Iran signs Development of Esfandiar Oilfield

The Iranian Offshore Oil Company (IOOC) and a Norwegian-Austrian company have signed a preliminary agreement for the development of the offshore Efandiar field, IOOC Managing Director Saeed Hafezi [Saeid Ha’fezi] (pictured) says. “The initial confidentiality agreement has been signed, the MDP (master development plan) prepared and sufficient data exchanged. We are only waiting for the […]

China to Incorporate Iran’s Nanotechnology

The Iran Nanotechnology Initiative Council (INIC) has opened an office in the Chinese city of Suzhou, with the aim of strengthening its communications with China in the field of nanotechnology. INIC Secretary General, Saeed Sarkar (pictured), said “we will be able to offer our nano-products to the world through China”, and that he hoped to […]

Iran wants Long Term Contracts with China

Iran’s First Vice-President, Eshaq Jahangiri, said on Tuesday that Iran was prepared to boost cooperation with China in the energy sector. In a meeting in Tehran with Zhang Yi, the head of China’s State-owned Assets Supervision and Administration Commission (SASAC), he added that Tehran is ready to sign long term contracts in the oil and […]

Will Boycott Stifle Iran’s Auto Industry?

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. Will boycott campaign put the brakes on Iran’s auto industry? Just as Iranian authorities are preparing for a post-sanctions economic revival, another problem has emerged. A group of Iranian citizens has launched […]

Accor Announces Tehran Hotels

France’s AccorHotels has announced that it has signed a management agreement with Aria Ziggurat for its two inaugural properties in Tehran. The new hotels – Novotel IKIA and ibis IKIA – are connected to the main terminal of Imam Khomeini International Airport and scheduled to open in October 2015. AccorHotels is the first international hotel […]

Video: Shopping Malls Sprout in Iran

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The traditional bazaar has long been the place to shop in Iran but despite years of sanctions a new generation has discovered a vastly different consumer experience: blatant, unapologetic Western-style consumerism.

Beyond Glass Ceiling, Iranian Women Face Iron Fence

By Farahmand Alipour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Beyond glass ceiling, Iranian women face iron fence Iranian authorities have moved to introduce gender quotas that shut out women in its exams for those seeking government and public sector jobs. Coupled with reports […]

Video: What is the Future of US-Iran Relations?

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. After decades of being demonised by the US, Iran may be emerging from international isolation thanks to the nuclear deal. Is the thaw a sign of a new rapprochement between two foes? Or […]

Iran, Iraq to Boost Trade

By John Lee. Iranian Economy Minister Ali Tayyebnia said that trade between Iran and Iraq is currently estimated at $12 billion when transit and tourism are taken into account, and that Tehran and Baghdad expect to increase the figure to $20 billion in the near future. The statement followed a meeting with Iraqi Finance Minister […]

Russia, Iran to Sign S-300 Contract Soon

By John Lee. Russia and Iran will sign an agreement for the delivery of advanced Russian-built S-300 anti-aircraft missile systems “soon,” Russian Deputy Foreign Minister Sergei Ryabkov reportedly said on Wednesday at the Russian Arms Expo 2015. He added that all political questions involved in the Iran S-300 deal have been solved, a possible reference […]

4 More US Senators Back Iran Deal

By John Lee. Four US Democratic senators announced on Tuesday that they would back President Obama’s nuclear deal with Iran. This would give Obama enough votes to ensure that he would not be forced to veto a Republican resolution disapproving the accord. The four senators are Richard Blumenthal of Connecticut, Maria Cantwell of Washington, Gary […]

Iran Needs up to 400 New Planes

By John Lee. Iran’s Transport Minister, Abbas Akhoundi (pictured), has estimated that the country could need 400 new planes. According to the report from CNN, Airbus and Boeing are in negotiations to rebuild the Iranian air fleet. Mohammad Khodakarami, director of Iran’s Civil Aviation Organization, said: “We have an active fleet of only 150 and […]

German Firm to Fund Iranian Wind Farm

By John Lee. A German-Iranian company has reportedly signed an agreement to build a 48-megawatt wind farm in southwestern Iran. Development Environment Arvand Company will fund the 40-million-euros ($46-million) project in the Arvand Free Trade Zone in Iran’s Khuzestan province. Project Manager Frank Riesbeck told Bloomberg that turbine shipments are due to begin in January, […]

Obama Secures Iran Nuclear Deal

By John Lee. US Democratic Senator Barbara Mikulski of Maryland has announced her support for the Iran nuclear deal, giving President Barack Obama the 34 Senate votes he needs to prevent Republicans from defeating the agreement. The number allows the President to veto a Republican resolution to disapprove of the deal, known as the Joint […]

NIOC Opens Office in Iraq

By John Lee. Iran’s Deputy Oil Minister has announced that an office of the National Iranian Oil Company (NIOC) has been officially opened in Iraq. According to a report from Mehr News Agency, Roknoddin Javadi (pictured), who is also the Managing Director of the NIOC, stressed the need to be present in neighbouring countries, adding […]

Iran building Middle East’s first Geothermal Plant

By John Lee. Iran is building the Middle East’s first geothermal power plant. The 50-megawatt pilot station at the foot of an dormant volcano in northwestern Meshgin Shahr, Ardabil province, is projected to come on stream in the next two years, accoring to PressTV. Energy Minister Hamid Chitchian (pictured) said the plant involves the drilling […]

Iran, Pakistan to Expand Trade

By John Lee. Iran and Pakistan plan to increase their annual trade to $5 billion over the next five years, following the removal of sanctions. Emports from Iran to Pakistan fell from $884 million in 2010 to $186 million in 2014 as a result of sanctions, while Pakistan’s exports to Iran fell to $43 million […]

Iran Targets Oil Exports, Regardless of Price

By John Lee. The Minister for Petroleum, Bijan Namdar Zanganeh (pictured), has reportedly said that Iran will raise its crude output by 500,000 barrels per day just few days after sanctions are lifted, regardless of the effect on the international prices. Iranian news agency IRNA quotes him as telling a press conference: “We are not […]

Iran, Azerbaijan Plan Joint Bank

By John Lee. Iran and Azerbaijan are in discussions to set up a joint bank to facilitate financial transactions between the two countries. Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi (pictured), told Azerbaijan’s Trend News Agency that in addition to the joint bank, the countries are also in talks to open branches of […]

Iran to Offer 3 Gasfields for Investment

By John Lee. Iran will offer three gasfields to foreign investors at a conference in London in December, according to a report from Reuters. The Managing Director of Pars Oil and Gas Company (POGC) said the gasfields on offer would be North Pars, Golshan and Ferdowsi, adding that Iran is due to unveil its new […]