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 […]

Rouhani Orders More Missiles in Response to New Sanctions

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. Rouhani Orders More Missiles in Response to New Sanctions Iranian President Hassan Rouhani ordered the Defense Ministry to speed up its missile production following reports that the United States will sanction a number of […]

Saudi Firm to Maintain Iran Business

By John Lee. Saudi Arabia’s largest food producer Savola says it will maintain business in Iran, brushing off speculation that its stake might be sold in the wake of a diplomatic spat between the two countries, reports Iran’s PressTV. A senior Savola executive told Reuters the company “plans to maintain its investments there (in Iran) […]

Why are Iranian Investors Shrugging at Nuclear Deal?

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. The main index of the Tehran Stock Exchange (TSE) (pictured) rose 221.7 points to hit 61,691 Dec. 30 — the last working day of 2015 in Iran. It has hovered around the same level […]

Production Increases at South Pars

By John Lee. Gas production at South Pars is set to carry on rising in 2016 as new phases are added and production from existing projects is ramped up, reports Interfax. Phases 15 and 16 are yet to be officially inaugurated but are currently producing around 30-36 million cubic metres per day (MMcm/d) and are set […]

Turkey’s Beaches Losing Allure among Iranians

By Masoud Lavasani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Why Turkey’s beaches, hard liquor are losing allure among Iranians In years past, close economic and political relations between Tehran and Ankara coupled with certain liberties, such as freedom to drink alcohol or wear […]

World Bank Forecasts Stronger Iranian Growth

By John Lee. The World Bank expects the Iranian economy to grow 5.8 percent in 2016, according its flagship “Global Economic Prospects“ report released yesterday. This follows an estimated growth of 1.9 percent last year. Growth rates of 6.7 percent and 6.0 percent are predicted for 2017 and 2018 respectively. The report argues: “Crude oil […]

Iran may award North Azadegan to China

Iran may award phase two of the North Azadegan oilfield to China for development, Minister of Petroleum Bijan Zangeneh says. The China National Petroleum Corporation (CNPC) and Iran’s PEDEC have already signed an initial agreement to produce 25,000 barrels a day (bpd) from the field in the second phase, Iranian officials have said. “Under the […]

Video: Saudi-Iran Row – Iraq Offers to Mediate

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is offering to mediate between Saudi Arabia and Iran to end their dispute, which began when Riyadh executed a prominent Shia cleric. This, along with Tehran’s alleged failure to protect Saudi Arabian […]

Danish Oil Giant Maersk Keen on Iran

Vice president of Denmark’s Maersk said the company is gearing up to engage in Iran’s upstream oil projects in the wake of the removal of the western sanctions on the country’s energy sector. “We have to wait for the complete lifting of the sanctions but our group of companies is very interested to come to […]

Iran Bans Saudi Imports

Iran has banned the import of goods from Saudi Arabia after the kingdom cut diplomatic ties over attacks on the Saudi embassy following the execution of Shiite cleric Nimr al-Nimr. According to Associated Press, annual imports from Saudi Arabia total about $60 million, and consisted mostly of packing materials and textiles. Iran has also discontinued […]

$30bn Electricity Projects for Foreign Investors

Iran plans to offer electricity generation projects worth €28 billion ($30 billion) to foreign investors. IRNA news agency quotes Energy Minister Hamid Chitchian (pictured) as saying that between 47,000 to 50,000 megawatts (MV) are expected to be added to generating capacity over the next 10 years, requiring an investment of $5 billion per year in […]

Video: German Companies Hope for Bonanza in Iran

From Deutsche Welle. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran has enormous pent-up demand for modernization of its infrastructure. Roads, water and power lines as well as housing badly need to be upgraded. But it’s an opportunity for foreign investors. Especially from […]

NIOC Announces Pre-Conditions for Int’l Contracts

The Managing Director of the National Iranian Oil Company (NIOC) has said that HSE tops the list of Iran’s expectations to be observed by the international companies which are going to take part in the NIOC’s projects. “In addition to observing the health, safety, and environment (HSE) standards, the foreign parties are required to increase […]

Lifting Iran Sanctions Poses Contract Risks

The removal of sanctions against Iran brings risks for the breakbulk and project cargo sector as well as significant opportunities, according to Norwegian legal specialist Wikborg Rein. Wikborg Rein analysts predicted that issues such as compliance awareness, procedures, written instructions, contract terms, verification, audit, enforcement and remedy will all require close attention from project cargo […]

MSC Shipping Line Returns after 6 Yrs

The world’s second-largest shipping line has returned to Iran after a break of more than six years. Swiss-based Mediterranean Shipping Company (MSC) docked its MSC Domitille at the Iranian port of Shahid Rajaee on Thursday on its way from Shanghai. MSC ships are now scheduled to dock at the Iranian southern port every week. (Source: […]