New Iran Petroleum Contracts to Bring More Revenue

The Managing Director of the Iranian Offshore Oil Company (IOOC), Saeid Hafezi (pictured), said Iran’s new contract models for investment in development of oil and gas fields can generate higher revenues compared to buy-back contracts. “The Iran Petroleum Contract (IPC) Conference was successful in achieving the objectives of introduction of contracts, potentials, and investment opportunities […]

French Firm to Invest €10m in Lorestan

France’s Aqualande Cooperative Group is to invest €10 million in fisheries industries in the western Iranian province of Lorestan. Company CEO Vincent Pitti described Lorestan as a province with great investment potential adding: “The region is truly convenient for investment in the production of eyed salmonid eggs. “The capital will be devoted to the creation of a […]

Iran Strengthens Ties with Kazakhstan

President Rouhani described Kazakhstan as a brother and friend country in the region and stressed the need to activate the enormous capacities that exist in both countries to develop Tehran-Astana ties. “Closeness and cultural and historical commonalities between the two nations is a good groundwork for expanding ties in all areas, especially economy“, said President […]

German, Iranian Banks to Cooperate

The Iranian Bank of Industry and Mines and the German KFW Development Bank have agreed to cooperate extensively after the removal of the sanctions, Ali Ashraf Afkhami, chairman of the board of directors and managing director of Bank of Industry and Mine told a conference of economic and financial opportunities in Frankfurt, Germany. So far, capable […]

Is it time for China to step up Engagement in Middle East?

By Mohammad Ali Shabani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Chinese economic might is not a prospect in the distant future, but a current reality. Last year, China’s economy — in terms of purchasing power parity — overtook that of the United States […]

Russian €1.2bn Contract for Iranian Rail Electrification

Russian news agency TASS reports that the cost of the electrification of the 495-km railway section between Garmsar and Ince Burun is estimated at €1.2 billion. The project will be financed by the state export credit agency of the Russian government, and carried out by Russian Railways subsidiary RZD International. During talks held in January 2014 […]

German Firm Wins Gas Safety Contract in Iran

Describing details of the new Iran-Germany gas contract, the National Iranian Gas Company’s HSE director said Iran will have the world’s most secure gas industry with German partnership. Mohammad Reza Yousefipour said: “During the past year, numerous talks have been conducted with companies from France, Germany, Australia and Britain. “After months of talks, the proposal […]

Thailand, Iran Target Trade of $1.2bn

Thailand and Iran are aiming to boost trade between the countries to US$1.2 billion in three years, up from $300 million in 2014. The Thai government has just sent its first mission to Iran, meeting with key economic ministries – Trade, Petroleum, Roads and Urban Development, and Industry. The Nation quotes Thai Deputy Commerce Minister […]

Who is Iran’s Nategh-Nuri?

By Rohollah Faghihi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Whenever Iran is about to hold an election, the country’s two main political camps — conservatives and Reformists — start asking their most prominent figures to step forward and assume leadership. With parliamentary and […]

Iran Plans 5 LNG New Plants

Iran plans to increase its share in global gas trade by launching five liquified natural gas (LNG) factories over the next 3 years. The Managing director of the National Iranian Gas Company (NIGC), Hamidreza Araqi (pictured), made the remarks during the International Gas Union’s (IGU) natural gas working group, adding currently Islamic Republic of Iran […]

Iran ‘to become a Super BRICS Country’

A report from EJ Insight suggests that Iran is now widely tipped as the next ‘super BRICS’ country. It cites Reuters as saying that Iran is the largest country to rejoin the global economic system in the post-communist era since 1990. Martin Sorrel, chief executive of the WPP Group, a global advertising giant, even referred […]

Smugglers in Iran make $20B a Year

The head of the Campaign against Smuggling of Goods and Foreign Currency, Habibollah Haqiqi, has said that smugglers in Iran earn over $20 billion a year. IRNA also quotes him as saying that their actions prevent the creation of two million jobs in the country. Haqiqi accused the smugglers of illegally importing bring poor quality […]

Poland Considers Oil and Gas Prospects in Iran

Poland’s state-run gas distributor is examining oil and gas exploration and production opportunities in Iran. The Polish Oil and Gas Company (POGC, PGNiG)‘s CEO Mariusz Zawisza told Reuters: “We are interested in the Iranian market and we are considering various business configurations there … “We have an office in Iran and are at the stage of […]

Will Rouhani only Serve One Term as President?

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. The weekly paper of Iran’s Hezbollah (Ansar-e Hezbollah) argued that President Hassan Rouhani will be the first one-term president in the history of the Islamic Republic of Iran. While Iran’s hard-liners have still not […]

High Hopes for New Iranian Oil Contracts

By Farshad Kashani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran has devised a new contract model — designed to benefit both the National Iranian Oil Company and international contractors — that it hopes will bring in billions of dollars in investments. Unlike some […]

Ayatollah: US using Sex and Money to Infiltrate Iran

Iran’s supreme leader, Ayatollah Ali Khamenei (pictured), has said that the United States is using sex, money and Western lifestyles to infiltrate Iran’s decision-making elite. Reuters quotes him as telling a gathering of the commanders of the Basij, IRGC’s voluntary militia arm: “Two main things are used for this infiltration: money and sexual attractions. They […]

Iran Defers Methanol, Urea Projects

The National Petrochemical Company (NPC) has decided to hold off on a number of its methanol and urea petrochemical projects because of the country’s excessive output of these products, a senior NPC official said. Director of Planning and Development of the NPC, Hamid Reza Rostami, said the projects are being deprioritized due to the market […]

Iran Approaches Self-Sufficiency in Wheat

The Head of Iran’s Government Trading Corporation (GTC) said the country’s wheat production in the next Iranian calendar year (March 2016-March 2017) will exceed 10 million tons. Ali Qanbari told the Tasnim News Agency: “We will have no wheat imports next year and given satisfactory precipitations in the month of fall, we can approach the […]

Iran Hedges its Bets in Syria

By Ellie Geranmayeh, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The countries party to the statement of the International Syria Support Group, which was agreed to Nov. 14 in Vienna, seek to implement a road map to end the Syrian conflict under conditions most […]

Iran Targets $60bn Trade with Turkmenistan

President Rouhani and his Turkmen counterpart President Gurbanguly Berdimuhamedow held a joint meeting in Tehran and described Tehran-Ashgabat ties amicable, stressing the need to design a long-term cooperation plan. Pointing out that the two countries enjoy historic ties with each other, President Rouhani said: “Tehran-Ashgabat relations have always been amicable and are deepening to the […]