Iranian, Turkish Banks to use National Currencies in Trade

Iran’s Deputy Minister of Industry, Mine and Trade Sadeq Najafi announced that the two countries have reached an agreement on the exchange of Turkish lira with Iranian rial in banking transactions. Speaking to reporters on the sidelines of the 24th round of Electronic, Computer and E-Commerce Exhibition (Elecomp 2018) in Tehran on Monday, Najafi said […]

Iran Currency’s Value Continues to Fall

While Iran’s market has experienced a hike in the value of foreign currencies and gold coin prices in recent months, the Iranian money plunged to a record low against the US dollar in the unofficial market, which is being offered for as much as 110,000 rials Monday. The value of Iranian rial against euro also […]

Ingenico withdraws from Iran Market

Ingenico Group a French-based company providing the technology involved in secure electronic transactions, has said that it is withdrawing from the Iranian market. In its half-year results the company said that following the US withdrawal from the JCPOA the Group has anticipated the phasing out of its distribution partnership in Iran, in line with the […]

UK-based Iranian Kurd wins prestigious Fields Medal

A UK-based Iranian Kurd from is among the four winners of the prestigious Fields Medal, often thought of as the Nobel prize for mathematics. Caucher Birkar (pictured), a Cambridge University professor, was awarded the prize on Wednesday during a ceremony at the International Congress of Mathematicians (ICM) in Rio de Janeiro, Brazil. Caucher Birkar’s dedication […]

Scottish-based Engineering Firm to Exit Iran

Scottish-based engineering company Weir Group has reported that performance in its international businesses was weaker in the first half of the year, reflecting market conditions and the exit from recently won contracts in Iran following the recent re-imposition of US sanctions. (Source: Weir)

Renault Likely to Leave Iran Because of US Sanctions

Renault SA is shaping up to be the latest European company to fall victim to US President Donald Trump’s renewed sanctions on Iran, as the automaker has raised the possibility of pulling out of Iran for fear of US sanctions. Iran operations are likely to be put on hold to comply with US sanctions, Renault […]

Cabinet Appoints New CBI Chief

Abdonnaser Hemmati was appointed as the new governor of the Central Bank of Iran (CBI), replacing Valiollah Seif, after the Iranian cabinet gave him a vote of confidence. In their meeting on Wednesday, the cabinet members also expressed their gratitude to Seif for his efforts during his term in office. During the session, President Hassan […]

Westminster Group seeks Solution to Remain in Iran

By John Lee. UK-based supplier of managed services and technology-based security solutions has said it is seeking a solution that would allow it to remain in the Iranian market. In a statement to the markets on Tuesday, Westminster Group said: “On the 10 May 2018 the Company announced that its major long term managed services contract […]

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: ICLA Assistant, Norwegian Refugee Council (NRC) Education Officer, Norwegian Refugee Council (NRC) Finance Coordinator, Norwegian Refugee Council (NRC) Logistics Assistant, Norwegian Refugee Council (NRC) Logistics Officer, Norwegian Refugee Council (NRC) Various Technical Positions, FAO – Food and Agriculture Organization of the United Nations General […]

Video: Iran Currency Halves in less than a Year

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The value of the Iranian Rial has halved in less than a year. There have been further threats to the economy posed by the imposition of US sanctions and the loss of oil […]

Iran Joins Club of Gas Odorant Producers

Iran has joined France and Russia as the third producer of gas odorant, mercaptan, an official said. Mercaptan is used in the natural gas industry as an odorant, due to its ideal compatibility with methane. Its characteristic “rotten eggs” smell is widely known by natural gas customers as an indicator of a possible gas leak, […]

Beijing to Continue Trade with Tehran

China’s Commerce Ministry declared on Thursday that Beijing is consistently opposed to the United States’ unilateral sanctions against Iran and intends to continue its trade cooperation with the country under its international commitments. The Chinese ministry spokesperson Gao Feng, during a briefing commented on Iran’s complaint against the United States to the International Court of […]

MAPNA Ready to Replace Total in South Pars

Iranian holding company MAPNA Group voiced readiness to take over a project on development of the country’s South Pars gas field as French company Total has backed out of its contract with Iran for fear of the US sanctions. In an interview with Tasnim, CEO of MAPNA Abbas Aliabadi said his holding is prepared to […]

Iran, Russia Discuss Energy Cooperation

Iranian Oil Minister Bijan Zangeneh and Russian Energy Minister Alexander Novak held a meeting in Moscow on Monday and discussed energy cooperation between the two countries and through OPEC, Russia’s Energy Ministry said. The two ministers also discussed the possibility of Russian oil companies taking part in projects in Iran, the ministry said in a […]

Report: Iran Increases Cyber Attacks on Germany

By John Lee. A report from the German intelligence agency is said to show that Iran has increase hack attacks on German computer systems. According to Reuters, the BfV report said numbers of cyber attacks thought to have originated in Iran had been rising since 2014, with a sharp increase last year. German Interior Minister […]

Russia Prepares for $50bn Investment in Iran Energy

Russia is getting ready to invest US$50 billion in Iran’s oil and gas industry as the two countries continue to seek closer ties, just as the United States is looking to cut as much Iranian crude oil exports from the market as possible. “Russia is ready to invest $50bn in Iran’s oil and gas sectors,” […]

500MW Power Plant Planned in West Karoun

Development of jointly owned oil fields in the West Karoun area in western Iran remains a priority for the Iranian Ministry of Petroleum. Iran is currently recovering more than 350,000 b/d of oil from these fields, which is expected to reach 1.2 mb/d in coming years. A major requirement for reaching such production levels would […]

US Sanctions to assist China to buy more Iran Oil

The US government is expecting Iran’s oil clients to sharply cut imports from the country under the threat of sanctions but senior American officials believe China is likely to buy even more Iranian crude, the Wall Street Journal reported. China is Iran’s top crude oil buyer, which imported around 655,000 barrels a day on average […]

Iran Unveils Three New Homegrown Medicines

Iranian Health Minister Seyed Hassan Qazizadeh Hashemi unveiled three new domestically made medicines: two blood glucose-lowering drugs and a new type of antihistamine. In a ceremony held on Tuesday, Qazizadeh Hashemi unveiled the mass production of “Neotadine”, the newest second-generation antihistamine approved by the FDA, in Dr. Abidi Pharmaceutical Laboratory in Tehran. Two blood glucose-lowering […]