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 […]

Iran MP: We’ve Created Artificial Red Lines on Free Speech

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. Official campaigning for the Feb. 26 Iran parliamentary elections will begin Feb. 18 and last until Feb. 25, according to official election bodies. However, as is the norm in Iranian politics, unofficial campaigning has […]

IKCO Sets Up Pickup Assembly Line in Iraq

By John Lee. Mohammad Reza Nematzadeh, Iranian minister of Industry, Trade and Mines, has opened a new assembly line at Iran Khodro (IKCO)‘s assembly plant in Iskandariya, Iraq. The factory has the capacity to manufacture 30 Arisan pickup trucks per day; the Arisan, also called the “PU1”, replaces the Paykan pickup in Iran’s market. Parts […]

New Tax Incentives for Iranian Tourism Industry

The General Director of the Iranian National Tax Administration (INTA) has said that new tax incentives will be given to the tourism industry in the next Iranian calendar year (1395). Seyyed Kamel Taghavinejad (pictured) said that tourism revenues for hotels and new tourist residential centers belonging to non-governmental legal entities will be tax free for  […]

Is Iran really ready for Foreign Investment?

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. Since the oil boom of the 1970s, successive Iranian governments have spent billions of petrodollars on consumer goods and covering up structural problems in the economy, Tehran-based economist Davoud Souri charged in a recent […]

GE Explores Opportunities in Iran

By John Lee. The Wall Street Journal reports that the chief executive of General Electric‘s oil and gas business, Lorenzo Simonelli (pictured), has visited Iran to explore business opportunities in the country. A spokeswoman for GE Oil & Gas said: “In line with the easing of sanctions, we have begun looking at potential business opportunities in […]

IRGC “Controls a Third of the Iranian Economy”

By John Lee. A report from Deutsche Welle suggests that Iran’s Islamic Revolutionary Guards Corp (IRGC) controls revenues of around $140 billion per annum, equating to about a third of the Iranian economy. With an estimated 120,000 troops, the IRGC, also known as the “Sepah Pasdaran“, is said to run a gigantic commercial enterprise, operating […]

Airbus Deal irks Iranian Hardliners

By Rohollah Faghihi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Many Iranians welcomed President Hassan Rouhani’s recent tour of Italy and France, during which billions of dollars in deals — including the purchase of 118 new Airbus passenger jets — were hammered out. However, […]

European Court: Iran’s Bank Mellat ‘Unfairly Sanctioned’

By John Lee. The European Court of Justice has ruled that Iran’s Bank Mellat was unfairly sanctioned by having its assets frozen due to alleged involvement in nuclear proliferation. The European Council had claimed that Bank Mellat, which is 80 percent owned by private Iranian investors and 20 percent by the Iranian state, supported and facilitated […]

Swiss Firm Ready for Petchem Tech Transfer

By John Lee. A delegation from the Swiss company Sulzer has said it is ready to cooperate with Iran in transferring technology to Iran’s petrochemical complexes as well as in licensing of Iranian companies. Company representative Thorsen Winter Greze said the firm has established ties with two Iranian petrochemical companies following removal of sanctions. The […]

Iran a Potential Buyer of MC-21 Aircraft

By John Lee. According to a spokesperson for Russian aircraft manufacturer Irkut, the company considers Iranian airlines to be a potential buyer of its new MC-21 mid-range passenger jets, but it is initially focused on its Russian customers. He added that Russian Industry and Trade Minister Denis Manturov said in January that discussions about the possible […]

Iran, Germany to set up Joint Shipping Line

By John Lee. A German company intends to set up a joint shipping company with Iran. The Managing Director of the Islamic Republic of Iran Shipping Lines (IRISL), Mohammad Saeedi (pictured), signed a Memorandum of Understanding (MoU) with the owners of German shipping company PWL Group during a visit to Hamburg. Under the agreement, PWL […]

Video: Reformists hold Rally on First Campaign Day

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iranian reformists and moderate candidates held a rally on Thursday in Tehran on the first official day of campaigning for next week’s elections:

Iran, Iraq MoU on Financial Corruption

By John Lee. High-ranking officials from Iran and Iraq are to sign a memorandum of understanding (MoU) to improve cooperation in fighting financial corruption. The Head of the General Inspection Office of Iran, Nasser Seraj, hosted a visit from Hasan Al-Yasiri, the head of Iraq’s Commission of Integrity, at which various aspects of the anti-corruption […]

Iran Won’t Cap Oil Production

By John Lee. Iran has reportedly snubbed a proposal to cap crude oil output. According to Associated Press, Mahdi Asali, Iran’s OPEC envoy, said Iran will continue to increase its crude oil exports until it reaches pre-sanction levels. The comments came following a four-way, closed-door, meeting between Iranian Minister of Petroleum Bijan Zangeneh and his counterparts […]

Austria’s OMV Targets Iran

By John Lee. Austrian energy company OMV is targeting Iran in its new strategy for future growth. Rainer Seele (pictured), the company’s CEO, said in statement on Thursday that the main development regions for OMV are Iran, Russia and the United Arab Emirates. Robert Lechner, a spokesman for OMV, told UPI: “OMV has never closed […]

Iranian Minister in Iraq for Trade Talks

By John Lee. TNA reports that Iran’s Minister of Industry, Mines, and Trade, Mohammad Reza Nematzadeh (pictured), is leading a delegation to Iraq for a two-day visit aimed at boosting trade between the two countries. During the visit, he will meet with high-ranking Iraqi officials and ministers, and will visit an Iranian trade fair in […]

Boeing ‘Can Still Win Orders’ in Iran

By John Lee. Iran Air is reportedly open to buying aircraft from Boeing, even after placing a $27-billion order for 118 planes from Airbus. Company CEO Farhad Parvaresh told Bloomberg Business: “[Boeing is] lagging behind a bit … “We always thought the 737 for the domestic market is a good option, but they have a rival […]