Iran, Pakistan to Expand Trade

By John Lee. Iran and Pakistan plan to increase their annual trade to $5 billion over the next five years, following the removal of sanctions. Emports from Iran to Pakistan fell from $884 million in 2010 to $186 million in 2014 as a result of sanctions, while Pakistan’s exports to Iran fell to $43 million […]

Iran Targets Oil Exports, Regardless of Price

By John Lee. The Minister for Petroleum, Bijan Namdar Zanganeh (pictured), has reportedly said that Iran will raise its crude output by 500,000 barrels per day just few days after sanctions are lifted, regardless of the effect on the international prices. Iranian news agency IRNA quotes him as telling a press conference: “We are not […]

Iran, Azerbaijan Plan Joint Bank

By John Lee. Iran and Azerbaijan are in discussions to set up a joint bank to facilitate financial transactions between the two countries. Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi (pictured), told Azerbaijan’s Trend News Agency that in addition to the joint bank, the countries are also in talks to open branches of […]

Iran to Offer 3 Gasfields for Investment

By John Lee. Iran will offer three gasfields to foreign investors at a conference in London in December, according to a report from Reuters. The Managing Director of Pars Oil and Gas Company (POGC) said the gasfields on offer would be North Pars, Golshan and Ferdowsi, adding that Iran is due to unveil its new […]

Govt Expects 5% Growth

By John Lee. An Iranian Government spokesman has said that the government expects an economic growth of five percent in 2016, up from three percent this year, despite depressed oil prices. “Given oil revenue only represents 30 percent of the budget, the decrease in oil prices has had limited impact on government spending, including on […]

Rouhani’s Midterm Economic Scorecard

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Was it a win or a loss? Checking Rouhani’s midterm economic scorecard Halfway into his term, it is time to evaluate the performance of Iranian President Hassan Rouhani’s economic policies. This is particularly relevant since […]

Iraq, Iran to Resume Banking Ties

By John Lee. Delegations from two Iranian banks have visited Baghdad to discuss the resumption of banking ties between the two countries. Morteza Shahidzadeh (pictured), the Managing Director of Iran’s Keshavarzi Bank (also known as Agribank), and Managing Director Hassan Motamedi of Eghtesad Novin (EN) Bank, will meet with top Iraqi banking officials. According to […]

Winners and Losers if Sanctions Lifted

By John Lee. An analysis by Fortune magazine lists the expected winners and losers from a lifting of sanctions on Iran. Winners EU automakers: Companies such as Germany’s Mercedes-Benz, and Peugeot and Renault of France, are identified as being well positioned to take advantage of Iran’s large market. Oil services companies: Iran says it needs […]

Shell to Pay Iran Debt, Considers Investment

By John Lee. A top executive at Shell has said that the company is to repay a $2 billion (1.3 billion pounds) debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted, and will consider investing in the country’s vast energy sector. The debt is a result of Iranian oil deliveries […]

Kuwait, Iran in Dispute over Gas Field

By John Lee. Kuwait has reportedly summoned the Iranian charge d’affaires to protest against a bid by Iran to develop a disputed offshore gas field. According to TradeArabia, the field, known in Iran as the ‘Ashar’ field, and as the ‘Durra’ field by Kuwait and Saudi Arabia, is the subject of negotiations between the three […]

Indian Group makes pitch for Farzad B Field

By John Lee. India’s ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, has submitted a revised proposal for the development rights of Iran’s giant Farzad B gas field. Managing Director N. K. Verma (pictured) told Reuters that a consortium headed by ONGC Videsh, and including Oil India and Indian Oil Corporation, […]

UK Re-Opens Embassy in Iran

By John Lee. British Foreign Secretary Philip Hammond has been in Iran this weekend to meet with President Hassan Rouhani, and to re-open the British embassy in Tehran. Mr Hammond told the BBC: “In all of the meetings we’ve been to we’ve heard a consistent message that Iran wants to do business with Britain, that […]

Iran, Iraq Discuss Azadegan Oilfield

By John Lee. Iraq’s Ambassador to Iran, Rajeh Saber Aboud al-Moussavi, has said that Tehran and Baghdad are in talks on investment in the joint Azadegan oilfield. The field, situated 80-100 kilometres west of Ahvaz in Khuzestan province, was discovered in 1999, and has reserves estimated at 33 billion barrels. It is already producing 50,000 […]

Video: Iran Unveils New Missile

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran’s President Hassan Rouhani unveiled the country’s latest domestically produced ballistic missile on Saturday, the Fateh 313, saying such weapons are necessary for defence in the Middle East:

Emirates Increases Cargo Capacity to Iran

By John Lee. Emirates SkyCargo, the freight division of Emirates, has announced that it is planning to increase its cargo capacity to Iran. On 1st September the airline will begin five daily non-stop flights to Mashhad, making it Emirates’ second Iranian destination after the capital city Tehran, which Emirates has been serving since March 1990. […]