Tag Archives | China

Stricken Iran Oil Tanker Sinks

The Iranian oil tanker which hit a Chinese freighter last Saturday sank after all efforts to save its 32 on-board crew members failed. The tanker, which carried 970,000 barrels of crude oil, collided with a Chinese balk freighter in East China Sea on January 6, killing all the 32 crew members. Rescue operations began by […]

New US Sanctions on Iran: Full Details

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 14 individuals and entities in connection with serious human rights abuses and censorship in Iran, and support to designated Iranian weapons proliferators. “The United States will not stand by while the Iranian regime continues to engage in human rights abuses and injustice.  […]

Rescue Teams to enter Stricken Iranian Tanker

Rescue Teams will enter Stricken Iran Tanker after Blaze is controlled: NITC Firefighting operations to extinguish a burning Iran oil tanker in the East China Sea has begun and rescue teams will enter the tanker as soon the blaze is controlled, National Iranian Tanker Company (NITC) says. Spokesman of an emergency committee of the Iranian […]

Iranian Oil Tanker Continues to Burn: Report

An Iranian oil tanker continues to burn off the coast of Shanghai, days after it collided with a bulk ship and caught fire, a report said. One crew member has been found dead, while 31 others remain missing as firefighters continue to battle the blaze. “Searchers have found the body of one of the missing […]

Official Denies China’s Ban on Investment in Iran

Head of Iran-China Joint Chamber of Commerce denied reports about the Chinese government’s ban on investment in Iran, saying more and more investors from China are visiting Iran for business activities. In an interview with Tasnim on Saturday, Asadollah Asgaroladi pointed to the rising number of Chinese delegations visiting Iran to weigh investment opportunities, saying […]

Iranian Oil Tanker Giving Off Poisonous Gases: NITC Chief

An Iranian oil tanker, which caught fire after colliding with a bulk freighter off China’s east coast, is giving off poisonous gases, hindering rescue work there, the managing director of the National Iranian Tanker Company (NITC) said. Leakage of the poisonous gases have hindered rescue work and cleanup efforts around the oil tanker Sanchi, which […]

Sinopec to Upgrade Iran’s Abadan refinery

China’a Sinopec Engineering has announce that the Group has agreed an engineering, procurement and construction (EPC) contract with the National Iranian Oil Engineering and Construction Company in relation to Phase II of the Abadan refinery upgrade. The Group puts the value of the contract at RMB6.858 billion ($1.06 billion). (Source: Sinopec)

China keen to use Chabahr Port to access Pakistan

China Keen to Use Iran’s Chabahr Port to Transit Goods from Gwadar: Official Iran has received a request from China to establish a connection between Pakistan’s Gwadar port – which Chinese companies are developing – and Iran’s southeastern port of Chabahar, an official said. Abdolrahim Kordi, the managing director of Chabahar Free Trade Zone, was […]

Iran Eyes Turkish Investment in Oil, Gas Industry

Iran’s Parliament speaker voiced the country’s willingness to attract investment from Turkey in the oil and gas industry, saying economic activists from the neighboring state could also seize the opportunities available in Iran’s railroad and aviation sectors. In a meeting with his Turkish counterpart on the sidelines of a counterterrorism conference in Islamabad on Monday, […]

Iran welcomes Chinese Private Investors in Oil Projects

Iranian Minister of Petroleum Bijan Zangeneh said Iran and China enjoy extended relations in energy sector, calling on Chinese private investors to finance petroleum projects in Iran. Speaking at a meeting with visiting Wang Yanguo, Chairman of the Presidium, Vice President and Secretary General of China International Chamber of Commerce for the Private Sector (CICCPS), […]

CNPC may take over South Pars if Total Pulls Out

The China National Petroleum Company (CNPC) plans to take over Total’s stake in Iran’s South Pars gas field if the French energy giant fails to stick to its contract with Tehran due to new US sanctions, a report said. CNPC officials have held internal talks in recent weeks to discuss the implications of taking control, […]

Iran, China’s Economies Complementary: Minister

The economies of Iran and China complement each other, Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said, stressing that the target of an average annual trade of $60 billion is within reach. In a meeting with chairman of China’s private sector chamber of commerce in Tehran on Wednesday, Shariatmadari stressed the need for […]

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Total “Cannot Withdraw Capital” from Iran Gas Deal

Iranian Minister of Petroleum Bijan Zangeneh says Total S.A.‘s capital in a contract with Tehran to develop Phase 11 of the South Pars Gas Field will stay in Iran in case the French energy major walks away from the deal without any UNSC sanctions. The official said: “If Total walks away from the deal without […]

Iranian Banks Slowly Reconnect to the World

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 recent string of “financing agreements” that various governments and international banks have signed with Iran indicates that Tehran is finding solutions to leave behind the bottlenecks in financing its international projects. The question […]

Iran-China Trade tops $24bn in 8 Months

Trade between Iran and China during the first eight months of the current year rose to more than $24 billion, the East Asian country’s customs data showed. Trade between the two countries in the first eight months of 2016 had stood at $19.5 billion, according to the data. In the first eight months of 2016, […]

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Iran Oil Exports Record 8-Month Rise

Market figures show Iran’s exports of crude oil have reached the highest level since February. Figures released by Bloomberg show that Iran shipped 2.28 million barrels a day (mb/d) of crude oil to international markets in September. The rise came as Iran – together with Iraq that exported 3.98 mb/d last month – took advantage […]

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 […]

Tehran Chamber of Commerce opens London Office

An office of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) has been opened in London to attract foreign investment in the Islamic Republic. Speaking at the inauguration of the office, the head of the TCCIMA, Masoud Khansari, said following the 2015 nuclear deal between Tehran and six world powers, also known as […]

US “Unable to Stop Irans Oil Exports”

If the US reimposes sanctions on Iran’s oil sector without the support of Europe, China and Russia, it will see grudging and uneven compliance by international energy companies and will not be able to stop crude flows that returned to the market in 2015, according to sanctions expert Elizabeth Rosenberg, Platts reported. “Grudging compliance does […]

China, Iraq are Iran’s Biggest Non-Oil Customers

By John Lee. Iran’s Trade Promotion Organization (TPOI) has issued data showing that five countries — China, Iraq, UAE, South Korea and India — accounted for 68.7 percent of Iran’s total non-oil exports in the first five months of the current Iranian fiscal year (March 20-Aug. 22). Total non-oil exports (including gas condensate) fell 5 percent […]