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Why Iranian Govt’s Debt Problem isn’t going away

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The administration of Iran’s President Hassan Rouhani made three decisions on Jan. 30 that officials say will financially shore up commercial banks until the end of the Iranian fiscal year on March 20. However, the […]

Iran to Build New Gas Export Pipeline to Iraq

By John Lee. The Planning Director of the National Iranian Gas Company (NIGC) has said that Iran has started work on the second pipeline for exports of natural gas from Iran to Iraq. Hassan Montazer Torbati (pictured) said construction of the pipeline to south Iraq had begun on a Build-Operate-Transfer (BOT) contract. The first pipeline […]

UN warns: Prisoners of Conscience at Risk of Death

Raising alarm over the health of several prisoners of conscience in Iran, who have been on a prolonged hunger strike contesting the legality of their detention, the United Nations expert on the human rights situation there urged the authorities to “immediately and unconditionally” release all those who have been arbitrarily arrested, detained and prosecuted for […]

Heavy Fines for Illegal Moneychangers

By John Lee. Financial Tribune reports that many illegal bureaux de change in Iran have received heavy fines. The director general for banking regulations, licensing and anti-money laundering at the Central Bank of Iran (CBI), Abdolmahdi Arjomandnejad, said: “The authorities have taken legal measures against those who fail to obtain licenses for their currency exchange […]

Why does Rouhani suddenly want to ‘rename’ Iran’s Currency?

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Iranian government’s passing of a bill on Dec. 7 to change the national currency unit from the rial to the toman — equivalent to 10 rials — has triggered charges that the administration had […]

Iran Invited to Invest in Kyrgyzstan Hydropower Plants

Kyrgyzstan’s National Energy Holding Company has urged Iran to invest in Upper Naryn Cascade hydropower plants, Kambar-Ata-1 HPP, the company said on Friday. Officials of the company said during a Kyrgyzstan-Iran business forum on Friday that Iran has been invited to invest in construction of the power plants. Kyrgyzstan’s hydropower capacity is estimated at 142 […]

Indonesia’s Pertamina to Import LPG from Iran in 2017

Indonesia’s Pertamina said the energy company is expected to sign an agreement to import Iranian liquefied petroleum gas (LPG) in 2017. “It is highly likely we will import again from the National Iranian Oil Company,” Pertamina spokeswoman Wianda Pusponegoro told reporters, according to Reuters. Pertamina plans to import up to 12 cargoes, each of which […]

How Trump can deal with Iran-GCC Conflict

While many aspects of President-elect Donald Trump’s foreign policy beliefs were murky on the campaign trail, one overarching theme stood out: that the United States has done far too much to underwrite free-riding allies the world over. “Our allies must contribute toward the financial, political and human costs of our tremendous security burden,” Trump declared […]

Iran Has No Intention to Cap Oil Output: Oil Minister

Iranian Oil Minister Bijan Namdar Zanganeh said Iran has no plans to freeze its oil production at current levels. “It’s not our agenda to reach agreement in these two days,” Zanganeh told Bloomberg Television in an interview Tuesday. The Iranian oil minister is attending an informal meeting underway between members of the Organization of the […]

Austria’s OeKB Increases Iran Trade Financing

By John Lee. The Central Bank of Iran (CBI) says Austrian export credit agency OeKB has raised its cover for Iran transactions from 280 million euros to 1 billion euros. The announcement by Austrian Minister for Finance Hans Jörg Schelling (pictured) came during a meeting with CBI Governor Valiollah Seif in Vienna. Schelling said his […]

Iran Introduces Credit Cards

Iran introduced credit cards for the first time on Sunday. According to a report from Reuters, the cards will be offered with limits of approximately 3,000, 10,000 and 15,000 dollars. But the Iranian Students’ News Agency (ISNA) quotes Valiollah Seif (pictured), the head of the Central Bank of Iran (CBI), as saying that it could […]

Rafsanjani takes aim at Iranian Military Spending

By Saeid Jafari, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Rafsanjani takes aim at Iranian Military Spending amid Furor The chair of Iran’s Expediency Council, Ayatollah Ali Akbar Hashemi Rafsanjani, delivered the following remarks Aug. 10 at the 33rd Summit of Managers and Heads […]

US “Transferred $1.3bn More” in Cash to Iran

By John Lee. The Obama administration followed up a planeload of $400 million in cash sent to Iran in January with two more such shipments in the next 19 days, totaling another $1.3 billion, according to the Wall Street Journal, citing congressional officials briefed by the U.S. State, Treasury and Justice departments. The cash payments—made […]

OMV not impressed by new Iran Oil Contracts

By John Lee. The Chief Executive of Austrian energy group OMV has said that Iran’s oil contracts are not yet suitable for his company to invest in planned projects in the country. Rainer Seele (pictured) told Reuters on Wednesday: “This process is still ongoing; this is taking quite a long time… We have not yet […]

Boeing Raises Stakes in Iran Jet Deal

Boeing Says Rivals Not Allowed to Sell Aircraft to Iran If Congress Blocks Jet Deal A senior official with US aviation giant Boeing said if its deal to sell passenger planes to Iran is blocked by the US Congress, all other US companies that supply to its rivals should be prohibited as well. Ray Conner, […]

Fed up with Talk, Iranians semand Action on jobs

By Maysam Bizær, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. When he took office in August 2013, Iranian President Hassan Rouhani faced an ailing economy, high unemployment and a nuclear standoff with the West. The Rouhani administration has managed to resolve the nuclear issue, […]

Bank Bosses Sacked in Salaries Scandal

By John Lee. Middle East Eye reports that the heads of four major public banks have been sacked following revelations that they can earn $65,000 per month – 100 times Iran’s average. “At the request of the president to investigate the issue of salaries, the heads of Mehr Iran, Mellat, Refah and Saderat banks have […]

Brexit ‘Historic Opportunity’ for Iran

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Rouhani adviser says Brexit ‘historic opportunity’ for Iran The few Iranian officials to speak about the vote by Britain to leave the European Union appear to support the move, though the benefits to Iran […]

Int’l Firms Keen to Invest in Iran’s Petchem Projects

A senior official with Iran’s Petrochemical Commercial Company International (PCCI) said it has started talks with international enterprises over investments in the country’s petrochemical sector. Issa Mashayekhi, the managing director of PCCI, said companies from Japan and South Korea have voiced interest to participate in Iran’s petrochemical projects and that they are expected to invest […]

Production of Oil from Caspian Sea “Not a Priority”

Minister of Petroleum Bijan Zangeneh said on Tuesday that production of oil from Caspian Sea is not a priority. Speaking in the Majlis (parliament) public meeting, he said that oil recovery from the Caspian Sea is on the agenda but it needs special equipments and experience to extract oil in deep waters of this region. […]