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$6bn Oil Projects for Domestic Contractors

A senior Iranian oil official said the country was planning to entrust 6 billion dollars’ worth of enhanced oil recovery and production sustainability projects to domestic companies. Gholamreza Manouchehri, deputy CEO of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs, said once NIOC’s 34 working packages valued at $6 billion become operational, […]

Iran Manufactures First Domestic Rail Tracks

Esfahan Steel Company (ESCO) has announced that the first domestically-constructed rail tracks have been handed over to Iran’s Railways, saying the rails are on par with the latest global standards. ESCO announced on Monday that the first domestically-constructed rail tracks have been handed over to Iran’s Railways, the Medi Telegraph reported on Tuesday. The rail […]

Gazprom “in Talks” to Develop Iranian Fields

A senior official with Gazprom said Russia’s gas giant is in talks with the National Iranian Oil Company (NIOC) to develop four gas fields in Iran. The company plans to expand its reserve base abroad and is stepping up talks on its participation in four Iranian fields, namely Kish, North Pars, Farzad A and B, […]

Indian Bank to Stop Handling Iran Oil Payments

India’s oil imports from Iran will be affected from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Islamic Republic from November, the finance head of Indian Oil Corp said on Friday. “(Oil) loading will be affected from end-August under the […]

Iran Rail signs Contract with Swiss Firm

Iran’s state-owned railroad company signed a contract with Swiss company Matisa for the maintenance and supply of railroad machines. According to the contract, Matisa, the Swiss manufacturer of track maintenance equipment that was established in 1945, will carry out the overhaul of two ballast machines in Iran. Apart from making repairs on nine other ballast […]

Renault to Remain in Iran despite US Sanctions

French carmaker Renault will maintain its presence in Iran despite the threat of renewed US sanctions, CEO Carlos Ghosn said. “We will not abandon it, even if we have to downsize very strongly,” Ghosn said at the annual shareholders’ meeting in Paris on Friday, AFP reported. “When the market reopens, the fact of having stayed […]

Iran, Switzerland hold New Round of Talks

Iran and Switzerland have held a fresh round of their bilateral political negotiations in Tehran. Given the Islamic Republic of Iran and the Swiss Confederations interest in the promotion of bilateral ties, the new round of comprehensive political talks was chaired by Iranian Deputy Foreign Minister for Political Affairs Abbas Araqchi and Head of the […]

New PEDEC CEO Appointed

Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), has appointed Touraj Dehghani as chief executive officer and the main member of the board of directors of the Petroleum Engineering and Development Company (PEDEC). Touraj Dehghani was previously a deputy director of PEDEC, and member of the board of directors and supervisor […]

How Rial’s Devaluation may Boost Iranian Economy

By Navid Kalhor for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The money supply in the Iranian economy exceeds $355 billion at the official exchange rate, remarkably surpassing total economic output of $331 billion. Financial depth, a metric showing the ratio of liquidity to gross domestic […]

Most French Firms ‘Unable to Stay’ in Iran

Most French Firms ‘Unable to Stay’ in Iran due to US Sanctions: Minister French Finance Minister Bruno Le Maire said that after the US imposes new sanctions on Iran most French companies would be unable to continue business in Iran because of problems over payment, also saying that the US cannot be the “planet’s economic […]

Arrest of Human Rights Lawyer “an Outrage”

From Amnesty International. Arrest of prominent human rights lawyer Nasrin Sotoudeh is an outrage The arrest of Nasrin Sotoudeh, a prominent Iranian human rights lawyer, is an outrageous attack on a brave and prolific human rights defender, Amnesty International said today. Nasrin Sotoudeh was arrested at her home in Tehran this morning and transferred to […]

China Eyes Iran Trade in Own Currencies

China’s President Xi Jinping in a meeting with his Iranian counterpart offered plans for trade exchange between the two countries using their own currencies, namely rial and yuan. In a meeting with Iranian President Hassan Rouhani, held on the sidelines of the Shanghai Cooperation Organization summit in the city of Qingdao on Sunday, the Chinese […]

Iraqi Depositors ‘Trapped’ In Iranian Banking System

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. By Abbas Sarhan. The Iranian banking system was seen as an attractive alternative to Iraq’s shaky financial institutions. But a recent, drastic devaluation in the Iranian rial means Iraqi […]

UK appoints New Trade Commissioner for Middle East

UK International Trade Secretary Dr Liam Fox MP has appointed Simon Penney (pictured on right) as Her Majesty’s Trade Commissioner (HMTC) for the Middle East. The announcement was confirmed by Dr Fox on a visit to Bahrain and the United Arab Emirates (UAE), where he met government and industry representatives to boost trade and promote […]

Protecting EU companies in Iran

Following up on the informal Leaders’ Meeting in Sofia, as well as the Commission’s announcements of 18 May, the European Commission has adopted an update of the Blocking Statute and of the European Investment Bank (EIB)‘s External Lending Mandate. These measures are meant to help protecting the interests of EU companies investing in Iran and to demonstrate the EU’s […]

US Sanctions Threaten Iran’s Hopes for Tourism

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s numerous tourist attractions, many of which stem from its rich history and civilization going back thousands of years, have the potential to transform into revenue streams far more sustainable than the country’s vast […]

Video: Will Iran-US Tensions threaten Iraq’s Stability?

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. It’s been three weeks since the parliamentary election in Iraq and many Iraqis voted for a nationalist party opposed to foreign interference. But both Riyadh and Washington want an Iraq that is sympathetic […]

Ban on High-Water-Consumption Industry in Dry Regions

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran to ban new high-water consumption industry in dry regions Iran has long been faced with a wide range of environmental challenges. These include everything from drought leading to soil erosion and sandstorms to […]

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Iran Willing to Buy $1.5bn Ukrainian Ag Products

Iran has expressed willingness to purchase $1.5 billion worth of agricultural products from Ukraine, a report said. Ukraine and Iran are interested in deepening bilateral cooperation in the agricultural sector, particularly in increasing supplies of grains, vegetable oil, corn, barley and soybeans for domestic needs of Iran, Ukraine’s Deputy Agrarian Policy and Food Minister Viktor […]

Meet Iran’s Likely Next Hardliner-in-Chief

By Rohollah Faghihi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. It sounds like the days of Ayatollah Mohammad-Taghi Mesbah Yazdi leading Iran’s hard-liners are coming to a close. At 83, he appears ready to step aside for a new ayatollah. It has recently been reported by local news […]

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