Economy

Zinc ingot production increases above 22% in a year

Iran could produce 80,000 tons of zinc ingots during the past Iranian calendar year 1395 (ended March 20, 2017) registering 22.5 percent rise compared to the preceding year, IRNA quoted the CEO of Iran Zinc Mines Development Company on Tuesday.

Oil exports from Kharg terminal up 80% yr/yr

Iran exported 780 million barrels of crude oil from Kharg Island terminal in south part of the country during the last Iranian calendar year 1395 (ended on March 20), which indicates an 80 percent rise compared to the preceding year (1394).

 

Over 200 foreign companies to attend Project Iran 2017 expo

Over 200 companies will attend the 3rd International Trade Exhibition for Construction Materials, Equipment and Technology of Iran (Project Iran 2017) which will be held at the Tehran Permanent International Fairgrounds from April 24 to 27.

Iran-Pakistan annual trade possible to reach $5b: Iranian min.

The value of trade between Iran and Pakistan in economic, trade, tourism, and energy sectors can hit $5 billion per year, Interior Minister Abdolreza Rahmani Fazli said addressing the 20th meeting of the Iran-Pakistan Joint Economic Committee (JEC) in Tehran on Monday.

Monthly car output up 27% yr/yr

Iranian car makers manufactured 124,691 vehicles in the last month of the past Iranian calendar year, Esfand (February 20-March 20), with 27 percent growth from 98,167 cars manufactured in the same month in its preceding year, ISNA reported on Wednesday.

Bank loans to economic sectors rise 40% to $133b

The governor of the Central Bank of Iran (CBI) Valiollah Seif announced on Wednesday that banking loans paid to various Iranian economic sectors witness a 40-percent rise in the past Iranian calendar Year 1395 (ended March 20, 2017), as compared to the preceding year.

Mining projects worth over $1b to come on stream by Sept. 22

Head of Iranian Mines and Mining Industries Development and Renovation Organization Mehdi Karbasian announced that 24 mining projects worth over $1 billion will be put into operation during the first half of the current Iranian calendar year (ending on September 22), Mehr news agency reported on Saturday.

 

Exports via Shahid Rajaie port grew 44% on year

The value of exported goods from Iran’s southern port of Shahid Rajaie grew 44 percent in the past Iranian calendar year 1395 (ended March 20, 2017), compared to the preceding year, IRNA reported.

Latvia welcomes expansion of transport co-op with Iran

Latvia welcomes development of its transport cooperation with Iran, Latvian Transport Ministrys State Secretary Kaspars Ozolins said in a meeting with Iranian Deputy Transport Minister Asghar Fakhrieh Kashan in Tehran, IRNA reported on Wednesday.

Over 280 companies to attend FINEX 2017

Over 280 companies will participate in the 10th edition of Iran’s International Exhibition of Exchange, Bank and Insurance (FINEX 2017), Yaser Fallah, director of Iran’s Securities and Exchange Organization’s public relations department, announced, IRIB reported.

Crude steel export up 108% in 11 months

Iran exported 3.225 million tons of crude steel during the first eleven months of the past Iranian calendar year 1395 (March 20, 2016-February 18, 2017), registering a 108 percent rise compared to the same period in its preceding year, IRNA reported on Wednesday.

Petchem exports projected to hit $11 billion

The National Petrochemical Company plans to export 23 million tons of petrochemical products, worth $11 billion, during the current Iranian calendar year (started on March 21).

Transport infrastructures development needs $127b by 2026

According to the Ministry of Transportation and Urban Development, developing transportation infrastructures in Iran requires 4.75 quadrillion rials (about $127 billion) investment by  the end of the country’s outlook plan for the calendar year of 1404 (March 20, 2026), IRNA reported on Tuesday.

Over 200,000 enterprises set up in a year

Over 200,000 enterprises were established in Iran during the past Iranian calendar year, which ended on March 20, IRNA reported on Tuesday, quoting Iran Chamber of Guilds Chairman Ali Fazeli.

Customs income hits $4.8b, up 60% yr/yr

Customs income reaches over 181 trillion rials (about $4.839 billion) in the past Iranian calendar year 1395 (ended on March 20), Islamic Republic of Iran Broadcasting (IRIB) reported on Tuesday.

3,440 MW of new power plants planned to come online

Iran’s Energy Ministry plans to add 3440 megawatts (MW) capacity of new power plants to the country’s electricity network during the current Iranian calendar year (March 21, 2017- March 20, 2018), IRNA reported on Monday.

Production of oil seeds expected to triple by yearend

Iran plans to increase the amount of its produced oil seeds up to three times more by the end of the present calendar year (March 20, 2018), compared to that of the preceding year, an official in Iranian Agriculture Ministry announced.

