Minister Updates on Refinery Developments

Iran is to start operating the first phase of Persian Gulf Star Refinery during the second half of the next Iranian calendar year which begins on March 21. The Deputy Petroleum Minister, Abbas Kazemi (pictured), told Shana that the refinery will start producing high-octane gasoline. The Minister, who is also the Managing Director of the […]

Over 200 Foreign Investors Active in Iran Capital Market

The number of foreign shareholders in the capital market of Iran is now more than 200, the Managing Director of the Central Securities Depository of Iran (CSDI) has said. Last month 9 natural shareholders from Romania, Russia, South Africa, Italy, Britain (2 people), Kuwait, Pakistan, and Afghanistan received their codes to be active in the […]

Iran, Germany sign MoU on Railroad Cooperation

The Islamic Republic of Iran Railways (IRIR) and German company DB International (DBI), part of Deutsche Bahn, signed a memorandum of understanding on cooperation in improving software systems and implementing railway development projects. Managing Director of IRIR, Mohsen Pour Seyed Aqaei, and Chairman of the Board of Managers of DB International, Niko Warbanoff, signed the MoU […]

Health Ministry addresses the Problem of Amphetamine Use

While opium use has been identified as the main drug problem in Iran for centuries, since a decade ago the country has encountered an emerging trend of stimulant use. The main stimulant of use in Iran is methamphetamine – a potent psychostimulant drug which its use is associated with increased risk of HIV transmission, psychosis […]

Is BBC Persian Meddling in Iranian Elections?

By a correspondent in Tehran, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Is BBC Persian Meddling in Iranian Elections? In the coming days, Iran will be holding elections for its Assembly of Experts, and as such, every side is maneuvering to gain as many […]

Among Reformists, Hope goes Hand in Hand with Pragmatism

By Jean Aziz, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Among Iranian Reformists, Hope goes Hand in Hand with Pragmatism From the look on his face, the security officer at Imam Khomeini International Airport seemed surprised that most arrivals weren’t Iranian. A long queue […]

Why this Iranian Election is More Important than ever

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Why this election of Iran’s Assembly of Experts is more important than ever The elections for Iran’s Assembly of Experts will coincide with the Feb. 26 parliamentary elections. Considering the age of the current […]

Iran Orders 50 Planes from Embraer

By John Lee. A government spokesman said on Tuesday that Iran has ordered 50 planes from Brazil’s Embraer. Mohammad Bagher Nobakht said the deal will be a hire purchase contract, adding, “the government is not going to spend its limited resources on things like buying planes.” Iran has already announced plane orders with ATR and […]

Iran Private Sector Ready to Form Energy JVs

A member of Iran’s Chamber of Commerce has said that the private sector is ready to enter into joint ventures in the energy sector. Hassan Kazemi told an international conference in Tehran that Iran’s private sector “enjoys massive capabilities in energy investment and has a lot to say in this regard“. “Most of the country’s […]

Video: Conservatives Rally Supporters Ahead of Elections

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran is preparing for two crucial elections later this week. One is for a new parliament and the other for a body that will elect the next supreme leader. Hardliners and conservatives face […]

Iran, Azerbaijan sign 11 Agreements, MoUs

Iran and Azerbaijan have signed 11 agreements and memoranda of understanding to further develop mutual ties. The documents were signed on Tuesday in Tehran by high-ranking officials of Tehran and Baku at the presence of President Hassan Rouhani and President Ilham Aliyev. The agreements are in the fields of limiting and reducing the consequences of […]

Iran Negotiating Drilling Deals with 30 Foreign Firms

By John Lee. The managing director of the National Iranian Drilling Company (NIDC) has said that Iran is holding talks on oil drilling projects with 30 European and Asian companies. Heydar Bahmani said on Sunday that Iran was willing to cooperate with foreign companies “utilizing the world’s modern technologies.” (Source: Sputnik)

16 Foreign Automakers to come to Iran

By John Lee. The head of a recent auto industry exhibiton has said that 16 foreign car and truck companies, want to set up operations in Iran. Sassan Qorbani said the companies included Volvo, Scania, Peugeot, Fiat and Kia, along with five Chinese manufacturers. He said in addition to the two major domestic auto manufacturing […]

Tax Incentives Considered for Foreign Investors

Hussein Banisaffar (pictured), the president of tax affairs in Tehran, has said that tax incentives “have been considered” to attract foreign investors and tourists. Some changes are intended to take place in tax laws, including the Law on Value Added Tax, but first they must be approved by parliament, Banisaffar said. “With a series of […]

How the Arab Spring impacted Iran

By Jean Aziz, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Some 190 kilometers (120 miles) south of Tehran lies the city of Kashan. There, a group of Iranian university lecturers who are also pro-reform activists gather around a dinner table in a traditional cafe […]

Iran Aims for 5% Growth Next Year

By John Lee. Iran’s Minister of Economic Affairs and Finance has said that the government is targeting 5 percent economic growth in the coming Iranian year, which begins on 20th March. Ali Tayyebnia (pictured) added that inflation is targeted at 11.3 percent. (Source: Tasnim News Agency)

Iran eyes Joint Ventures with Siemens

By John Lee. Iran’s Minister for Petroleum has suggested that Germany’s Siemens could set up joint ventures with Iranian companies to supply products to the Middle East and Central Asia. Bijan Zangeneh told the President and Chief Executive Officer of Siemens AG, Joe Kaeser, who was visiting Tehran on Monday: ‘Siemens can manufacture joint products […]

NIDC Rig Count hits 76

By John Lee. Shana reports that the National Iranian Drilling Company (NIDC) now operates 76 drilling rigs, at Azadegan, South Yaran, Sohrab, Azar and Phase 14 of South Pars. It quotes NIDC deputy managing director Hamidreza Khoshayand as saying that the company has spudded 169 wells, including 88 development wells, 2 exploration wells and 79 […]

Oman Keen to Open Banks in Iran

By John Lee. The President of Central Bank of Oman (CBO) has said his country is interested in opening branches of Omani banks in Iran. Hamood Sangour Al Zadjali said Oman wanted to expand ties with Iran, adding that he is “commissioned by high-ranking Omani authorities to pave the way for [the] launch of Omani […]

Iran Expects Oil Dues to be Settled Soon

By John Lee. An official from Iran’s Ministry of Petroleum has confirmed that international oil companies (IOCs) have started paying the amounts owed to Iran for pre-sanction oil purchases. Ali-Asqar Hendi added that the country expects to receive all the oil dues from foreign companies by April, with the exception for the amounts owed by […]