Malaysia’s Petronas to Buy Iranian Oil

By John Lee. Malaysia’s Petronas has announced that it will purchase oil from Iran, following a break of after three years. Company President and CEO, Datuk Wan Zulkiflee Wan Ariffin (pictured), said on Wednesday that Petronas stopped importing crude oil from Iran in 2012 but it will consider purchase of oil from the Middle Eastern […]

Iran Increases Food Exports to Russia

By John Lee. The head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), Massoud Khansari (pictured), has announced that 500 trucks carrying foodstuffs have been dispatched to Russia in the past week, via the Azerbaijan Republic. According to Tasnim News Agency, Iran has made great efforts in recent months to replace Turkey in the […]

SPGC Exports 3.2m Tons Sulfur

The South Pars Gas Complex (SPGC) exported more than 3.23 million tons of granular sulfur in the nine months ending 21st December. Average daily sulfur production at SPGC’s first, second, third, fifth and ninth refineries stands at 1,300 tons, Masoud Hassani, the SPGC’s managing director, told Shana. Granular sulfur is used in chemical, textile, metallurgical, […]

Iran Frees US Sailors

By John Lee. Iran’s Revolutionary Guards (IRGC) have released the 10 US sailors who were detained on Tuesday for entering its territorial waters. The Commander of the IRGC’s Navy Brigadier General, Ali Fadawi [Ali Fadavi] (pictured), said the vessels entered Iran’s waters because their navigation systems had broken down. U.S. Secretary of State John Kerry […]

Arak Reactor ‘Not Yet Decommissioned’

By John Lee. Iran’s deputy nuclear chief has denied a report that the core of the Arak heavy-water reactor has been removed and filled with concrete. According to BBC News, Ali Asghar Zarean said that Iran would sign an agreement with China to modify the reactor before doing so. “Definitely, we will not apply any […]

Rouhani Promises “Year of Economic Boom”

By John Lee. President Hassan Rouhani has said that the next Iranian calendar year (starting 21st March) would be a year of economic prosperity for the country. Addressing a ceremony to inaugurate two new phases of the giant South Pars Gas Field in the southern Iranian city of Assaluyeh, he said sanctions would be lifted […]

Iran Expects Final Nuclear Report on Friday

By John Lee. Iran’s Fars News Agency reports that Iran expects the International Atomic Energy Agency (IAEA) to issue a “final” report on Friday confirming it has met all its obligations under the Joint Comprehensive Plan of Action (JCPOA). Deputy Foreign Minister Abbas Araqchi [Abbas Araghchi] (pictured) said on Wednesday that Foreign Minister Mohammad Javad […]

Iran Adds More Offshore Gas Production

President Hassan Rouhani officially inaugurated South Pars Gas Field’s phases 15 and 16 on Monday marking a major step forward in completion of the mega project’s development. Planned for an incremental development, the massive and rich on-shore and off-shore gas field jointly shared between Iran and Qatar will be fully operational in 24 phases. Production […]

Germany, Iran Discuss Enhanced Oil Industry Ties

The Iranian Minister of Petroleum, Bijan Zangeneh, and former German chancellor Gerhard Schroeder met on Tuesday to discuss increasing cooperation in the energy and industrial sectors. Following the meeting, Zangeneh told reporters that Iran welcomes the interest that the German companies visiting Tehran with Mr Schroeder expressed in Iranian investments. “The German companies can take […]

Iran Removes Arak Nuclear Reactor Core

[Editors’ Note: This report has been subsequently denied by Iran’s deputy nuclear chief.] The Independent reports that Iran has removed the core of its Arak heavy water nuclear reactor and filled it with cement, as required under the Joint Comprehensive Plan of Action (JCPOA) signed last year. Reconfiguring the reactor so it could not produce […]

Shift to Open Market Economy no Easy Task

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. Shift to open market economy no easy task for Iran Late last month, the Management and Planning Organization (MPO) of Iran drafted the country’s sixth five-year strategic development plan. In the plan, the MPO […]

Video: Saudi Arabia vs Iran: Beyond the Sunni-Shia Narrative

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The long-running conflict between Saudi Arabia and Iran reached new heights this week after the kingdom severed diplomatic relations with Tehran. The diplomatic rupture, which has heightened tensions in the Middle East, came […]

Russia Signs Deal to Build Oil Rigs

The Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) has said that it has signed an agreement with Russian shipyard Krasnye Barrikady (Red Barricades) for oil rig construction and technology transfer. ISOICO Managing Director Hamid Rezaian said the agreement will allow his company to take advantage of the Russian firm’s facilities to produce certain equipment. […]

Six South Pars Phases to be Operational by June

Iran will launch six phases of the South Pars Gas Field by June 2016, said the managing director of the National Iranian Oil Company (NIOC). The on-shore section of the phases 17 and 18 are currently ready to operate at full capacity, said Rokneddin Javadi on Monday addressing the inauguration ceremony of the South Pars […]

Iran, China to Expand Economic Cooperation

By John Lee. Iran and China will further expand economic cooperation in the post-sanctions era. In a meeting in Tehran, Chinese Vice Minister of Foreign Affairs for West Asia and North Africa, Zhang Ming, and Irans Deputy Foreign Minister for the Asia-Pacific and Commonwealth of Independent States (CIS) Affairs Ebrahim Rahimpour reviewed ways and means […]

Video: Will Saudi Arabia Win Support against Iran?

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. When the Arab League met in an emergency session on Sunday tension with Iran topped the agenda. Saudi officials accused Iran of interfering in Arab affairs and undermining regional security. A day earlier, […]

Iran names New Ambassador to Turkmenistan

By John Lee. Foreign Minister Mohammad Javad Zarif has appointed Seyyed Mohammad Ahmadi (pictured) as Iran’s new ambassador to Turkmenistan. The appointment was made following the approval of President Hassan Rouhani. Ahmadi had served as deputy foreign minister for Persian Gulf affairs, caretaker of the Iranian embassy in Bahrain, governor-general of Ilam and Fars provinces, […]

Iran now says it needs 600 Planes

By John Lee. Iranian officials have said that the country needs about 600 planes within the next 10 years, raising earlier estimates by around 150. Maqsood Samani, the secretary of the Association of Iranian Airlines, told Press TV: “In order for the materialization of the targets set in 2026 Perspective Plan, Iran will need at […]

Proposal to Build Wind-Turbine Production Plant

By John Lee. Denmark has announced that it is wants to build a wind-turbine production plant in Iran. The aim is to turn Iran into a production hub, from which products can be exported to other regional countries, said Energy Minister Hamid Chitchian following his meeting with Danish Minister of Foreign Affairs Kristian Jensen this […]

Korea to help Rebuild Telecom Network

By John Lee. IRNA quotes Iran’s Telecommunication Network spokesman Davoud Zareian as saying that some of the required equipment to develop the network has been purchased and Korean experts will help to build it. Some of the equipment purchased in the tender has been used in the Razavi Khorasan, Fars and Azerbaijan provinces. He added […]