Marjan Petchem Plant Operational

Iran’s Marjan Petrochemical Plant is currently producing methanol in a sustainable manner. The newly-built facility is now fully operational and is supplying pure methanol, National Petrochemical Company (NPC) reported. Assaluyeh Green Tank Farm is responsible for the transfer, storage, and shipment of the plant’s output to the jetty for export. Marjan Petrochemical Co. is one […]

Iran to Work with Italy’s Bankrupt Banks Using Euros

Italy’s banking system authorities have agreed to let a number of the country’s bankrupt banks and the second and third-class banks to work with Iran using euro instead of dollar to skirt US sanctions, an Iranian official said. In an interview with Tasnim, chairman of Iran-Italy joint chamber of commerce, Ahmad Poorfallah, said Italy has […]

US Sanctions cause Big Losses for Iraqi Investors in Iran

By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iran Business News.  The Iranian economy has spiraled out of control since a new set of US-enforced sanctions against trade with Iran went into force Aug. 7, as its currency value has been plummeting ever since while inflation rates are […]

BA, Air France to Stop Flights to Iran

By John Lee. British Airways (BA) and Air France have both announced that they will stop flying to Iran in September, saying that the routes are “not commercially viable.” According to a BBC report, the reintroduction of US sanctions has caused a slump in the value of the Iranian rial, making it harder for Iranians […]

Video: Religious Tourism Squeezed by Iran Sanctions

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqis in the holy city of Najaf are being hit hard by US sanctions on neighbouring Iran, which have forced cash-strapped pilgrims to stay at home. View on YouTube

UK Replaces US in Redesigning Arak Reactor

By John Lee. The head of the Atomic Energy Organization of Iran (AEOI) has said that the US has been replaced by the UK on the working group tasked with redesigning the Arak heavy water reactor in central Iran. Ali Akbar Salehi (pictured) told IRIB that the US withdrawal from the nuclear deal has not impacted […]

Iran’s Parliament to Impeach Economy Minister

Iranian Minister of Economic Affairs and Finance Massoud Karbasian will appear in the Parliament on Sunday, August 26, for an impeachment inquiry in the wake of skyrocketing prices in the country and devaluation of the local currency. Karbasian will go to the Parliament to answer the questions of a number of lawmakers complaining about his […]

EU adopts Support Package for Iran

The Commission has adopted a first package of €18 million for projects in support of sustainable economic and social development in the Islamic Republic of Iran, including €8 million assistance to the private sector. Today’s projects are the first of a wider package of €50 million for Iran, aiming to support the country to address […]

Nazanin Zaghari-Ratcliffe temporarily Freed from Jail

By John Lee. The British-Iranian woman sentenced to five years in jail in Iran for spying, which she denies, has been temporarily released from Evin Prison. Nazanin Zaghari-Ratcliffe was given a three-day furlough on Thursday morning, taking both her and her family by surprise. She is currently with her family in Damavand. (Sources: The Guardian, […]

Iran, Armenia to Produce Agricultural Machinery

Iran and Armenia have signed a memorandum of understanding (MoU) on joint production of agricultural machinery, Iran’s commercial attaché to Armenia Mohsen Rahimi said. Based on the terms of the agreement, an Iranian company will export Knock-down kit (CKD) parts to Armenia and do the assembling in the country, News.am website reported. The agreement was […]

UK Company Pulls Out of EUR500m Solar Investment

The recently imposed US sanctions on Tehran has led to British renewable energy investor Quercus stopping to build a 500 million euro ($570 million) solar power project in Iran. The solar plant in Iran would have been the first renewable energy investment outside Europe by Quercus and the world’s sixth largest, with a 600 megawatt […]

Closer Cooperation between Iraq and Iran

Iran Eyes Closer Cooperation with Iraq after Formation of New Gov’t Iranian Foreign Ministry Spokesman Bahram Qassemi hailed the growing relations with Iraq and said Tehran plans to boost its cooperation with Baghdad after a new government is formed in the Arab country. “Our relationship with Iraq as a neighboring country is good and there […]

Turkey “Not to Comply” with US Sanctions against Iran

Turkish Ambassador to Tehran Hakan Tekin deplored the US renewed sanctions against the Islamic Republic as illegal, saying his country will not comply with the move. “We will do our best to prevent Tehran-Ankara relations from being affected by the US sanctions against Iran,” Tekin who was in Ankara to attend at the 10th annual […]

Pompeo announces Creation of Iran Action Group

US Secretary of State Mike Pompeo has announced the creation of the Iran Action Group. In a briefing Mr Pompeo said: The Iran Action Group will be responsible for directing, reviewing, and coordinating all aspects of the State Department’s Iran-related activity, and it will report directly to me. For nearly 40 years, the regime in […]

German Rail, Telecom Operators End Iran Projects

German rail operator Deutsche Bahn and Deutsche Telekom are ending projects in Iran after Washington imposed new sanctions against Tehran and said firms doing business with Iran would be barred from doing business with the United States. New US sanctions against Iran took effect last week and several European companies have suspended plans to invest […]

Tehran scores 4th Biggest Improvement in ‘Liveability’

By John Lee. Iranian capital Tehran has ranked as the city with the fourth biggest improvement in its ‘Liveability’, according to a report from the The Economist Intelligence Unit (The EIU). In the latest Global Liveability Index Vienna topped the list, with Syrian capital Damascus coming last. Published by The Economist Intelligence Unit (The EIU), the […]

Iran, Sanctions and Iraq: The Bigger Picture

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Current analysis of renewed Iran sanctions often overlooks the wider context of Iraq’s regional trading relations.  The extent of Iraq’s compliance with […]

Total Pulls Out of Iran Gas Deal: Zanganeh

Iranian Minister of Petroleum Bijan Zanganeh said France’s energy major Total had official pulled out of the development project of phase 11 of the supergiant South Pars Gas Field. According to ICANA, Iranian parliament’s official news website, Mr. Zanganeh said that the French company had announced its plans to withdrawn from the project two months […]

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: Programme Assistant, UNICEF – United Nations Children’s Fund Innovation Fund sourcing Intern, UNICEF – United Nations Children’s Fund National Consultant on Livelihood, FAO – Food and Agriculture Organization of the United Nations Communications Assistant, WFP – World Food Programme (Source: UN) (Picture: Success, growth, […]

German Energy Firms to Visit Iran Gas Show

Senior executives from German gas and energy companies are scheduled to visit the First Iran International Gas Show (IRGS 2018) to be held in Tehran in September. The companies are active in the fields of natural gas exploration, production, transportation, storage, marketing and other related services, and provide professional solutions to upstream and downstream projects, […]