” with Norwegian Shipbuilders

An Iranian tanker official says facilitating banking relations between Iran and Norway is a necessity for boosting ties of the two countries in shipbuilding industries, voicing Iran’s keenness to maintain relations with Norwegian shipbuilders. Addressing the Iran-Norway Bilateral Maritime Opportunities conference in Oslo on Thursday, Managing Director of the National Iranian Tanker Company (NITC) Sirous […]