Iran gives China Priority for Nth Azadegan Oilfield

Platts reports that Iran has given priority to the China National Petroleum Corporation (CNPC) for the second phase of the development of its onshore North Azadegan oil field. It quotes the Managing Director of the state-owned National Iranian Oil Company (NIOC), Rokneddin Javadi (pictured), as saying: “Based on the original contract of North Azadegan with […]

Iran, Armenia plan Joint Production of Crabs

Iran and Armenia are considering setting up a joint production facility for crabs in Armenia, for export to Eurasian Economic Union member countries. Armenian Minister of Agriculture Sergo Karapetyan made the announcement after a meeting with Iranian ambassador to Armenia, Seyed Kazem Sajjadi. According to a report from ARKA, he added that both countries have […]

Video: Iran willing to ‘mediate’ Russia/Turkey Spat

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran’s Parliament speaker Ali Larijani gave a presser in Tehran, saying Iran would be willing to “play the role of mediator” in the dispute between Russia and Turkey over the downing of a Russian […]

Iran “Drying Out the Iraqi Kurdistan Region”

By John Lee. The head of Iraq‘s Parliamentary Committee for Municipality and Tourism has said that there is a grave threat to water resources in parts of Iraqi Kurdistan due to an Iranian policy that will dry up the Region’s water resources originating in Iran. After visiting the Sirwan River in Halabjah province, Omer Haji […]

Iran Worked on Nuclear Weapons Design until 2009

By John Lee. In a much anticipated report completed as part of the Iran nuclear agreement, the International Atomic Energy Agency (IAEA) has said that Iran stopped work on designing a nuclear weapon in 2009. The confidential report to its Board of Governors, viewed by Reuters, said: “The Agency assesses that a range of activities […]

Fiat in Talks for Auto Production in Iran

Iran’s Minister of Industry, Mine and Trade, Mohammad Reza Nematzadeh, has said that Italy’s Fiat is in talks with Iran Khodro to produce commercial vehicles, buses and gas-fueled engines in Iran. Around 370 Italian traders, including representatives of steel group Danieli, energy company Enel, agricultural machinery maker CNH Industrial, Telecom Italia and several banks, recently […]

Asia Cuts Imports of Iranian Oil

By John Lee. Reuters reports that Asian imports of Iranian oil fell to the lowest level in two years in October. Iran’s four biggest buyers – China, India, Japan and South Korea – imported 803,674 bpd in October, the lowest since October 2013, and down 8.5% from a year ago. The figure had reaching a […]

Iran, Luxembourg Banking Cooperation

The governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), recently met with the visiting Luxembourg Foreign Minister Jean Asselborn in Tehran, and referred to Iranian bankers’ interest in bilateral cooperation: “We are ready to collaborate with Luxembourg in various banking areas including management of reserves, gold trading, short and long-term activities in financial […]

Daimler Trucks Seeks Partners in Iran

The commercial vehicles division of Germany’s Daimler AG‘s says it is in talks with potential partners in Iran to resume production in the country as sanctions look set to be lifted, reports PressTV. Roland Schneider, president and CEO of Daimler Commercial Vehicles in the Middle East and North Africa, said the company intends to open a […]

Italian Insurer signs Deals with three Iranian Banks

Italy’s state-owned export credit and insurance company SACE has signed three collaboration agreements with the major Iranian private banks – Bank Pasargad, Bank Parsian and Saman Bank – aimed at facilitating a more rapid and effective resumption of trade and investments in the country. The President of SACE, Giovanni Castellaneta (pictured) — himself a former […]

Iran’s Mines Could Bring ‘Much More’ Money Than Oil

Mojtaba Khosrowtaj (pictured), first deputy minister at the  Industry, Mines, and Trade Ministry has said that the country has the potential to generate more revenue from mining than it does from oil. Khosrowtaj told Bloomberg that metals such as copper and rare earth elements could be worth “much more” than Iran’s oil industry revenue of […]

No Oil Sales to Greece before Payment of Debts

Iran’s Minister of Petroleum, Bijan Zangeneh, has said Iran has pegged future oil sales to Greece to the payment of Greece’s debts to Tehran. Athens has amassed debts to Iran of nearly $800 million from oil purchases. “For restoration of [Iran’s] oil sells to Greece after the sanctions removal, first, the issue regarding [Athens’s] debts […]

Iran, Switzerland Hold Talks in Tehran

The Deputy foreign minister for Euro-American affairs has said that now is the right time for planning further economic activities between Iran and Europe. Majid Takht-e Ravanchi made the remarks in a meeting with visiting State Secretary of Swiss Federal Department of Foreign Affairs (FDFA) Yves Rossier. Rossier also said his country, under the implementation […]

Small German Firms have edge in Iran

A report from the Wall Street Journal says that German companies are likely to be among the first to benefit from expected easing of sanctions on Iran, as many German companies had continued to do business in Iran — legally — in recent years. The Tehran-based German-Iranian Chamber of Industry and Commerce says that more than […]

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 […]