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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 […]

Iran Has over 100 Oil, Gas Fields to Develop

Iranian Oil Minister Bijan Namdar Zanganeh praised the capabilities of domestic energy companies to develop oil and gas fields and said the country has more than 100 fields, which can be developed by the Iranian exploration and production (E&P) companies. Speaking at a ceremony to sign a contract between the National Iranian Oil Company (NIOC) […]

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Media Abuzz over Sudden Resignation of Tehran Mayor

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. On March 14, Iranians woke up to a surprising piece of news: Tehran’s mayor, prominent Reformist Mohammad Ali Najafi, who was only chosen as mayor in August, had submitted his resignation to the city council. Explaining […]

Iran Offers $3bn LOC for Iraq Reconstruction

By John Lee. Iran’s First Vice President, Es’haq Jahangiri, has said Iran is ready to provide Iraq with a line of credit (LOC) of “up to” three billion dollars to pave the way for the Iranian private sector’s active participation in the reconstruction of the country. According to Iran’s PressTV, he made the statement at […]

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165 Afghan Firms to Work at Chabahar Port

The government of Iran has issued licenses to 165 Afghan companies to invest and operate in the country’s strategic port of Chabahar that is on a course to open a transport corridor to landlocked Central Asian nations. “Among the 500 companies licensed to operate in the free trade zone of Chabahar Port, 165 of them […]

Conserving Iran and Iraq’s Wetlands

There’s growing awareness in the Islamic Republic of Iran that wetlands are valuable and sustain livelihoods. Ramsar, “the gem of northern Iran”, is the town that gives its name to the Ramsar Convention. The Convention is an intergovernmental treaty that provides the framework for national action and international cooperation for the conservation and wise use […]

Dropping Interest Rates could Increase Inflation in Iran

By Navid Kalhor, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Real interest rates in Iranian money markets have risen to all-time highs under the administration of President Hassan Rouhani. This is due to the sharp reduction in inflation, which the administration boastfully declares as its […]

VP: Foreign Financing in Iran Facilitated by JCPOA

The Joint Comprehensive Plan of Action (JCPOA) has eased Iran’s access to foreign financing for major projects in the country, First Vice-President Eshaq Jahangiri said, adding that agreements to receive $12 billion in foreign funds have been finalized. Addressing an economic meeting on foreign fund reserves on Monday, Jahangiri said the JCPOA, the nuclear agreement […]

Pardis Petchem Plant signs deal with KBR

Iran’s Pardis Petrochemical Company has signed a cooperation agreement with UK’s KBR, a provider or technical licenses for ammonia units. The deal is signed in the field of technical engineering services with the aim of promoting production technology at the Iranian facility, Pardis Petrochemical Plant’s public relations said. The agreement was signed on Saturday by […]

Iran Ministry “Not Involved in Talks” with Bombardier

Iran’s Ministry of Road and Urban Development has not held any talks with Canadian plane manufacturer Bombardier Inc., a deputy minister said, adding that the country’s private sector has been involved in business negotiations with that company. Speaking to Tasnim on Saturday, Asghar Fakhrieh Kashan said he was not informed of the agreements between the […]

EU Foreign Policy Chief reveals Iran Deal ‘Secret’

In order to sell the nuclear deal to domestic constituencies and the world, Iran and the P5+1 countries overpromised the benefits of the deal. But, despite public denials by those officials that the nuclear deal would lead to further negotiations over significant geopolitical issues, it did not stop a myriad of analysts and deal skeptics […]

Austrian Company signs Study Deal with IDRO

The Industrial Development & Renovation Organization of Iran (IDRO Group) has signed a deal with Austria’s HOT Engineering for carrying out studies on Susangerd Oilfield in Iran. The group had previously signed a cooperation deal with the National Iranian Oil Company (NIOC) for developing the field. The document entails putting together a master development plan […]