“Prospects for 2016/17 are Brighter”, IMF

An International Monetary Fund (IMF) team has reported that comprehensive economic reforms will be needed in Iran if it is to benefit from the nuclear deal it struck with six world powers in July. It said real GDP growth is projected to decline from 3 percent in 2014/15 to somewhere between 0.5 to -0.5 percent in […]

Iranians to buy through Amazon, eBay

The Managing Director of the Iran Post Company has announced a major new initiative that will allow Iranians to shop online from major international retailers. Hossein Mehri (pictured) told Fars news agency: “From now on, Iranian citizens can directly buy from Amazon and eBay international retail sites (abroad) and receive their goods in Iran. “In our cooperation […]

NISOC Ready Increase Oil Output

The Managing director of the National Iranian South Oil Company (NISOC) said on Wednesday that the company is ready to increase oil production by 30 percent. Bijan Alipour told IRNA that the NISOC, the biggest oil company affiliated to National Iranian Oil Company (NIOC), has enough capacity to add 600,000 bpd to its current production […]

Supreme Leader bans Negotiations with US

Supreme Leader Ayatollah Seyyed Ali Khamenei has banned any further negotiations between Iran and the United States, putting the brakes on moderates hoping to end Iran’s isolation after reaching a nuclear deal with world powers in July. According to a report from Reuters, his statements directly contradict those of moderate Iranian President Hassan Rouhani, who […]

Shell Delegation in Iran for Oil Talks

A delegation from global energy giant Royal Dutch Shell is visiting Iran for talks with the country’s oil officials. The delegation, which arrived in capital Tehran on Friday , will stay in Iran for four days, the local media reported. They are also scheduled to have separate meetings with Iran’s key banks, the Iran-UK Chamber […]

Private Sector Cash to Pump Iranian Gas to Iraq

The pipeline to carry gas to Iran’s western and northwestern regions as well as exporting it to neighboring Iraq will start soon with BOT (Build-Operate-Transfer) financing from Bank Pasargad, the bank’s CEO has said. “We have increased our investment for the development of oil, gas, refining, and petrochemical industries. The contract to finance the Iraq […]

Iran LPG Volume Up 70%

Gas refining companies affiliated to the National Iranian Gas Company (NIGC) produced more than 1.337 million metric tons of LPG in the first half of the current year (March 21-September 22), marking a record 70 percent increase compared to the corresponding period last year. “Gas output was also up by 4 percent with a total […]

Iran Insures Foreign Investors Against Non-Economic Risks

The President of the Organization for Investment, Economic and Technical Assistance of Iran says that any foreign investor wishing to enter the country will be fully insured against all non-economic risks by the government of the Islamic Republic of Iran. At the first international conference on Investment Opportunities in Transportation, Housing and Urban Development, Mohammad […]

Ministers Secretly Warn PM on Economy, but Why?

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. Four ministers from the administration wrote a letter to President Hassan Rouhani (pictured) warning him that Iran’s economic situation could turn into a “condition of crisis” that would take many years to recover from. […]

Spanish Firms Considering Projects in Iran

IRNA reports that Spanish companies have begun analyzing tenders for participation in infrastructure and development projects in Iran to be implemented in the course of the next year. According to Spainish political daily The Diplomat, Iranian officials have declared the country’s readiness for partnership with foreign firms in 121 infrastructure and development projects worth more […]

Iran to Supply Water Treatment Materials to Iraq

By John Lee. Iraq‘s Ministry of Construction and Housing and Public Municipalities is reported to be about to sign a contract worth 10 billion Iraqi dinars ($8.6 million; 260 billion Iranian rials) with an Iranian company to buy chlorine and alum for water purification. Tariq al-Kikhany said that in view of the cholera epidemic that […]

Molaie Appointed Iranian Ambassador to Austria

Ebadollah Molaie has been appointed Iranian Ambassador to Austria, the Iranian Foreign Ministry said on Monday. The appointment proposed by Foreign Minister Mohammad-Javad Zarif and approved by President Hassan Rouhani. Moalie has a PhD in Politics, and served as deputy Iranian ambassador to Berlin, Director-General of Foreign Ministry’s Department of North and East Europe, Advisor […]

Can Iran Shield its Embattled Auto Sector?

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Last week, a group of lawmakers from the Iranian parliament’s Industries and Mines Commission introduced a motion to further raise import duties on passenger cars. The underlying assumption is that Iran’s 48-year-old auto industry […]

French Companies Eye Iranian Market

Senior officials from more than 150 French companies visited Tehran recently to discussed investment prospects in oil, gas and other sectors. Eric Festa, the director general of Total E&P Iran, said that the company currently has to comply with international sanctions on Iran, but told Iran Daily: “Following the lifting of the embargoes, we will […]

Iran to Buy 500 New Passenger Planes

By John Lee. Iran’s Minister for Roads and Urban Development, Abbas Akhoundi (pictured), has said that Iran plans to buy 500 new passenger planes by the end of 2016. He told reporters that negotiations with top aircraft companies are already underway. (Source: IRNA)

Iran to Build 2nd Oil, Gas Export Terminal in Jask

The Secretary of the Supreme Council of Iran’s Free Trade, Industrial, and Special Economic Zones said the country’s second terminal for exporting oil and gas after the Kharq Island in the Persian Gulf will be constructed in the Jask port, southern Hormozgan province. Introducing the government’s plans to develop the coastal strip of Makran along […]

No Plan for Foreign Investment at S Azadegan

An official in the Petroleum Engineering and Development Company (PEDEC) said Iran has no plan, for the moment, to delegate development of its rich South Azadegan oil field to foreign contractors. “Domestic firms are busy with the projects,” Mahmoud Marashi (pictured), contractor of the field’s development, told Shana. “We will do our best to achieve […]

Iran Invites Foreign Firms to Develop Oil and Gas

By John Lee. Iran’s deputy Oil Minister has said that the country is inviting foreign investors to actively develop its energy industry after the expected easing of sanctions. Rokneddin Javadi (pictured) told Reuters: “We welcome all oil companies, including the Americans, that meet Islamic Republic’s requirements to invest in Iran. We welcome competition among foreign […]

Senergy Working on Oil Deals despite Sanctions

Iran’s Research Institute of Petroleum Industry (RIPI) quotes a representative of the Britiah company LR Senergy as saying that the company has been active in Iran despite the western sanctions, and is in the process of signing new contracts. “We are in the process of signing agreements. The current sanctions regime does not stop us […]

European Unis Link with Iran Energy Research

The Research Institute of Petroleum Industry (RIPI) and DBUII consortium of universities will discuss prospects of research cooperation on the sidelines of the Second International Conference on Technological Opportunities (ICTO) in Oil and Gas Industry which opens in Tehran this week. DBUII, comprising TU-Delft University of Technology in Netherlands, Bergen University in Norway, Ultrecht University […]