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 […]

Will Iran be able to win over UK on Banking Sanctions?

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. Will Iran be able to win over Britain when it comes to banking sanctions? Two months after the Jan. 16 Implementation Day of the Joint Comprehensive Plan of Action (JCPOA), the lifting of nuclear-related […]

Pakistan “Fully Open to Iranian Banks”

By John Lee. The head of Pakistan’s central bank says that his country is fully open for Iranian banks to open branches. The Governor of the State Bank of Pakistan (SBP) (Central Bank of Pakistan), Ashraf Mahmood Wathra, told IRNA that Bank Melli Iran had expressed an interest in opening a branch in Pakistan, adding […]

Iran, New Zealand Sign Export Credit Agreement

Iranian Foreign Minister Mohammad Javad Zarif held a meeting with his New Zealand counterpart Murray McCully in Wellington on Sunday afternoon. Heading a high-ranking delegation, the top Iranian diplomat is in New Zealand as part of a tour of six countries in Southeast Asia and Oceania. In their meeting, Zarif and McCully stressed the need […]

Sepehran Airlines gets first Boeing B737-300

By John Lee. Sepehran Airlines, based in Shiraz, has added its first Boeing B737-300 to its fleet. The ex-xpressair jet arrived Shiraz last week, according to a report from ch-aviation. It joins three B737-500s and one Do328-300. (Source: ch-aviation)

Eurogate to launch forwarding services in Iran

By John Lee. Air Cargo News reports that freight forwarder Eurogate Logistics is launching services in Iran. Services include project and heavy lift shipping, warehousing and customs clearance for freight arriving by air, land or sea. (Source: Air Cargo News)

5 Reasons Iran will be able to wait out Low Oil Prices

By David Ramin Jalilvand, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian officials have repeatedly rebuffed calls by other oil producers to halt or cut production. Tehran appears determined to reclaim market share lost as a result of EU and US sanctions imposed in recent […]

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 […]