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System to avert US Sanctions “ready soon”

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. German Foreign Minister Heiko Maas met Iranian President Hassan Rouhani and Foreign Minister Mohammad Javad Zarif in Tehran on Monday as part of European efforts to salvage the historic JCPOA nuclear pact and […]

Iran to Launch 2 Petrochem Plants in H1

Iran is to witness inauguration of two petrochemical projects in the first half of the current Iranian calendar year which began on March 21, a petrochemical official said. According to the National Petrochemical Company (NPC), Ali Mohammad Bossaqzadeh said that Kaveh Methanol Plant would be one of the two projects which is currently undergoing its […]

Will Iraq lose Shatt al-Arab to Iran?

By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will Iraq lose its benefits from Shatt al-Arab River to Iran? Iranian President Hassan Rouhani visited Baghdad March 11 to endorse the two countries’ renewed commitment to the 1975 Algiers Agreement regarding the shared border […]

Iran’s Non-Oil Exports Hit $40bn in 11 Mths

The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars. Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports […]

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 […]

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 […]

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 […]

Total Pulls Out of Iran Gas Deal: Zanganeh

Iranian Minister of Petroleum Bijan Zanganeh said France’s energy major Total had official pulled out of the development project of phase 11 of the supergiant South Pars Gas Field. According to ICANA, Iranian parliament’s official news website, Mr. Zanganeh said that the French company had announced its plans to withdrawn from the project two months […]

Iran Eyes Tripling Flights to Afghanistan

The Head of Iran’s Civil Aviation Organization (CAO) said the country has offered to triple the number of weekly flights to neighboring Afghanistan. According to Ali Abedzadeh, there are now nine direct flights a week between Iran and Afghanistan. Highlighting the need for more flights between the two neighbors, the official said Iran has proposed […]

Japanese Banks to Stop Iranian Transactions

Japanese Banks MUFG, Mizuho to Stop Iranian Transactions Japanese banks are moving to stop handling all Iran-related transactions to meet a November deadline set by the United States, after President Donald Trump in May pulled out of a nuclear program agreement with Tehran. Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc (MUFG), will halt all […]

Europe Seeking to Activate Accounts for Central Bank

Europe Seeking to Activate Accounts for Iranian Central Bank: Report The French, British and German governments have told Iran they are exploring activating accounts for the Iranian central bank with their national central banks in a bid to open a financial channel to keep alive the Iranian nuclear deal, a report said. The move is […]

Iran Saves $5.4bn with Major Condensate Refinery

Inauguration of phases I and II of Bandar Abbas Gas Condensate Refinery has so far saved Iran over 5.4 billion dollars by preventing currency flight. The CEO of the National Iranian Oil Refining & Distribution Company (NIORDC) said ever since inauguration of the project’s first phase back in April 2017, the plant has prevented exit […]

Afghanistan wants Chabahar Port Exempted from Sanctions

Afghanistan Wants Iran’s Chabahar Port Exempted from US Sanctions An Afghan Foreign Ministry spokesperson called on the US administration to exempt Iran’s southeastern port city of Chabahar from a new wave of economic sanctions against the Islamic Republic. In comments on Saturday, Sebghatullah Ahmadi, head of the press department at Afghanistan’s Ministry of Foreign Affairs, […]

Iran’s Calendar in dire need of Reform

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Last month, Iran’s education minister said he intends to create a two-week “winter holiday” before the new Iranian school year starts this fall. In exchange, students will start their academic year two weeks earlier. The goal is […]

Iraq’s Pro-Iran Factions shrug off US Sanctions Push

By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Two pro-Iranian militias active in Iraq and Syria declared that possible US sanctions targeting them would be ineffective and claimed that such sanctions would actually strengthen their presence and expansion in […]

Petchem Development can Ensure GDP Growth: MP

A member of the Iranian parliament said the petrochemical industry can lead to the growth of GDP given its massive applications. Speaking to Shana, Mohammad Mahdi Mofatteh, spokesperson of the parliament’s energy committee, said fresh and timely investments are required for maximizing the effectiveness of the sector in the country’s economy. He said the petrochemical […]

NISOC Plans Tenders for 11 Investment Packages

The CEO of the National Iranian South Oil Company (NISOC) said the company had received the permits for holding listening rounds for 11 investment packages aimed at developing 28 oil reserves in southern Iran. Speaking on Monday, Bijan Alipour said his company, which contributed to over 80% of Iran’s crude oil output, had defined 29 […]

Iran Gas Exports “Unsanctionable”: Official

The CEO of the National Iranian Gas Company (NIGC) said export and consumption of natural gas would benefit humanity, adding Iran’s gas export deals were still effective and “no one has the right to impose sanctions on them.” “Export of gas does not necessarily concern national interests, rather, human interests are hinged upon export and […]

Sukhoi to Sell SuperJets to Iran despite Sanctions

Russia’s Sukhoi Civil Aircraft said it would continue to cooperate with Iranian airlines within the framework of interim agreements on the delivery of SSJ100R passenger aircraft, despite the re-implosion of US sanctions against Iran. “The Sukhoi Civil Aircraft will continue to work with Iranian airlines under the preliminary agreements signed at the Eurasia Air Show […]

Will Iran’s Banking Sector Collapse?

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. Iranian and international experts have opined for some time that Iran’s banking sector is at risk of a financial collapse due to toxic assets. It is no secret that over the past decade all Iranian […]