Total Finalizes Tenders for SP11 Development

France’s energy giant Total has carried out tendering for subcontracts and other preparatory work at its South Pars Phase 11 project in Iran, the CEO of Pars Oil and Gas Company (POGC) said. Speaking to Shana, Mohammad Meshkinfam announced that the value of the tenders held by the French major surmounts €700 million. “Most of […]

Iran raises Minimum Wage in concession to Workers

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. Following intense tripartite negotiations, the Iranian government, employers and unions agreed to increase the country’s minimum wage by 19.8%, from 9.29 million rials ($245) per month to 11.14 million rials ($294.50). The deal will see the highest […]

Iran offers Russia €3bn Rail Electrification Projects

By John Lee. Iran has reportedly proposed rail electrification projects worth 3 billion euros to Russia. Alexander Misharin (pictured), Russian Railways First Vice-President, has said the projects include electrifying 3,000 kilometers of rail lines. He told Russia’s Sputnik news agency: “Three-thousand kilometers, a big project. We agreed to sit down at the negotiating table and […]

Iran “Keen to Invest” in Zimbabwe’s Private Sector

By John Lee. Iran’s Ambassador to Zimbabwe, Ahmad Erfanian, has reportedly said that several private companies from Iran were holding discussions with their local counterparts regarding business opportunities in Zimbabwe. He said in an interview in Harare: “We believe that with the new [administration led by President Mnangagwa], a lot of opportunities opened up in […]

What’s behind Iran’s massive Capital Flight?

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. A prominent Iranian member of parliament’s recent statement about a significant outflow of capital from the country has raised eyebrows. Commenting on the foreign exchange fluctuations in March, parliamentary economic commission head Mohammadreza Pourebrahimi said some $30 […]

Rosneft Sets Sight on Iran’s Zagros Region

Russia’s state-controlled oil giant Rosneft is interested in oil and gas projects in Iran’s western region of Zagros, after signing a deal last year to do business in the country, an official document showed on Friday. The document, published on a government website that details tenders by state companies, said that as of mid-February Rosneft […]

MPs call on Central Bank boss to Resign as Rial Plummets

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. As the Iranian rial hit a record low, trading above 60,000 against the US dollar on April 9, criticism against President Hassan Rouhani and Central Bank Gov. Valiollah Seif has intensified. The rial has dropped in […]

Iranian Bank Cards to Be Activated in Russia, Turkey

Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said Iran and Russia have agreed to link their bank card systems in a bid to boost the trade ties between the two countries. Addressing the opening ceremony of the 12th session of Iran-Uzbekistan Joint Economic Commission in Tehran on Monday, Shariatmadari said the establishment of […]

Iran Unifies Exchange Rates to Halt Currency Slide

The Governor of the Central Bank of Iran (CBI) Valiollah Seif said the country has unified its official and open market exchange rates as the Iranian rial plunged to an all-time low against the US dollar. Speaking at an open session of the parliament on Tuesday morning, Seif explained about the currency slide in recent […]

Sinomach signs $836m Railway Project with Iran

China National Machinery Industry Corporation (Sinomach) has signed a cooperation agreement with Iran to build a railway expansion project in the country. Costing 5.35 billion yuan ($836.87 million), the railway line connects Tehran, Hamadan and Sanandaj, with a total length of 470 kilometers. According to the agreement, Sinomach Heavy Industry is responsible for the design, […]

CyanConnode developing New Opportunities in Iran

By John Lee. CyanConnode, a provider of narrowband radio mesh networks, has said it is developing new opportunities in Iran. In its trading update for the first calendar quarter of 2018, the company says: “During the quarter, work on the smart metering contracts in Iran continued. System integration work has taken place on both the […]

What’s really driving Currency Depreciation in Iran?

By Esfandyar Batmanghelidj, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Iranian rial has lost about a third of its value over the last year, burnishing claims that the economy is stumbling. But while the devaluation is concerning, it does not point directly to […]

Iran-Turkmenistan Gas Swap Resumed

Deputy Petroleum Minister for International Affairs and Trade Amir Hossein Zamaninia said Iran resumed gas swap with neighboring Turkmenistan on March 28. Zamaninia, who accompanied Iranian President Hassan Rouhani in his trip to Baku on from March 27 to 29, described Turkmenistan as a strategic partner for Iran, adding, “The [Iranian] Ministry of Petroleum has […]

Iran Forms Special Task Force on Currency Slide

Spokesman for the Iranian Administration Mohammad Baqer Nobakht said a special task force has been set up at the behest of President Hassan Rouhani to control the country’s currency market as the Iranian rial hit a record low against the US dollar. Speaking to reporters in Tehran on Monday, Nobakht regretted the recent currency depreciation […]

Iran, Russia discuss Increased Cooperation

Top officials from the parliaments of Iran and Russia met in Tehran on Monday to coordinate policies for closer cooperation and enhanced economic relations between the two countries under a framework of parliamentary interaction. Speaking at a joint press conference in Tehran with Vyacheslav Volodin, the speaker of Russia’s State Duma, Iranian Parliament Speaker Ali […]

Singaporean Firm wins $98m Iran Desalination Deal

Singapore-based Hyflux Ltd has announced that its wholly owned subsidiary, Hyflux International Pte Ltd, has been awarded a contract by Asia Water Development Engineering Company (AWDEC) to design, manufacture and supply a seawater reverse osmosis desalination package in Bandar Abbas, Iran. The project excludes local marine, civil and structural works, and is valued at approximately […]

Iran Oil Ministry: Iraq to Blame for Delay in Oil Swap

Iran’s Oil Ministry linked a 4-month delay in the implementation of an oil swap deal with Iraq to the Arab country’s unpreparedness and technical problems. In a letter to the Tasnim News Agency in response to a recent report on the lengthy delay in implementation of the oil swap deal with Iraq, Iran’s Oil Ministry […]

83 Iranian Nuclear Achievements Unveiled

83 Nuclear Achievements Unveiled on National Nuclear Technology Day Eighty-three achievements of nuclear technology were unveiled on Monday in the presence of President Hassan Rouhani on the National Day of Nuclear Technology. Dr Rouhani also visited the nuclear technology achievements fair, in which 83 domestic achievements were displayed. Transfer of the first yellow cake shipment […]

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: ICLA Officer, Norwegian Refugee Council (NRC) Child Protection Officer, UNICEF – United Nations Children’s Fund Nutrition Officer, UNICEF – United Nations Children’s Fund Health & Nutrition Officer, UNICEF – United Nations Children’s Fund (Source: UN) (Picture credit: Amir1140)

Oberbank puts Iran Deal ‘On Hold’ over Trump

Oberbank, Austria’s seventh-largest bank, has put projects “on hold” due to the uncertainties surrounding the 2015 nuclear deal between Tehran and world powers, a report said. In a presentation to shareholders by Oberbank CEO Franz Gasselsberger, said the financing of projects in Iran remains “on hold” because the current US policy “complicates the business massively”, […]