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 […]

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 […]