$40 p/b Oil Market Price for Next Year Budget

Iranian Minister of Petroleum Bijan Zangeneh (pictured) has said the government has suggested the closest figure to the current crude oil market price of around 40 dollars per barrel to draft next year’s budget (21 March 2017 – 20 March 2018). “It is not 35 dollars. So far, 40 dollars has been suggested as the […]

Minister: Iran can Join WTO in 2 Yrs

Iran’s Minister of Industries, Mines and Trade, Mohammadreza Nematzadeh, has said that he is optimistic that Iran can join the World Trade Organization (WTO) within the next two years. The country has been trying to join the WTO since 1995, and was admitted to the organization as an observer in 2005, but following the imposition […]

German Firms Offer $13bn to Iran Petchem Sector

German firms have proposed deals worth over 12 billion euros ($13 billion) for financing petrochemical projects in Iran. “Two leading German companies have indicated their interest to bankroll petrochemical projects as much as €12bn in Iran in the post-sanctions era,” said Abbas Shari-Moqaddam, managing director if National Petrochemical Company (NPC). “Given the recent international developments, […]

Next Year’s Budget based on $35-40 per Barrel

By John Lee. The Head of the Statistical Center of Iran said oil revenues for next year’s budget (21 March 2017 – 20 March 2018) have been based on a forecast of 35-to-40-dollar per barrel, with production being increased up to 2.5 million barrels per day. According to the Ministry of Petroleum, it is possible […]

Tehran Urges New Delhi to Repay Oil Debts

Officials from Iran and India held negotiations in New Delhi on bilateral crude oil transactions during which the Iranian side demanded settlement of oil sale arrears as the Indian side was willing to purchase additional quantities following removal of anti-Iran sanctions, said an official in the National Iranian Oil Company (NIOC). “Settlement of Iran’s unpaid […]

Shahr-e-Rey Power Plant to be Modernised

During a visit this week to Shahr-e-Rey, south of Tehran, President Rouhani said that 4,320bn rials ($140 million) has been allocated for 12 major projects in agriculture, industry, water and waste water, sports, and the environment, all to be completed withing the next two years. While opening the 7th Tehran water treatment plant (WTP), Dr […]

Iran Energy Sector Needs $150bn Investment

Iran’s energy sector will require an investment of $150 billion over the next five years, according to Petroleum Ministry Director General of Strategic Planning, Saied Qavampur. Sputnik quotes him as saying: “In the meantime, the private sector and foreign investors are due to fund 100 billion dollars of the projects. The rest will be financed […]

Iran to be New Skiing Destination

Iran could be the next big destination for skiers, according to a report from The Economist. The resort of Dizin (pictured), for example, has lifts that go to almost 3,600 metres (12,000 feet), and a day pass costs just $20. The country’s tourism organisation wants to boost visitor number from 4-million now to 20-million by […]

Linde Interested in Iran Petrochemical Market

German industrial gases giant Linde says it enter Iran’s petrochemical market once the country’s Joint Comprehensive Plan of Action (JCPOA) is implemented. According to a report from Shana, board member Christian Bruch (pictured) told a panel meeting at the 12th Iran Petrochemical Forum in Tehran: “Iran’s petrochemical sector, given its unparalleled potentialities, can be the […]

Iran Allocates $6bn for Petchem, Refinery Projects

The Director of Investment at Iran’s National Petrochemical Company (NPC) said the National Development Fund (NDF) has allocated 6 billion dollars for petrochemical and refinery projects. “Financing of projects from the fund will be expedited after SWIFT is back,” Amir Hassan Fallah told Shana. He said Japanese, South Korean, and European firms are interested in […]

Bulgaria Ready to Transit Iranian Gas to Europe

Bulgarian Foreign Minister Daniel Mitov said his country is ready to receive natural gas from Iran and pump it to European countries. He made the statement in a meeting with Majlis (Parliament) Speaker Ali Larijani, during which expansion of trade ties after the removal of anti-Iran sanctions was discussed. “In the coming 2-3 weeks, when […]

Russia Ready to Supply Planes to Iran

Russia is reported to be negotiating with Iran’s Kish Airlines for the possible supply of 10-15 Aviastar Tu-204SM aircraft. The information was revealed on Tuesday by the Russian Ministry of Industry and Trade, following a meeting between the head of the Russian Minister of Industry and Trade, Denis Manturov, and Iranian Minister of Industries and […]

Iran Cuts 2016 Budget

Iran has reduced its state budget for the coming year by 2.6 percent, as low oil prices put pressure on the country’s finances. A government spokesman is quoted as saying that the budget for the year starting on 20th March has been tentatively set at 2.670 trillion rials, down from an original plan for this […]

Iran Welcomes South Korean Investment

By John Lee. While receiving the credential of the new South Korean Ambassador to Tehran, Mr. Kim Sung Ho, on Monday, President Hassan Rouhani said: “As there is no obstacle in the way of the expansion and the deepening of Iran and South Korean ties and cooperation, we must seize the opportunity  … South Korean […]

German Firm Expecting Iran Petchem Boom

The Chief Executive Officer of the German company Stahl says Iran’s petrochemical industry is set to boom, according to a report from Shana. Martin Schomaker (pictured) told the news agency: “Iran has a number of petrochemical plants and wants to improve them and invest heavily in their development. The industry can create more job opportunities […]

US Visa Changes may Torpedo Iran Deal Implementation

By Reza Nasri Tabrizi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will changes to US Visa Waiver Program torpedo Iran deal implementation? As it currently stands, the Visa Waiver Program (VWP) allows citizens of 38 countries — namely European states, Australia, Japan and South […]

Adoption Day for Joint Comprehensive Plan of Action

Joint Statement by EU High Representative Federica Mogherini and Iranian Foreign Minister M. Javad Zarif Today (18th December) is Adoption Day of the Joint Comprehensive Plan of Action (JCPOA) related to the Iran nuclear programme. This is another important milestone that brings us a step closer to the beginning of implementation of the JCPOA, to […]

IAEA ends Iran Weapons Probe

IAEA Board Adopts Landmark Resolution on Iran PMD Case The International Atomic Energy Agency (IAEA) Board of Governors today considered the Director General’s Final Assessment on Past and Present Outstanding Issues Regarding Iran’s Nuclear Programme and adopted a resolution. In his opening statement, Mr Amano summarized the main findings of his report: “The Agency assesses that […]

Iran ‘in Talks’ for $4.5bn Undersea Gas Pipeline to India

By John Lee. The Managing Director of the National Iranian Gas Export Company (NIGEC) has said that Iran is discussing a plan to lay a $4.5-billion subsea pipeline to export natural gas to India. But Alireza Kameli (pictured) also told The Economic Times that a proposal for another pipeline between the two countries via Pakistan […]

Iran seals Banking Deal with France

Iran says it has reached a basic agreement with France to re-establish mutual banking ties as soon as the sanctions against Tehran are removed. Iran’s Deputy Minister of Industry, Mine and Trade, Valiollah Afkhami-Rad, said the sanctions are the only obstacle on the way of the implementation of the agreement with France, and emphasized that […]