T-90 Tank Deal with Russia Is Off

By John Lee. A senior military officer has said that Iran is no longer interested in buying T-90 battle tanks from Russia, and plans to supply its armoured needs through domestic production. Ground Force Commander Brigadier General Ahmad Reza Pourdastan told Fars News Agency on Tuesday: “We were once interested in buying the Russian tanks. […]

German Chemical Firms First to Fund Projects in Iran

The head of Iran’s National Petrochemical Company (NPC) said two leading chemical companies from Germany have signaled their readiness to spend between 8 and 4 billion euros for development of petrochemical projects to make Germany the first post-sanctions partner of the sector in Iran. Abbas Shari-Moqaddam said the two firms are yet to finalize the […]

France’s Fives wins Iran Aluminium Deal

By John Lee. French industrial engineering company Fives Group has been awarded a deal to set up a major aluminum plant in Iran. The $400-million deal was signed with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), and will see Fives increase Iran’s production of aluminum anodes by 450,000 tons in a year. […]

NIDC Drills 42 Wells in South Azadegan, South Yaran Fields

The National Iranian Drilling Company (NIDC) has completed 30 wells in South Azadegan and 12 more in South Yaran oil fields, said the company’s first deputy managing director. “Up to 70 percent of drilling operation in South Azadegan filed has been carried out and it is planned to be completed in the next four months,” […]

Deputy FM meets with Lebanese Trade Minister

Deputy Foreign Minister for Arab-African Affairs, Amir Abdollahian, has met with Lebanese Minister of Economy and Trade Alain Hakim. Alain Hakim, who is in Tehran to attend the 7th joint economic commission between Iran and Lebanon, felicitated striking nuclear deal between Iran and the world powers as well as the removal of all sanctions. He […]

ATR Signs EUR 1bn Deal with Iran Air

French turboprop manufacturer ATR and Iran’s national flag carrier Iran Air signed a deal in Tehran on Monday for the introduction of 40 newest generation ATR 72-600s. The agreement includes firm orders for 20 aircraft plus 20 options, and is valued at one billion euro. The signature of the deal follows the commercial discussions held […]

Alstom signs Transport MoU with Iran

France’s Alstom has signed a Memorandum of Understanding (MoU) with the Industrial Development & Renovation Organization of Iran (IDRO) to develop industrial cooperation with Iran in the field of mainline and urban transport. The signature took place in Paris on 27 January, 2016, in the presence of Mohammad Reza Nematzadeh, Iranian Minister of Industry, Dr. […]

London Summit for New Iran Oil Deals Cancelled

A major Iranian oil conference in London has been postponed due to difficulties in obtaining visas for Iranian nationals to visit UK. CWC‘s Iran Oil & Gas: Post-Sanction Summit was to take place 22nd-24thFebruary, with about 50 contracts worth more than $30 billion expected to be unveiled. Ali Kardor (pictured), the National Iranian Oil Company (NIOC) […]

Video: Who Benefits from Iran’s Business Boom?

It has been less than two weeks since international sanctions were lifted on Iran. And President Hassan Rouhani has wasted no time in seizing new opportunities, embarking on a trip to Europe in which he’s signed billions of dollars worth of new business for Iran. As leader of a country that’s been isolated for so […]

Iran Improves Transparency Ranking (Slightly)

By John Lee. Transparency International has said that Iran has risen slightly in its global Corruption Perceptions Index (CPI). From at total of 167 countries, Iran came in at number 130, slightly better than last year’s position of 133 out of 175 countries, and tying with Cameroon, Nepal, Nicaragua, Paraguay and Ukraine. This result puts […]

German Foreign Minister to visit Iran on Tuesday

By John Lee. The German Foreign Minister, Frank-Walter Steinmeier (pictured), will start an official two-day visit to Iran on Tuesday. According to Tehran Times, it will be Steinmeier’s second trip to Tehran in this Iranian year; he visited the country October 16 to 18, 2015. The Germany embassy in Tehran said in a press release: […]

CBI, Coface reach agreement on settling debts

By John Lee. The Central Bank of Iran (CBI) has reached an agreement with French export credit agency Coface to settle Coface’s debts to Iran. According to Mehr News Agency (MNA), the debts date from the imposition of sanctions on Iran. The agreement paves the way for the the restoration of business between the two […]

NIOC, Barcelona University Ink Exploration Deal

By John Lee. The National Iranian Oil Company (NIOC) says it has signed a deal with the Spanish University of Barcelona to conduct geological and geophysical studies for discovery of hydrocarbons in Iran. Hormoz Qalavand, the director for exploration affairs of the NIOC, said the studies will be focused on southern regions of Zagros sedimentary […]

Griffon Capital launches $108m Iran Fund

By John Lee. Tehran-based Griffon Capital has launched an offshore, Iran-focused equity fund and is seeking to raise 100 million euros ($108.28 million) from European investors by year-end, according to a report from ArabianBusiness. The new Griffon Iran Flagship Fund is to be domiciled in the Cayman Islands, managed by Griffon Asset Management, and focused […]

Iran signs Deal with Biggest EU Pharma

French pharmaceutical giant Sanofi and the Iran Food and Drug Administration, affiliated to the Ministry of Health and Medical Education of the Islamic Republic of Iran, have signed a Memorandum of Cooperation (MoC) to start discussions in order to explore the possibilities in which Sanofi may lend its know-how and expertise to benefit the citizens […]

Total to Buy Iranian Oil

Patrick Pouyanné (pictured), Chairman and CEO of Total, had an audience with Hassan Rouhani, President of Iran, to exchange on Total’s perspectives in Iran. The meeting was followed by the signature of a Memorandum of Understanding (MOU) between Total and the National Iranian Oil Company (NIOC) as well as framework agreement for the purchase of […]

Video: Iran – Open for Business

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. On The Stream: With sanctions against Iran lifting, how much change should the average Iranian expect? Joining this conversation: Negar Mortazavi, @NegarMortazavi, Journalist Sadegh Zibakalam, @sadeghzibakalam, Professor of Political Science, University of Tehran […]

Airbus signs $25bn Deal to Sell 118 Planes to Iran

Iran officials have signed two agreements with Airbus covering new aircraft orders and a comprehensive civil aviation co-operation package. The agreements were signed at the Élysée Palace, Paris, during Iranian President Hassan Rouhani’s official visit to France with French President François Hollande. The accord with Airbus is worth an estimated €22 billion ($25 billion), according […]

Peugeot Returns to Iran in 400m EUR Deal

During President Hassan Rouhani’s state visit to Paris, PSA Peugeot Citroën, which has operated in Iran for more than 30 years, and Iran Khodro (IKCO) signed a joint venture agreement to produce latest-generation vehicles in Iran. This 50/50 joint venture lays the foundations for a strategic partnership between the two companies. This joint venture is […]

Iran, France sign 20 Documents

The Islamic Republic of Iran and the Republic of France signed 20 cooperation documents in order to clear the way for boosted political, economic, cultural, and scientific cooperation between Tehran and Paris in the post-JCPOA era. The documents were signed late on Thursday in Elysée Palace in Paris at the presence of President Hassan Rouhani […]