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: […]

New Free Trade Zones to Boost Exports

Iran plans to establish new free trade zones (FTZs) with the aim of boosting exports to neighbouring countries. Senior Presidential Advisor Akbar Torkan (pictured) told Mehr News Agency that Iran’s Free and Special Zones Council is determined to set up new export terminals, with Shalamcheh and Maku export terminals to be completed in the current […]

More Countries Recall Ambassadors from Tehran

The regional row over the execution of Shia cleric Sheikh Nimr al-Nimr in Saudi Arabia has intensified, with Kuwait announcing that it is recalling its ambassador from Iran. Saudi Arabia’s embassy in Tehran was ransacked and set alight on Saturday, after which Saudi Arabia broke off diplomatic ties with Iran. Saudi allies Bahrain and Sudan […]

Will South Pars help Revive Iran’s Economy?

By Dr. Reza Yeganehshakib, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will South Pars help bring Iran’s economy back to life? The Persian Gulf is home to one of the largest independent gas reservoirs in the world. Shared between Iran and Qatar, the Iranian […]

Iran can Export 3,000MW Electricity to Pakistan

According to Pakistan’s Foreign Office, the country currently imports 74MW of electricity from Iran for its coastal Makran division, but Iran has the potential to increase its electricity this to 3,000MW. Energy-starved Pakistan will take 100MW this month, and two projects are under consideration involving the import of 1,000MW and 100MW. The two countries are […]

Russia Signs Meat Deal with Iran

Russia will start supplying poultry and beef to Iran by mid-January, according to a report from Global Meat News. Following a final inspection planned for 18th January, the Iranian Veterinary Organization is expected to approve supplies from Bryansk Broiler and Bryansk Meat Company. In return, Russia is expected to reduce or eliminate tariffs on certain […]

Germany’s Plastics Industry targets Iran

Ten years ago, half of the imported plastics and rubber machines sold in Iran came from Germany, reports Plastics News. Today, after years of sanctions, it’s virtually zero, but Germany’s machinery industry is very interested in returning. Plastics machines weren’t covered under the sanctions, but with Iran excluded from global financial systems it was increasingly […]

Bangladesh to set up Fertiliser Plant in Iran

The Bangladeshi government is reported to be in talks with Iran to set up a fertiliser plant in Iran. According to The Daily Star, either the state-run Bangladesh Chemical Industries Corporation (BCIC) or a private company will be asked to set up the plant through a joint venture, which is expected to manufacture 700,000-1,000,000 tonnes […]

Russia’s Rostec To Enter the Iranian Market

By John Lee. Russian state company Rostec has held talks in Tehran with a view to building technology-based partnerships with Iranian industrial companies. Products involved include Russian-built rotorcraft and aircraft engines, automated control systems and high-tech optical products. The Chief Executive Officer of Rostec, Sergei Chemezov, said: “The Iranian market is one of the most […]

IOEC, Int’l Firms in Negotiations

The Managing director of the Iranian Offshore Engineering and Construction Company (IOEC) hsa said the Iranian firm is in negotiations with foreign counterparts to launch offshore projects based on the newly introduced petroleum contract models (IPC). “IOEC will cooperate as partner or contractor with the international companies,” Gholamreza Manuochehri told Shana. “Some 30 offshore projects […]

Iran ‘Breaks US Monopoly in Oilfield Cement Plugs’

Iran’s Research Institute of Petroleum Industry (RIPI) says it has “achieved the technology to produce cementing plugs used in deep oil and gas wells, breaking the monopoly of American firms in the industry“. “The achievement to manufacture the part locally saves hard currency from being spent abroad,” said RIPI’s head of cement plug project, Talat […]

SCO to consider Full Membership for Iran

By John Lee. The Shanghai Cooperation Organization will consider Iran’s application for full membership immediately after the UN sanctions are lifted, SCO Secretary General Dmitry Mezentsev (pictured) said on Monday. He told the Russian newspaper Izvestia: “The organization wishes success to Iran in the completion of work on Iran’s nuclear program to implement as expeditiously […]