Tehran Urges New Delhi to Repay Oil Debts

Officials from Iran and India held negotiations in New Delhi on bilateral crude oil transactions during which the Iranian side demanded settlement of oil sale arrears as the Indian side was willing to purchase additional quantities following removal of anti-Iran sanctions, said an official in the National Iranian Oil Company (NIOC). “Settlement of Iran’s unpaid […]

Shahr-e-Rey Power Plant to be Modernised

During a visit this week to Shahr-e-Rey, south of Tehran, President Rouhani said that 4,320bn rials ($140 million) has been allocated for 12 major projects in agriculture, industry, water and waste water, sports, and the environment, all to be completed withing the next two years. While opening the 7th Tehran water treatment plant (WTP), Dr […]

Iran Energy Sector Needs $150bn Investment

Iran’s energy sector will require an investment of $150 billion over the next five years, according to Petroleum Ministry Director General of Strategic Planning, Saied Qavampur. Sputnik quotes him as saying: “In the meantime, the private sector and foreign investors are due to fund 100 billion dollars of the projects. The rest will be financed […]

Iran to be New Skiing Destination

Iran could be the next big destination for skiers, according to a report from The Economist. The resort of Dizin (pictured), for example, has lifts that go to almost 3,600 metres (12,000 feet), and a day pass costs just $20. The country’s tourism organisation wants to boost visitor number from 4-million now to 20-million by […]

Linde Interested in Iran Petrochemical Market

German industrial gases giant Linde says it enter Iran’s petrochemical market once the country’s Joint Comprehensive Plan of Action (JCPOA) is implemented. According to a report from Shana, board member Christian Bruch (pictured) told a panel meeting at the 12th Iran Petrochemical Forum in Tehran: “Iran’s petrochemical sector, given its unparalleled potentialities, can be the […]

Iran Allocates $6bn for Petchem, Refinery Projects

The Director of Investment at Iran’s National Petrochemical Company (NPC) said the National Development Fund (NDF) has allocated 6 billion dollars for petrochemical and refinery projects. “Financing of projects from the fund will be expedited after SWIFT is back,” Amir Hassan Fallah told Shana. He said Japanese, South Korean, and European firms are interested in […]

Bulgaria Ready to Transit Iranian Gas to Europe

Bulgarian Foreign Minister Daniel Mitov said his country is ready to receive natural gas from Iran and pump it to European countries. He made the statement in a meeting with Majlis (Parliament) Speaker Ali Larijani, during which expansion of trade ties after the removal of anti-Iran sanctions was discussed. “In the coming 2-3 weeks, when […]

Russia Ready to Supply Planes to Iran

Russia is reported to be negotiating with Iran’s Kish Airlines for the possible supply of 10-15 Aviastar Tu-204SM aircraft. The information was revealed on Tuesday by the Russian Ministry of Industry and Trade, following a meeting between the head of the Russian Minister of Industry and Trade, Denis Manturov, and Iranian Minister of Industries and […]

Iran Cuts 2016 Budget

Iran has reduced its state budget for the coming year by 2.6 percent, as low oil prices put pressure on the country’s finances. A government spokesman is quoted as saying that the budget for the year starting on 20th March has been tentatively set at 2.670 trillion rials, down from an original plan for this […]

Iran Welcomes South Korean Investment

By John Lee. While receiving the credential of the new South Korean Ambassador to Tehran, Mr. Kim Sung Ho, on Monday, President Hassan Rouhani said: “As there is no obstacle in the way of the expansion and the deepening of Iran and South Korean ties and cooperation, we must seize the opportunity  … South Korean […]