Pakistan to Trade with Iran in Euros, not Dollars

By John Lee. IRNA reports that Pakistani businessmen will open letters of credit (LCs) for imports from Iran in euros instead of dollars, as some US sanctions are still in place that could obstruct payments to Tehran. The State Bank of Pakistan (SBP) said it was not possible at this stage to open LCs in […]

Banking Sanctions take Center Stage

By Mohammad Ali Shabani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Banking Sanctions take Center Stage as Iranian Rhetoric Toughens All is not well in post-sanctions Iran. In his first Nowruz message since the signing and implementation of the Joint Comprehensive Plan of Action […]

India Hopes to Sign Deal for Farzad B Gas Field

India’s Oil minister Dharmendra Pradhan will push for state-run firms to win development rights for the vast Farzad B gas field in Iran during a visit to the Middle Eastern country next month. India, the world’s third-biggest oil importer and fourth-biggest consumer, wants to increase dealings with Persian Gulf countries that supply the bulk of […]

Iran, Iraq Discuss Cooperation in Oil Sector

By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met with Mr. Kamal Kharrazi, the Head of the Foreign Relations Strategic Council in the office Mr. Ali Khamenei, the Supreme Leader of the Iran. At the meeting on Tuesday they discussed development of relations in the energy sector. (Source: Iraqi Ministry of […]

Iran “Best Option to Meet Pakistan’s Energy Needs”

Pakistan’s Minister for Water and Power says Iran being neighbor of Pakistan is the best option and cheapest route to import oil, gas and electricity for the energy starved country. Khawaja Muhammad Asif said lifting of sanctions have opened up new possibilities for increase in import of energy from Iran to Pakistan to 100 MW, […]

Iran, Iraq sign Banking MoU

By John Lee. Iran and Iraq have signed a memorandum of understanding (MoU), covering cooperation in the banking sector, in Baghdad on Wednesday. IRNA reports that the MoU was inked at a meeting attended by the visiting Governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), and his Iraqi counterpart Ali Al Alagh […]

US “Persuading Firms to Trade with Iran”

By John Lee. Washington has emphasized that it has no intention of obstructing business with Iran, and has started a campaign to persuade wary firms that doing business with Iran is now all right. Reuters reports that Chris Backemeyer, Principal Deputy Coordinator for Sanctions Policy at the US Department of State, said on Wednesday that […]

Iran Oil Exports Hit 2.2m bpd

Iran’s oil exports reached 2.2 million barrels per day (bpd) in what could highlight a major progress in the country’s post-sanctions oil industry performance. First Vice President Eshaq Jahangiri said the figure marked a rise of 900,000 bpd in the country’s oil production that had been materialized within only two months after the lifting of […]

US Charges Consultant to Iran’s UN Mission

By John Lee. A consultant to Iran’s mission to the United Nations in New York has been charged with violating a U.S. law against dealing with that country. Reuters reports that Ahmad Sheikhzadeh (60) faces seven charges including conspiracy to evade U.S. sanctions against Iran, money laundering, and helping arrange false tax returns. Sheikhzadeh has […]

Islamic Reporting Initiative expands Board of Directors

The foundation for the Islamic Reporting Initiative (IRI) has appointed two new members to its Board of Directors; senior academic Dr Abdel-Aziz Sharabati and the award-winning entrepreneur Ms Amal Daraghmeh-Masri (pictured). Established in December 2015, the foundation has been set up to provide funding for the IRI, which is headquartered in the United Arab Emirates. […]

Russia, Iran reach Power Agreement

Mehr News Agency reports that Russia’s Inter RAO – Export LLC has signed an MoU with Iran’s Khuzestan Water & Power Authority to expand the Dez hydro-electric power plant (pictured) by 720 MW. The project will include the construction of an additional turbine hall. The Russian company will also participate in the modernization of Ramin […]

Iranian Shipping Reinsurance raised to $580m

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil, resulting from the fact that U.S. reinsurers are still restrained by Washington’s sanctions. The International Group of Protection and Indemnity (P&I) Clubs has raised the reinsurance level for shipping Iranian crude to a maximum of $580 million per tanker, […]

Indian Oil Minister to Visit Iran in April

Indian Oil Minister Dharmendra Pradhan is scheduled to visit Iran on April 6-7, official sources in New Delhi said. Accompanied by ONGC Videsh Ltd (OVL) Managing Director Narendra K Verma and Indian Oil Corp (IOC) Chairman B Ashok, Pradhan’s visit is aimed at engaging with leadership of the oil and gas rich nation that has […]

US Senate takes Hard-Line on Iran Sanctions

By Julian Pecquet, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Senate Republicans have run out of patience with Iran’s defiance of its international obligations, setting up a possible partisan showdown over new sanctions. Hawkish lawmakers introduced two bills late last week that take aim […]

Trump: Iran Deal “one of the Worst Things I’ve ever seen”

US Presidential candidate Donald Trump has told The Washington Post that he believes John Kerry’s deal with Iran “is one of the worst things that I’ve ever seen negotiated of any kind. It’s just a horrible giveaway.” Refering to Iraq, and Iran’s influence on the country, Trump said: “Yeah, I would defend the areas [of Iraq] […]

Lufthansa may sell Airbus A340s to Iran Air

By John Lee. Germany’s Lufthansa is reportedly considering selling some of its Airbus A340-300s to the Iranian flag carrier Iran Air. Lufthansa chairman and CEO Carsten Spohr (pictured) said that his company is taking delivery of 52 new aircraft this year, including two A350 XWBs that will replace the older A340s, which many in turn […]

Businessman Accused of Evading Iran Sanctions, Arrested

An Iranian-born Turkish businessman has been arrested in Florida on charges that he and others conspired to conduct hundreds of millions of dollars in financial transactions for the Iranian government or other entities to evade U.S. sanctions. An indictment was unsealed in the Southern District of New York against Reza Zarrab, aka Riza Sarraf, 33, […]

Is Turkey swaying back towards Iran?

By Hassan Ahmadian, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The dynamics of the Iran-Turkey relationship are changing. A cursory glance at the Turkish prime minister’s March 4-5 visit to Tehran — including the way he behaved and was treated — gives the impression […]

President Visits Development Projects on Kish Island

Iran’s president travelled to the country’s southern island of Kish in the Persian Gulf and visited a number of development projects on the island, a major tourist destination. President Hassan Rouhani arrived on Kish on Monday and made visits to the major projects that are aimed at giving a boost to the economy of the […]

Iran Opens New Ferry Terminal

Iran’s minister of road and urban development inaugurated the country’s biggest ferry terminal in the southern port city of Bandar Abbas, expected to carry some 35,000 passengers to nearby islands at the peak of holiday trips during Nowruz vacation. Abbas Akhoundi opened the ferry terminal at a ceremony on Friday. With three lounges and a […]