Nokia may Reduce its Iran Business

By John Lee. Finnish telecom equipment maker Nokia has said it may have to reduce its business in Iran due to the reimposition of US sanctions. In a statement to the markets, the company said: “We continuously monitor international developments and assess the appropriateness of our presence and business in various markets. “The US’ unilateral […]

Will Iraq lose Shatt al-Arab to Iran?

By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will Iraq lose its benefits from Shatt al-Arab River to Iran? Iranian President Hassan Rouhani visited Baghdad March 11 to endorse the two countries’ renewed commitment to the 1975 Algiers Agreement regarding the shared border […]

Iraq “Needs to Buy Iranian Electricity for 3 Yrs”

Iraqi Parliament Speaker Mohammed al-Halbusi said he hopes the United States will keep waiving sanctions on energy imports from neighboring Iran, noting that the Arab country will need to purchase electricity from the Islamic Republic for three years. In November last year, Washington granted a 45-day waiver on electricity to the Arab country and extended […]

Iran GDP Shrinking

By John Lee. A new report from the World Bank Group forecasts real GDP growth (at constant market prices) of -1.6 percent for the year to the end of March 2019 in Iran, falling further to -3.8 percent next year: Economic growth in Iran continued to slowdown in the first quarter of 2018/19 (April-June) as […]

Floods: Evacuation of 70 Villages

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The Iranian government has ordered the evacuation of 70 villages threatened by flooding. A state of emergency has been declared in many southern provinces. Al Jazeera’s Raheela Mahomed reports:

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: Adviser (Trafficking in Persons and Smuggling of Migrants), UNODC – Office on Drugs and Crime GIS and Remote Sensing, FAO – Food and Agriculture Organization of the United Nations LFS Project Manager, Norwegian Refugee Council (NRC) Monitoring & Evaluation Assistant , Norwegian Refugee Council […]

US Disrupts IRGC Front Company Network

United States Disrupts Large Scale Front Company Network Transferring Hundreds of Millions of Dollars and Euros to the IRGC and Iran’s Ministry of Defense Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against 25 individuals and entities, including a network of Iran, UAE, and Turkey-based front companies, that have transferred over a billion dollars and euros to the Islamic […]

New Sanctions on Entities linked to Iran Nuclear Weapons Effort

U.S. Government Sanctions Organizations and Individuals in Connection with an Iranian Defense Entity Linked to Iran’s Previous Nuclear Weapons Effort The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), together with the U.S. Department of State, designated 14 individuals and 17 entities today in connection with Iran’s Organization of Defensive Innovation and […]

PEDEC Outlines Priorities

The CEO of Petroleum Engineering and Development Company (PEDEC) outlined the company’s priorities in the new Iranian calendar year which starts on March 21. According to PEDEC, Touraj Dehghani said accelerating the development of joint oil fields was top on PEDEC’s agenda in the new Iranian year. He said: “This year, given the special conditions […]

South Pars Gas Output to Hit 750 mcm by Late 2019

Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019. Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian […]

Iran Launches New Phases of South Pars Gas Field

Iran’s president inaugurated four new phases of the large South Pars gas field in the southern province of Bushehr on Sunday. Accompanied by the minister of oil and other top officials, President Hassan Rouhani inaugurated the phases 13, 22, 23 and 24 of the South Pars gas field. Each of the new phases has a […]

Iran sitting on 200 Undeveloped Oil/Gas Reservoirs

There are currently over 200 undeveloped oil and gas reservoirs in Iran, an official has said. According to the National Iranian Oil Company (NIOC), Director of NIOC’s Integrated Planning Karim Zobeidi said that a total of 42.4% of Iran’s oil reservoirs and 10% of the gas reservoirs have been depleted so far. Speaking on Monday […]

Iran’s Non-Oil Exports Hit $40bn in 11 Mths

The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars. Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports […]

Tehran’s Quality of Living Ranking …

By John Lee. Tehran has been ranked in 199th place in the Mercer 2019 Quality of Living Survey. This puts it just ahead of Karachi in Pakistan and Caracas in Venezuela, and just behind Luanda in Angola and Dar es Salaam in Tanzania. Vienna again retains the top spot; Zurich and Vancouver follow in second […]

Turkish-Iranian Trade Disappoints Big Time

By Mehmet Cetingulec for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Turkey and Iran have maintained cooperation in regional affairs in recent years, including most notably joint efforts for a settlement in Syria but also solidarity against US and Israeli policies in […]

CEO of IOTC Appointed

Masoud Karbasian, the National Iranian Oil Company (NIOC) CEO, has appointed Abbas Asadrouz as the new CEO of the Iranian Oil Terminals Company (IOTC). The official issued separate decrees appointed Asadrouz as the vice-chairman of the company’s board of directors as well. Karbasian also issued a decree based on which he appointed Soltan Kamali as […]

Renault to Return to Iran: Deputy Minister

An Iranian deputy minister said French carmaker Renault SA will return to Iran after it halted cooperation with Iranian companies under the US sanctions. In comments on Thursday, Deputy Minister of Industry, Mines and Trade Farshad Moqimi said Renault has made an investment of $1 billion in Iran. “Following the negotiations and consultations that have […]

Mechanism Commensurate with INSTEX “to be Established Soon”

Iran’s Mechanism Commensurate with INSTEX to Be Established Soon: CBI Chief Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said a mechanism commensurate with the European Union’s mechanism for trade with Iran, known as the Instrument in Support of Trade Exchanges (INSTEX), will be established in the country soon. “In the talks that […]

New Career Opportunities in Iran

By John Lee. The United Nations has advertised new jobs in Iran: Staff Assistant, ESCAP – Economic and Social Commission for Asia and the Pacific Programme Officer, ESCAP – Economic and Social Commission for Asia and the Pacific Administrative Assistant, ESCAP – Economic and Social Commission for Asia and the Pacific International Consultancy Services as a […]

Iran, Iraq “to Meet $20bn Trade Target in 2 Yrs”

Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years. Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for […]