Tag Archives | Malaysia

US Targets Thai Company Supporting Iranian Airline

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Thailand-based My Aviation Company Limited for acting for or on behalf of Mahan Air, an Iranian airline previously designated for supporting Iran’s terrorism activities.  The action today was taken pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support […]

US Sanctions Mahan Air Service Provider

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Mahan Travel and Tourism Sdn Bhd, a Malaysia-based General Sales Agent (GSA), for acting for or on behalf of Mahan Air, an Iranian airline previously designated in connection with Iran’s support for international terrorism. GSAs such as Mahan Travel and Tourism […]

Proton to Return to Iran

By John Lee. Malaysian automaker Proton Holdings will reportedly return to Iran. According to New Straits Times, Proton’s parent company set up Proton Motor Parsian Company (Ltd) (PMPC) on 10th April. The new company will assemble cars with completely knocked down and semi knocked down parts. (Source: New Straits Times)

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.  […]

Gazprom Neft, OMV, Petronas Proposals for Developing Oilfield

Russia’s Gazprom Neft, Austria’s OMV and Malaysia’s Petronas companies presented their proposed development plans for Iran’s Cheshmeh Khosh oil project. The proposals were explained at the 145th committee meeting of National Iranian Oil Company (NIOC)‘s reservoir advisors in Tehran. The plans presented by OMV and Gazprom Neft are aimed at defining a production ceiling for […]

Iranian Minister Heads for Malaysia to Attend WIEF

Iran’s Minister of Communication and Information Technology Mohammad Javad Azari Jahromi left the country for Malaysia to attend the World Islamic Economic Forum (WIEF), due to open in the Southeast Asian country from Tuesday. Heading a banking and trade delegation, Azari Jahromi left Tehran for Kuala Lumpur on Monday to participate in the 13th edition […]

Proton’s Iranian Subsidiary Dissolved

By John Lee. The Iranian subsidiary of Malaysia’s Proton Holdings has reportedly been disolved. According to Daily Express Malaysia, the wholly-owned subsidiary Proton Motor Pars Co (PMP) was set up to assembly cars and make accessories and spare parts. The company had been dormant since incorporation in August 2011. (Source: Daily Express Malaysia)

Malaysia to sign FTA with Iran by Year-End

By John Lee. Malaysia is expected to sign a free trade agreement (FTA) with Iran by year-end, according to a report from Bernama. Second Minister for International Trade and Industry Datuk Seri Ong Ka Chuan told reporters that to-date Malaysia has signed 13 FTAs with its Asean and dialogue partners. “We need to speed up […]

Talks with 27 Foreign Firms over Major Oil Projects

Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said Tehran is in negotiations with 27 foreign companies over oil projects worth $200 billion. “I can assure you this (gas deal with Total) isn’t the last one,” Zamaninia told CNNMoney on the sidelines of an oil conference in Istanbul, Turkey, on Tuesday referring to […]

Iranol, Petronas Sign Coop Deal

Iran’s Iranol Company and Malaysia’s Petronas signed a cooperation deal on engine oil and industrial lubricants production. From Iranol, Isa Eshaqi, managing director of the company, signed the deal. “Based on the deal, Petronas has agreed to help Iranol with technology transfer for production of different industrial lubricants that comply with international standards,” he said. […]

Iran, Malaysia Agree to Trade in Yen, Yuan

Iran and Malaysia have agreed to use Japanese yen and Chinese yuan in their bilateral trade, a senior Iranian banking official said. We welcome the eagerness of Malaysian banks to open accounts in Iranian commercial banks in the South Asian country’s currency, Ringgit, Deputy Governor of the Central Bank of Iran (CBI) for Currency Affairs […]

Malaysian Company to Study Iran Oil Fields

The National Iranian Oil Company (NIOC) and Malaysia’s Bukhary International Ventures (BIV) have signed a memorandum of understanding (MoU) for carrying out studies of Iran’s Golshan and Ferdowsi fields. The two sides signed the deal in Tehran on Wednesday. Based on the document BIV will submit the result of its studies to NIOC over the […]

Malaysia to Open Palm Oil Office in Iran

A Malaysian minister said the Southeast Asian country plans to set up a regional office in Tehran to explore Iran’s market for palm oil and other commodities. “Since global trade sanctions were lifted in January last year, Malaysia exports about RM1 billion of palm oil to Iran and we are expecting the number to be […]

Shell, Total likely to cooperate on Azadegan Oilfield

By John Lee. Mehr News Agency reports that Britain’s Shell and France’s Total are likely to form a consortium with an Iranian company to develop the Azadegan oilfield (pictured). An official at Iran’s Petroleum Engineering and Development Company (PEDEC) says the National Iranian Oil Company (NIOC) has so far signed four MoUs or confidentiality agreements […]

Japan’s Inpex to Study Major Iranian Oil Field

Inpex Corporation, Japan’s top energy developer, has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to carry out studies on the development of the South Azadegan oil field, located in the southwestern province of Khouzestan, a report said. Inpex is a strong candidate for the project after signing an MoU […]

Iran Approves 29 Int’l Companies for Oil Projects

Iran’s oil ministry has certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contracts. According to the report by the oil ministry’s news website Shana, 29 companies, including Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas and Russia’s Gazprom and Lukoil, as well as companies […]

Malaysia Eyes Bilateral FTA with Iran

A Malaysian minister said a trade delegation from the Southeast Asian country will visit Iran in 2017 to start formal talks on a free trade agreement (FTA) between the two countries. “We will visit Iran towards the end of January next year and will try to negotiate for more Malaysian products to be brought into […]

Total Oil Deal: Other Oil Majors to return to Iran?

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. Will Total deal pave way for other oil majors’ return to Iran? French energy giant Total SA is back in Iran, six years after it was forced to halt its operations due to nuclear-related […]

Malaysia wants Cooperation with Iran in Halal Industry

Malaysian International Trade and Industry Minister Mustapa Mohamed voiced his country’s willingness to have cooperation with the Islamic Republic of Iran in the field of halal industry. The two countries can have joint investment in the production of halal food, halal medicine and halal cosmetics, he said after a meeting in Tehran with Head of […]

Malaysia Eager to Buy Oil, Oil Products from Iran

Deputy Minister of Petroleum for Trade and International Affairs Amir-Hossein Zamaninia says Malaysia wants to purchase oil and oil products from Iran. Speaking to Shana after a meeting with Malaysian Speaker Tan Sri Datuk Seri Panglima Pandikar Amin bin Haji Mulia, Zamaninia said Iran and Malaysia will hold more talks for the purpose. He said […]