South Pars development plays appreciable role in employment

Implementing development phases of Iran’s South Pars gas field (in the Persian Gulf) was one of the promises made by Oil Minister Bijan Namdar Zanganeh which came true and besides boosting gas production noticeably it played significant part in job creation.

Iranian trade delegation to embark for Vietnam in mid-Apr.

Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) plans to dispatch a trade delegation headed by ICCIMA Chairman Gholam-Hossein Shafeie to Vietnam from April 18 to 23, 2017, the official website of ICCIMA announced.

 

Non-oil trade hits $87.6b, up 4.3% yr/yr

Iran’s non-oil trade reached $87.646 billion in the past Iranian calendar year (March 2016-March 2017), an increase of 4.34 percent compared to its preceding year.

 

Minerals, mining exports reaches $5.4b in 10 months

Based on the latest data released by Irans Costumes Administration, the value of the countrys minerals and mining industries exports reached $5.4 billion during the first ten months of the previous Iranian calendar year (ended on January 19).

 

New Swedish firm offers Iranian stock investment for bitcoin

Brave New World Investments AB, a new firm registered in Sweden, is now accepting deposits in bitcoin which it converts to Iranian Rial and invests in equities on the Tehran Stock Exchange. It does this on behalf of its European shareholders while also searching for angel investors among the Persian and bitcoin communities in Europe.

 

China’s Feb. Iranian crude import up 18%

China imported in February 657,900 barrels of crude oil per day from Iran, an increase of 18 percent year on year, according to data from the Chinese General Administration of Customs.

Mining sector’s share in Iran’s GDP to rise to 1.5%

The share of mining sector in Iran’s gross domestic product (GDP) will be increased to 1.5 percent in the Sixth National Development Plan (2016-2021) from the current figure of 1.1 percent, Deputy Industry, Mining and Trade Minister Jafar Sarqini told IRNA on Friday.

Chinese firms help to update Tehran subway

Chinese state-owned train makers announced two separate deals to supply subway cars to Iran, which is trying to bolster one of the largest urban rail systems in the Middle East.

 

Over $2.4b finance to be injected to housing sector

Irans deputy transport and urban development minister announced that nine trillion rials (over $2.4 billion) of finance will be injected to the housing sector in the current Iranian calendar year (which began on March 21), Tasnim news agency reported.

Pakistan’s trade with Iran to start next month

Pakistan and Iran will resume banking channels from next month which pave way for official trade between the two countries, ZubairTufail, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Tuesday.

Inflation rate in urban areas stands at 6.8%

The Statistical Center of Iran announced that the inflation rate in the urban areas for the 12-month period ended in Esfand, the last month of the past Iranian calendar year (ended on March 20), hit 6.8 percent, Tasnim news agency reported.

 

Iran starts oil recovery from South Pars oil layer

Iran started pumping oil from the oil layer of South Pars gas field (in the Persian Gulf), on Sunday, Gholam-Reza Manouchehri, the deputy managing director of National Iranian Oil Company (NIOC) for engineering and development affairs, announced.

Iran’s carpet exports grow by 27%, hits $321m in 11 months

Iran exported $321 million of handmade carpets in the first 11 months of the current Iranian calendar year, ended February 18, an increase of 27 percent year on year, Hamid Kargar, the head of Irans National Carpet Center, said on Saturday.

Tehran, Baku stress expansion of economic ties

In a Thursday meeting in Baku, the capital city of Azerbaijan, Iranian Communication and Information Technology Minister Mahmoud Vaezi , who leads the Iranian side of Iran-Azerbaijan Joint Economic Committee, and the Azeri co-chairman of the committee, put emphasis on the expansion of economic ties between the two countries.

Iran’s oil output to reach 4m bpd by April 20: NIOC head

Oil production in Iran will reach four million barrels per day (bpd) by the end of the upcoming Iranian calendar year’s first month of Farvardin (March 20), National Iranian Oil Company (NIOC) Managing Director Ali Kardor announced in an interview with Seda weekly.

South Korea’s oil imports from Iran up 54% in Feb

South Korea has imported 427,800 barrels per day (bpd) of oil from Iran in February 2017, a 54 percent rise from February 2016, according to the data released by the country’s customs administration.

Banks loans witness 37% rise in 11 months

Iranian banking system offered 4.77 trillion rials (about $126.4 million) of facilities to domestic economic sectors during the first 11 months of the current Iranian year (March 20, 2016- February 18, 2017), showing 37.1 percent increase compared to the same period in the previous year, IRNA reported.

