Iran Signs Electricity Deal with Malaysian Firm

By John Lee. SUNIR (Iran Power & Water Equipment and Services Export Company) has signed a technical and engineering cooperation agreement with Malaysia’s BNC Electrical. The 2-year contract was signed by Bahman Salehi (Sunir CEO) and Zeydan Almerani (BNC Electrical CEO). SUNIR has carried out over 200 power projects in the region ever since it […]

Int’l Banks Exploring Prospects in Iran

By John Lee. Reuters reports that Dubai’s largest lender, Emirates NBD (ENDB), is just one of the many banks that are already meeting prospective clients and taking legal advice about entering Iran. According to the report, non-U.S. banks may trade with Iran without fear of punishment in the United States, but U.S. banks may not, […]

Saudi-backed Shipping Line Resumes Iran Business

By John Lee. The United Arab Shipping Company (UASC) said on Wednesday it had “started accepting shipments to and from Iran,” according to a report from Reuters. The company, which suspended all Iran business in April 2013, is owned by the governments of the United Arab Emirates (UAE), Bahrain, Saudi Arabia (35%), Kuwait, Qatar (51%) and […]

Italian Group to Build 5 Hospitals in Iran

By John Lee. An Italian construction group has signed a preliminary agreement with Iran to build five hospitals, according to a report from The Local. Pessina Costruzioni will build the first three 1,000-bed hospitals in Tehran, with two other 500-bed facilities will be built in Rasht and Nishapur. Guido Stefanelli, the CEO of the Milan-based company, […]

One of the First Funds Investing in Iran Launched

International law firm Simmons & Simmons has acted on the restructuring of the Sturgeon Central Asia Fund, to enable it to be one of the first funds to invest in Iran. In a statement, the company said: “Although the repeal of pre-existing sanctions is good news for those wanting to do business with Iran, restrictions […]

Iran, Netherlands to Expand Oil Tech Ties

By John Lee. The Dutch Ambassador to Tehran, Susanna Terstal, said there is a vast potential for boosting ties between Dutch research firms with Iran’s Research Institute of Petroleum Industry (RIPI), saying that the sanctions’ removal paves the way for enhancing mutual ties between Dutch research institutes with their Iranian counterparts. Visiting RIPI this week, […]

Kazakh-Iranian Business Forum

By John Lee. The Trade Promotion Organization of Iran (TPO) will host the Kazakh-Iranian Business Forum on 7th February. Minister for Investment and Development of the Republic of Kazakhstan, Asset Issekeshev (pictured), and the president of the country’s largest state-run financial and investment company, Baiterek, Kuandik Bishimbayev, will attend the Forum, as will representatives of […]

EU to Visit Iran to Develop Energy Ties

By John Lee. The European Commission will undertake a first “technical assessment mission” to Iran in February, according to a report from Reuters. European Climate and Energy Commissioner Miguel Arias Canete (pictured) said potential areas for cooperation included all areas of energy — nuclear, oil, gas, renewable energy and energy efficiency. He mentioned in particular the […]

Daimler sees ‘Huge Demand for Commercial Vehicles’

By John Lee. BBC News reports that Daimler Trucks has wasted no time in reentering the Iranian market, with the announcement that it plans to restart sales and local production. The company, which left Iran in 2010, says there is “huge demand for commercial vehicles, especially trucks“, and says it will produce engines and and […]

Iran to up Oil Output at Joint Iraq Fields

By John Lee. Iran’s Minister for Petroleum, Bijan Nadar Zangeneh (pictured), has revealed plans to increase production at the country’s western joint fields with Iraq by 200,000 bpd. The increase will happen over the next eight months and “surge to 700,000 bpd in the years to come”, according to a report from PressTV. Iran has […]

S Korea in 5bn EUR Iran Financing Deal

By John Lee. The state-run Export-Import Bank of Korea (KEXIM) has said it plans to sign an agreement with Central Bank of Iran (CBI) during the current quarter to provide up to 5 billion euros in financing for South Korean companies doing business there. The arrangement will support contracts that South Korean companies win in […]

A New Era for Iran

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. After years of economic isolation, Iran is now open for business. But can Western countries trust Iran? And what does this mean for the region and the world? Presenter: Sami Zeidan Guests: Foad […]

Iranian Banks can Access SWIFT Int’l Payment System

The Central Bank of Iran (CBI) announced on Tuesday that Iranian banks and their foreign branches “received the opportunity to reconnect to SWIFT international payment system”. SWIFT said in a statement: “Those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to SWIFT, following the completion of our normal […]

China to Build 2 Power Plants for $1bn

By John Lee. The head of the Atomic Energy Organization of Iran (AEOI) has said a contract for the construction of two power plants in cooperation with China has been prepared and will be discussed during the visit of the Chinese president on Friday. Ali Akbar Salehi  (pictured) said the construction of the two 1000 MW […]

Lloyds Resumes Insuring Iranian Oil Tankers

By John Lee. The managing director of the National Iranian Tanker Company (NITC) has said that Iranian oil tankers will be able to avail Lloyds insurance services from Monday, a few days after the removal of international sanctions against Iran. Ali Akbar Safaei added that the NITC has close to 60 Very Large Crude Carriers […]

UK Welcomes Lifting of Iranian Sanctions

By John Lee. The United Kingdom’s political and business leaders have welcomed the lifting of Iranian sanctions. The Minister for Trade and Investment, Lord Francis Maude, said: “The UK government fully supports expanding our trade relationship with Iran and we would encourage UK businesses to take advantage of the commercial opportunities that will arise from […]

President Welcomes Foreign Investment

By John Lee. President Rouhani has described the implementation of the Joint Comprehensive Plan of Action (JCPOA) as a special and historic day in the political and economic history of Iran and said: “After 12 years … we have reached a landmark where our nuclear program is not a tool for sanction and pressure from […]

Iran to Buy 114 Airbus Jets

By John Lee. Iran has agreed to buy 114 Airbus aircraft for state carrier Iran Air. According to Bloomberg Business, the deal includes a mix of new and used jets from the A320 family, and the out-of-production A340s, with first deliveries expected in July. Reuters says that the deal could be worth more than $10 […]

US Imposes New Sanctions over Missile Test

By John Lee. The US has imposed fresh sanctions on 11 Iranian companies and individuals following Iran’s recent ballistic missile test. The new sanctions prevent those named from using the US banking system. Reuters cites Iranian Foreign Ministry spokesman Hossein Jaberi Ansari as saying that “the US sanctions against Iran’s ballistic missile program … have […]

UK Provides Export Finance for Iran Business

UK Export Finance (UKEF), the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran. Cover is now available on a case-by-case basis in Pounds Sterling and Euros. The Foreign and Commonwealth Office has also announced that UKEF will make available a £50 million facility guaranteeing payments […]