Korean Firm to Sell Navigational Aid Systems in Iran

By John Lee. Korea Airports Corporation (KAC) has reportedly signed an agency contract with Iran’s Tolid Malzomat Bargh (TMB) to have the company sell its navigational aid systems in Iran. According to Yonhap, TMB will sell its instrument landing system (ILS) and portable ILS/VOR Field Test Set (FTS), also known as a signal analyzer. (Source: […]

EOR Vital to Iran Oil Industry

A senior official at Italy’s ENI says enhancing production from oilfields by even one percent would be a great advancement for Iran. Addressing an upstream forum at the 3rd Iranian Petroleum and Energy Club Congress and Exhibition in Tehran, Alessandro Tiani, Vice President of Enhanced Recovery Technologies and Advanced Reservoir Modeling at Eni, said raising […]

OFAC Sanctions Four Iran-Related Companies

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday designated three Iran-based entities pursuant to E.O. 13382 for their activities related to two key elements of Iran’s military, and one China-based entity for proliferation activities related to a key supporter of Iran’s military. Shahid Alamolhoda Industries (SAI) was designated for […]

US Issues Sanctions against IRGC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday designated Iran’s Islamic Revolutionary Guard Corps (IRGC) pursuant to the global terrorism Executive Order (E.O.) 13224 and consistent with the Countering America’s Adversaries Through Sanctions Act. OFAC designated the IRGC today for its activities in support of the IRGC-Qods Force (IRGC-QF), […]

Iran Plans for Giant Leap in Oil Industry

Iran says it is gearing up efforts including study of its oil reserves to ramp up the country’s crude oil production, a senior Iranian oil official says. Addressing a conference here in Tehran, Gholamreza Manouchehri, deputy for development and engineering at the National Iranian Oil Company (NIOC), said plans are under way to study all […]

Iran may Import Belarusian Beef

By John Lee. Iran may import beef from Belarus. According to a report from BelTA, Belarus’ Deputy Agriculture and Food Minister Igor Brylo said he has discussed supplying beef to Iran with representatives of the Iranian veterinary service and deputy ministers. “They are interested in it,” Igor Brylo said. (Source: BelTA) (Picture credit: Tasnim, under […]

Trump Threatens to Pull Out of Iran Nuclear Deal

US President Donald Trump has threatened to terminate the Iran nuclear deal — the Joint Comprehensive Plan of Action (JCPOA) — if the US Congress and American allies don’t change the agreement. While not immediately pulling the US out of the deal, he said his administration was ready to negotiate on toughen the obligations on […]

President Trump’s New Strategy on Iran

“It is time for the entire world to join us in demanding that Iran’s government end its pursuit of death and destruction.” – President Donald J. Trump President Donald J. Trump, in consultation with his national security team, has approved a new strategy for Iran. It is the culmination of nine months of deliberation with […]

Zangeneh Appoints New Deputy for Refining Affairs

Iranian Minister of Petroleum Bijan Zangeneh has appointing Alireza Sadiqabadi as his deputy in oil products refining and distribution affairs. Holder of the post will also serve as managing director of the National Iranian Oil Products Distribution and Refining Company. Sadiqabadi, 37, replaced Abbas Kazemi who held the post for 4 years. Previously, Sadiqabadi was […]

Iran to Block Israeli App?

By John Lee. Iran is reportedly prepared to block the traffic and navigation app Waze because it was created in Israel. According to Mobile World Live, the app was briefly blocked in the country in March, because it “raised concerns”, but the ban was soon revoked. Now the secretary of the ‎Committee for Determining Criminal […]

Iran’s Yazd Tire to supply Renault

By John Lee. Renault‘s Algerian subsidiary, Renault Algérie,  will buy 50,000 tyres from Iranian tyre maker Yazd Rubber Industries Complex. Yazd is also said to be in negotiations with Volkswagen following the German company’s entry into Iran. (Source: Tyrepress)

Iran Weary of Trump’s Plans in Iraqi Kurdistan

By Fazel Hawramy, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. More than two weeks after the Sept. 25 independence referendum in Iraqi Kurdistan, Iran has yet to take any meaningful action against the Kurdish region despite its rhetoric, including Supreme Leader Ayatollah Ali Khamenei’s […]

IMF Forecasts Economic Slump for Iran in 2017

The International Monetary Fund (IMF) predicted an economic slump for Iran in 2017. “Iran’s economic growth will slide to 3.5 percent in 2017 from 12.5 percent in 2016 but is expected to expand 3.8 percent next year,” it said, The National reported. It added that other oil producing nations are also expected to see a […]

Azadegan Oilfield Tender Delayed Again

By John Lee. The managing director of the National Iranian Oil Company (NIOC) has said that a tender to develop the Azadegan oilfield will not take place this year. Ali Kardor told ISNA news agency that oil companies are still assessing the technical surveys relating to the field, which is shared with Iraq. (Source: Reuters)

Italian Group Buys into Iranian Asset Management Firm

Italian asset manager Azimut Group has signed an agreement to acquire 20 percent of Mofid Entekhab, the largest independent asset management company of Iran, which is part of the Mofid Group, the largest brokerage firm and financial advisory in the country. At the same time, Azimut and Mofid Securities have signed a shareholders agreement to […]

IMIDRO in Mining Deal with Czech Republic

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) signed a memorandum of understanding (MoU) with the Czech Republic to boost cooperation in the mining industry. The document was signed in a meeting in Tehran between IMIDRO Managing Director Mehdi Karbasian and Czech Deputy Minister of Industry and Trade Eduard Muricky. The MoU […]

Iran, Turkey to Finalize Currency Swap Deal

The Governor of the Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to neighboring Turkey, said the two countries plan to finalize their trade exchanges based on currency swap. In remarks released on Tuesday, Seif referred to efforts to realize the goal of $30 billion of annual bilateral trade between […]

Iranian Universities enter Iraq

By Zep Kalb for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In the aftermath of the US-led invasion of Iraq in 2003, the country’s educational system all but collapsed. Illiteracy rates have exploded. Universities have turned into sectarian battlegrounds. Systemic violence — including beatings, rape and […]

Iran, Armenia Discuss Expansion of Energy Cooperation

Iranian Oil Minister Bijan Zangeneh and Armenian Prime Minister Karen Karapetyan held a meeting in Tehran during which both sides called for enhanced cooperation between the two countries in the energy sector. During the meeting on Tuesday, Zangeneh and Karapetyan expressed satisfaction with the current level of bilateral cooperation in the energy sector and stressed […]

Renault Will Not Leave Iran in Face of More US Sanctions

Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, said the French carmaker would not “leave Iran” even if Washington re-imposed new sanctions against Tehran. “Obviously if it becomes impossible to deal with Iran we will put a plan together for the suspension of our business there, but that’s not at all to say that […]