Petroleum Minister Underlines Anti-Corruption Drive

The Minister of Petroleum, Bijan Zangeneh, has called for the fight against financial corruption across the country urging the ministry’s staff to be careful to provide an honest service. “Due to large amounts of monetary transactions in the oil industry, there is the possibility of corruption. The money in the oil belongs to the public […]

British, Swedish Firms Shortlisted to Insure Iranian Tankers

The Director of Commerce of the National Iranian Tanker Company (NITC) has said that two major British and Swedish insurance companies have been selected to provide coverage for Iranian vessels. “Following the international political opening, numerous number of qualified international firms have approached NITC negotiating terms of insurance policies,” Nasrollah Sardashti told Shana. They are […]

Does Iran even want Russia in Syria?

By Abbas Qaidaari, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The already complex situations in Iraq and Syria have become more complicated following the announcement that an intelligence sharing command base has been formed by Iran, Russia, Syria and Iraq. The base, which is slated […]

Iran, Norway to Develop Offshore Oil Cooperation

Iran and Norway have agreed to promote cooperation in the field of offshore gas and oil projects during a meeting between CEO of the Iranian Offshore Oil Company (IOOC) Saeid Hafezi and Norwegian ambassador to Tehran, Aud Lise Norheim. In the meeting which was also participated by a representative from Intsok oil and gas company, […]

Negotiations with 15 Int’l Petchem Financiers

Iran’s major petrochemical firm, Persian Gulf Holding, is in business talks with 15 major foreign companies in a bid to finance it projects. “In line with the policy to develop the petchem sector and stop crude sales, 3.5 billion euros from the National Development Fund has been allocated to the company. About 50 percent of […]

Iran-Oman Ferry Service to Start Soon

The National Ferries Company (NFC) in Muscat has confirmed that it will soon launch a ferry service linking Oman with Iran. The company will operate between Khasab and Qeshm Island in Iran, an estimated distance of 44 nautical miles that will take one hour at average speed. The service is expected to be launched shortly […]

Iranian Stocks continue Two-Year Slump

By Morteza Ramezanpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Lingering ambiguities, cuts in company earnings, high interest rates, stubborn inflation and Western sanctions have combined to send the Tehran Stock Exchange’s TEDPIX to its lowest point in over two years. According to Tehran […]

Rouhani Outlines Plans for Growth

President Rouhani described the new plans and policies of the government for economic growth, the most important foreign relations plans, and regional and global issues in a live television interview. “People are getting ready to show their respect to the culture of Ashura which is the culture of dignity, freedom, and resistance against injustice and […]

India Pays $700m in Iran Oil Dues

By John Lee. A group of Indian refiners has paid the second instalment of $700 million to Iran to clear part of their outstanding oil dues, according to a report from The Economic Times. Essar Oil paid $338 million, while Mangalore Refinery and Petrochemicals (MRPL) remitted $299 million, IOCBSE paid another $60 million, and Hindustan Petroleum […]

Canadians Accused of Exporting Rail Equipment to Iran

By John Lee. Two Canadians accused of illegally selling railway equipment to Iran appeared in court in Montreal on Wednesday. Michael Allen (67) and Hugo Dreckmann (75) were ordered to return to court on 19th February, 2016. The two, directors of Romic Marc Rail, are accused of illegally exporting nearly $10 million worth of American-made railway equipment to Iran, […]

Video: Iran Reveals Underground Missile Bunkers

From PressTV. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. This is the first time Iranian media are allowed there. Military officials say the tunnels are dug some 500 meters into high mountains. The Commander of Aerospace Force of Iran’s Islamic Revolution Guards Corps […]

Jet Engine Falls Off during Iran Flight

By John Lee. AFP reports that a Boeing 747 operated by Iran’s Mahan Air lost an engine shortly after takeoff from Tehran on Thursday. The flight, with 300 passengers on board, was destined for Bandar Abbas in southern Iran when one of its engines crashed into a nearby field, forcing the jumbo to return and […]

Video: Iran ‘deploys troops’ to help Syria

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Thousands of Iranian troops are reported to have arrived in Syria to help the government carry out a ground offensive in northern Syria:

Iran to Launch over 50 New Oil Projects

Iran says it plans to introduce more than 50 new oil projects to international investors in what will be a key part of the country’s plans to boost oil production in an emerging post-sanctions era. Seyed Mehdi Hosseini, head of Iran’s Oil Contracts Restructuring Committee, has emphasized that the projects will comprise exploration and production […]

Kuwait may Import Gas from Iran

By John Lee. The Chief Executive of the Kuwait Petroleum Corporation (KPC) has said that his company has conducted negotiations with both Iran and Iraq to import gas. Nizar Al-Adsani (pictured) said in a statement: “Kuwait is in need of gas for power plants … [but] up until now we have not agreed on the […]

World’s Biggest Tour Firm Eyes Iran

By John Lee. Germany’s TUI Group, the world’s largest leisure, travel and tourism company, is reported to be considering investment in Iran. The minister of economic affairs, labor and transport for the federal state of Lower Saxony in Germany, Olaf Lies, told PressTV that preliminary negotiations have been held for the multinational tour operator to […]

Thailand to Assemble Toyotas for Iran

Toyota has announced that it will begin shipping cars to Iran from its assembly facilities in Thailand. Local press reports say that the Japanese auto maker will begin exporting fully-built vehicles to Iran in the coming weeks. It has not been announced which vehicles will be shipped from Thailand. (Source: Financial Tribune)

Iranian Parliament backs Nuclear Deal

Iran’s parliament has approved the deal on its nuclear programme. The official IRNA news agency said the deal was passed with 161 votes in favour, 59 against and 13 abstentions. However, parliament insisted that international inspectors would have only limited access to military sites. The Joint Comprehensive Plan of Action (JCPOA), finalised in July after […]

Extra Drilling Rigs to Boost South Azadegan

Twelve more drilling rigs will be added to the existing giant towers in the South Pars oil field in southern Iran upon signing of contracts with domestic and foreign firms, said an official in the Petroleum Engineering and Development Company (PEDEC). “The equipment will be installed by yearend. In the meantime, we expect activities to […]

British, Japanese Insurers visit Iran

The Chairman and CEO of the Iran Insurance Company has hosted representatives of the British United Insurance Brokers (UIB) and Japanese insurer, Sompo. The purpose of the meeting was to increase the level of interaction in the post-sanctions era, to develop reinsurance, to provide reinsurance coverage requirements, and to improve the coverage especially in property […]