Iran Expands ICT Cooperation with Iraq

By John Lee. The Iraqi Prime Minister Dr. Haider Al-Abadi received Iran’s Minister of Communications, Mr. Mahmoud Vaezi, and his accompanying delegation at his office on Wednesday. During the meeting they reviewed bilateral relations between the two countries and cooperation in the field of communications and ways to strengthen it, in addition to the general […]

Russian Search Engine to Open Offices in Iran

Russia’s largest internet search engine, Yandex, is to open offices in Iran. The Iranian Minister of Communications and Information Technology, Mahmoud Vaezi, made the announcement during a meeting with the Russian Minister of Communications Nikolai Nikiforov, in Tehran on Sunday. Russia’s “Telegram social network… currently has 13 to 14 million users in Iran and is […]

Iran Oil Needs $250bn Investment over 10 Years

The National Iranian Oil Company’s (NIOC) Deputy Managing Director for Investment and Finance, Ali Kardor (pictured), has said the country’s oil industry needs an investment of more than $250 billion over the coming decade. “During 2016-2025, our upstream sector needs 176 billion dollars and the downstream sector needs 77 billion dollars of investment,” he said. The […]

Has Iran entered ‘New Era’ of Economic Policies?

By Seyed Mahdi Barakchian, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Supreme Leader Ayatollah Ali Khamenei’s speech at his Aug. 26 meeting with President Hassan Rouhani (pictured) and the Cabinet signaled a new era for the management of the Iranian economy. This is notable, […]

Crude Oil for Gas: Prospects for Iran-Saudi Reconciliation

Despite the sectarian barbs traded between Saudi Arabia and Iran, Iran’s unique ability to meet the kingdom’s fast growing demand for electricity may help spur a reconciliation, according to the Atlantic Council‘s Jean-François Seznec. In his report Crude Oil for Natural Gas: Prospects for Iran-Saudi Reconciliation, Seznec argues that the two dominant energy producers do […]

Rouhani Expects Sanctions Lifted by end-2015

Iran’s President, Hassan Rouhani, has said he expects sanctions on Iran to be lifted by the end of the year. IRNA quotes Rouhani as saying, “according to our plans, the oppressive sanctions against the Islamic Republic of Iran will be lifted by the end of 2015.” Meanwhile, special envoy and coordinator for international energy affairs […]

Iran Buys Shares of AIIB Bank

Iran’s Deputy Economy Minister, Mohammad Khazayee, has said that Iran has finalized the purchase of a 2.8 per cent stake in the Asian Infrastructure Investment Bank (AIIB) which has recently been launched by China. According to a report from Mehr News Agency, the Minister also announced plans to buy shares in the New Development Bank […]

Sweden’s Leax Group Considers Iranian Market

Swedish mechanical components manufacturer Leax Group is reported to be eyeing the Iranian market for potential major new business. Following a recent visit to the country organised by Scandinavian automotive supplier association, FKG, Leax Group president and CEO Roger Berggren (pictured) told just-auto: “Iran used to be a very good market for Volvo and Scania […]

Port of Antwerp Meets with Iran

A delegation from the Belgian port of Antwerp visited Iran last week to re-establish shipping and commercial ties. According to a report from MarEx, the meetings included officials from Iran’s Ports and Maritime Organization, the Islamic Republic Shipping line (IRSL), Iranian Customs and the Iranian investment Organization, finishing with a visit to the Shahid Rajaee […]

Iran Demands Rights to Helmand Water

“One of our main demands in our negotiations with Afghanistan is Iran’s right to the Helmand water“, says Foreign Minister Mohammad Javad Zarif (pictured). Following the 1857 separation of Afghanistan from mainland Iran, the then Afghan government refused to allow the Iranian side to enjoy its water right from the Helmand river. Helmand water rights […]

NSC Opens Office to Oversee Iran Deal Implementation

By Laura Rozen, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The US National Security Council is joining the State Department in establishing a new office to oversee implementation of the Iran nuclear deal, to be headed by NSC Director for Nonproliferation Paul Irwin, a […]

IKCO Vehicle Production Slumps

Vehicle production at the Iran Khodro Company (IKCO), Iran’s largest auto manufacturing company, has fallen below 1,000 units a day. Tasnim News Agency reports that as recently as last May the company was producing 2,400 units per day, but this fell to 910 units per day for the month ending 22nd October. An unnamed official […]

Iran to Boost South Pars Gas Output

By John Lee. Iran plans to start producing gas and condensate at Phases 17 and 18 of the South Pars offshore deposit by late March, according to a report from Bloomberg. The onshore facilities of this project will be constructed in Asalouyeh region, some 100 kilometers from Asalouyeh coast. The offshore facilities of this project […]

Korea signs MOU with Iran re Stock Market

By John Lee. The Korea Exchange (KRX), operator of South Korea’s stock exchange, has signed a memorandum of understanding with the Securities and Exchange Organization (SEO) of Iran in Tehran collaborate and share experience in building related infrastructure. The SEO is Iran’s financial regulatory body, which governs the country’s stock, derivatives and bond markets. The KRX […]

Iran, Russia to Establish Joint Bank

By John Lee. Iran and Russia agreed on Thursday to set up a joint bank to help facilitate financial transactions between the two countries. The agreement was announced by the Central Bank of Iran (CBI), following a meeting between the visiting Russian Energy Minister Alexander Novak and CBI Governor Vaiollah Seif [Valiollah Seif] (pictured). The two […]

Iran, Russia Joint Projects Valued at $30bn

By John Lee. Mahmoud Vaezi (pictured), Iran’s minister of communications and information technology, has told reporters that Iran has put together a package of 121 potential joint projects with Russia valued at $25-30 billion. Following the visit this week of Russian Energy Minister Alexander Novak and his 50-strong delegation, Iran will soon send a high-ranking […]

Iran Files Claim to Ownership of Onur Air

By John Lee. Iran’s Oil Ministry has opened a legal case in Turkey demanding ownership of budget airline OnurAir. The company was acquired for $235 million in 2013 by Kudret Tuncel and Mahdi Shams, two allegedly official partners of Babek Zanjani, who has been in jail in Iran pending trial on corruption charges for almost […]

Big Swedish Firms eye Iranian Market

By John Lee. Major Swedish enterprises are reported to be preparing to invest in the Iranian economy as soon as the sanctions against the country are lifted. Hans-Aake Danielsson, a spokesman for Scania, told Bloomberg: “We are ready … If and when it takes off, Iran can be a significant market for Scania.” Ericsson spokeswoman […]

Iran gives 30-day visas at airports

By John Lee. Iran is to start issuing 30-day visas for tourists from 58 countries upon arrival at its airports. The Persian-language newspaper Donya-ye Eqtesad says the visas can be extended by 15 more days. Foreign tourists could previously get 14-day visas at Iran’s airports and their visas could not be extended. Eligible countries are: […]

Russia to Build $1.2bn Electric Rail Line in Iran

By John Lee. Iran said on Thursday that it plans to award a $1.2-billion electric train project to Russia. Abbas Akhundi (pictured), Iran’s minister of roads and urban development, told reporters that the new service will connect Garmsar in eastern Tehran to the border town of Incheh Borun in the northeastern Golestan province. The proposal […]