Airbus in Talks with Tehran to Produce Components

Iran could begin making parts for Airbus Group SE aircraft under plans being discussed following January’s historic agreement to purchase 118 jetliners from the European manufacturer. Airbus’s Middle East office said the company is evaluating areas of industrial cooperation with Iran that may include component production and maintenance and overhaul work, Bloomberg reported. Iran developed […]

WTO Willing to Engage with Iran

By John Lee. The Director General of the World Trade Organization (WTO) has said his members are willing to engage with Iran on its accession to the body, but a lot will depend on Tehran’s drive to make proposals during the early stages. Roberto Azevedo told media: “We are in the early stages but I […]

$16bn Investment for North Pars

North Pars gas field is located 120 kilometers southeast of Bushehr province in the Persian Gulf waters. The field is 3,500 meters deep under water and is 10 to 15 kilometers far from coast. North Pars holds more than 57 tcf of gas. Senior Iranian oil officials recently introduced North Pars along with tens of […]

How will Iran take care of its Aging Population?

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. Mohammad Bagher Nobakht, head of the Management and Planning Organization (MPO), warned March 6 that Iran has five years to address the underfunding of its pension system or face a major crisis. It is […]

Iran Sets Tourism Target of $30bn

Iran has drawn up a long-term plan to boost revenue from the tourism industry to $30 billion, Head of the country’s Cultural Heritage, Handicrafts and Tourism Organization (ICHHTO) Masoud Soltanifar announced. According to a road map, Iran will be hosting an annual number of 20 million tourists in 2025, generating a $30 billion income, Soltanifar […]

14 New Projects worth more than $2.5bn

By John Lee. The last meeting of the Foreign Investment Board in 1394, chaired by Mohammad Khazaei, was held at the Organization for Investment, Economic and Financial Affairs of Iran and 14 projects was approved by the Board in the areas of power generation, automotive and mining industries worth 2.6 billion dollars. In the meeting, […]

Russia’s Avtovaz Eyes Boosting Exports to Iran

A senior official with Russia’s biggest carmaker Avtovaz said Iran could be a promising export market for the company in 2016 following the termination of anti-Tehran sanctions. “Around 50,000 (cars are planned) to be exported. Of course, it will depend on many factors but we realize that amid current environment, amid falling domestic market we […]

Controversy Engulfs Multiple Iran’s Female Lawmakers

By Fereshteh Sadeghi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. It has only been three weeks since Iran held landmark parliamentary elections, yet several controversies have already arisen over remarks made by both an incoming female lawmaker and a veteran member of parliament. Meanwhile, […]

Iran to Open World’s Largest Bookstore

By John Lee. Sputnik reports that the world’s largest bookstore is to open in Tehran within two months. The 45,000 sqm store is set to eclipse the current largest store, located in New York, which covers an area of 14,000 sqm. It will also provide parking for up to 5,000 cars, and an open auditorium for children which […]

Iran Petchem Industry Ready for Foreign Investment

More than $50 billion is needed to be invested in Iran’s petrochemical industry. Many of stakeholders of petrochemical projects in Iran are actively developing their plans amid hopes for further gas production from South Pars gas field and the presence of foreign investors over the coming two years. With the completion of South Pars phases, […]

KOGAS may build Iran-Oman Subsea Gas Pipeline

Tehran and Seoul are in talks over the possibility that the Korea Gas Corporation (KOGAS) may construct an undersea gas pipeline that would link Iran and Oman. According to a report carried by South Korea’s Pulse News on Wednesday, National Iranian Oil Company (NIOC) and National Iranian Gas Export Company (NIGEC) may sign a memorandum […]

26 Iranian Banks Now Connected to SWIFT

Four more of Iran’s banks have been reconnected to SWIFT, the global provider of secure financial messaging services. They are all the foreign branches of key Iranian banks and include the Yerevan branch of Bank Mellat, the Dushanbe branch of Tejarat Bank and the branches of Bank Melli Iran in Baku and Baghdad. Iranian media […]

Russian Meat Producer Targets Iranian Market

By John Lee. Cherkizovo Group, the largest vertically integrated meat and feed producer in Russia, has said it will prioritise its halal segment and extend its sales to Egypt and Iran.  The company recently received halal certification and licences to export its poultry products to the UAE. (Source: Cherkizovo)

Greece to buy first Loads of Iranian Oil via Total

Hellenic Petroleum (ELPE) will not be able to purchase its first delivery of Iranian crude oil directly from Tehran, according to media reports. The Greek refiner signed a deal with the National Iranian Oil Company (NIOC) in January, but uncertainty in the regulations regarding the lifting of sanctions has led to problems in carrying out […]

India wants Subsea Gas Line from Iran

By John Lee. PressTV reports that the Indian government is determined to seal a deal with Tehran to lay a 1,400-kilometer undersea gas pipeline from Iran to India. The planned multi-billion-dollar project would connect Iran’s southeastern port of Chabahar to India’s western Gujarat State, avoiding Pakistan. New Delhi will also reportedly fund a rail link […]

Iranians to Spend £6bn on Foreign Properties

By John Lee. Recent research claims that Iranian millionaires and businesses will spend £6 billion ($8.5 billion) over the next five-to-10 years on property outside Iran. High-end Iranian-owned estate agent Rokstone says London is top of the list of locations being considered, alongside Dubai, Switzerland, parts of Germany and the South of France. The top five most popular […]

China to Set Up 3 Aluminum Projects in Iran

China’s Sinosteel Corporation has signed a Memorandum of Understanding (MoU) with Iranian Mines & Mining Industries Development & Renovation (IMIDRO) to implement three projects in Iran’s aluminum industry. Based on the MoU, subsidiary Sinosteel Equipment and Engineering Co. Ltd. will implement three projects, including: a plant for production of alumina powder ( 1.6 million tons); […]

UK Govt Eyes New Opportunities in Iran

The UK’s Business Secretary Sajid Javid (pictured) is to lead Britain’s biggest-ever trade delegation to Iran for high-level economic and trade talks with Iranian officials, possibly as early as May. Addressing a conference in London, the Minister said: “It will see some of our leading companies seeking out new opportunities across the country. “And it […]

Zarif Confers on Banking in Australia

By John Lee. Iranian Foreign Minister Mohammad Javad Zarif and Australian Trade Minister Steven Ciobo discussed solutions to resolve the banking problems between the two countries. Australia recently lifted its sanctions on Iran. The ministers also consulted on developing ties in fields such as water resource management, modern agricultural technologies, and air travel. (Source: Ministry […]

Video: After the Elections: What’s Next for Iran?

From The Legatum Institute. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The Legatum Institute‘s ‘Iran Series’ hosted a panel discussion that analysed the results of the country’s recent elections and what to expect next. Speakers included: Sanam Vakil, lecturer in Middle East Studies, […]