Iran Improves in Ease of Doing Business index

By John Lee. Iran has been ranked 118th out of 189 countries in the World Bank‘s recent Doing Business 2016 report, 12 places higher than the previous year. Top of the list were Singapore, New Zealand and Denmark, with last place going to Eritrea, just behind Libya and South Sudan. The pace of business regulatory […]

Iran Oil Output Hike to Exceed Projections

Iranian Petroleum Minister Bijan Zangeneh said on Wednesday that Iran can and will boost its crude oil output more than the 500,000 barrels a day it previously pledged after the sanctions removal. “Once the sanctions have been lifted, Iran’s crude oil output will be more than what has been pledged,” said Zangeneh reacting to skeptic oil […]

South Pars Plan to be Unveiled to Foreign Investors

Negotiations to assign the foreign contractor of the South Pars gas field’s last development phase are underway and the detailed plan will be introduced in the upcoming Iran Petroleum Contract (IPC) conference to be held in Tehran on November 28-29, said officials in the Ministry of Petroleum. Managing Director of the Iranian Offshore Engineering and […]

Austrian Firm Considers $6bn Investment in Ilam Province

The Governor General of the western province of Ilam, Mohammad-Reza Morvarid (pictured), said an Austrian company is considering investment in two oil and petrochemical projects in the province. Following a meeting with a visiting delegation of Austrian financers, he said the firm is interested to invest $6 billion in Dehloran petrochemical plant and Dehloran NGL […]

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 […]