59 new wagons join Tehran subway network

Some 59 new wagons, made in Iran, joined Tehran subway network on Wednesday, IRNA reported. According to Maziyar Hosseini, an official in Tehran Municipality, two of the new wagons are double-decker.

Azar oilfield’s early production commenced

In a ceremony attended by Iranian Oil Minister Bijan Namdar Zanganeh, early production from Azar oilfield started on Tuesday with an output capacity of 15,000 barrels per day (bpd).

Over $534m investment made in railway sector

Iranian Transport Minister Abbas Akhoundi said that over 2 trillion rials (about $534.045 million) investment has been made in the country’s rail sector over the past three years, IRIB reported.

Infrastructures prepared for Iran-Russia all-out economic ties

Iranian Communications and Information Technology Minister Mahmoud Vaezi in a Monday meeting with Russian Energy Minister Alexander Novak in Moscow announced that the required infrastructure to expand all-out economic ties between the two countries have been prepared, IRNA reported.

 

Russia to produce Patriot SUVs in Iran

Russian automaker Ulyanovsky Avtomobilny Zavod (UAZ) says it is planning to produce its iconic off-road Patriot vehicles as well as its pickup trucks in Iran.

 

Annual petchem exports anticipated to reach $9b

Iran’s worth of annual petrochemical exports is forecast to hit near $9 billion by the end of current Iranian calendar year (March 20), National Petrochemical Company (NPC) Managing Director Marziyeh Shahdaie told IRNA on Wednesday.

Renault sales to Iran rise 348% in January yr/yr

According to a report released by the French multinational automobile manufacturer, Renault, the company could sell 13,449 cars during the first month of 2017 in Iran, showing a 348-percent increase compared to the same month last year.

 

Iran retailers feel cornered by foreign brands

Small shops, department stores and supermarkets in Iran are feeling the heat from big retailers in neighboring countries and beyond menacingly making their presence felt at a pace never seen before. 

Azerbaijan launches Iran rail link

Azerbaijan officially launched a rail link with Iran on Sunday by sending a train across the border to Iran’s northern city of Astara thus taking an ambitious multimodal transport project that connects northern Europe to India closer to reality.

Isfahans Abbasi Hotel seen as most beautiful in Middle East

Iran’s tourism attractions are gaining increased significance in the Western media as the country is struggling to bring in a larger number of tourists to boost its post-sanctions economy. And historical cities like Isfahan are already receiving increased attention to the same effect. 

ZTE to plead guilty over Iran sales

China’s telecom giant ZTE is reportedly trying to reach a deal to plead guilty to US criminal charges and avoid a hefty fine over allegations that it dodged US sanctions in its previous Iran transactions.

Iran says ECO needs to be restructured

Iran says it remains committed to supporting the Economic Cooperation Organization (ECO) but says ECO needs to be restructured to increase its efficiency.

 

Iran, New Zealand agree to resume trade

Iran has signed a new agreement to resume sheep and beef imports from New Zealand and discussed possible kiwifruit and shrimp exports to that country.

 

Turkish retailer eyes expansion into Iran

Turkish discount retailer BIM says it is exploring opportunities in Iran for possible opening of stores in a country which has largely remained closed off for years under sanctions.

China blocked $18bn of Iran’s petrodollars

A report by a leading Iranian newspaper says the country has at least $18 billion still blocked in China in what appears to be a result of complications related to previous sales of oil to Beijing during the years of sanctions. 

ICJ puts Iran’s anti-US lawsuit in motion

Iran says a lawsuit that it had submitted to the International Court of Justice (ICJ) – the principal judicial organ of the United Nations – against the United States last summer for freezing billions of dollars worth of its assets has been officially put in motion.

 

Iran’s students, techies worst hit by travel ban

Days after a controversial US travel ban against citizens of seven Muslim-majority nations, indications are appearing in the media that one population is specifically bearing the brunt of Donald Trump’s move: thousands of Iranian academics and students. 

IME trade exceeds $1.1b in January

Iran Mercantile Exchange (IME) announced that commodities valued at about $1.152 billion and weighing over 2.2 million tons were traded in its domestic trading and exports halls in January.

Iran says Trump cannot kill Boeing deal

Iran has rejected speculations that the deteriorating rhetoric by US President Donald Trump against the country could lead to the cancelation of a major plane purchase agreement with the American aviation giant Boeing.

Belgian company to invest in Iran’s auto sector

An automobile gearbox production line will be launched in Iranian province of Zanjan (northwest of Tehran) via the investment made by a Belgian company, head of Industry, Mining and Trade Department of the province announced.

Boeings Iran deal in limbo after Trump ban

The fate of a landmark deal for Boeing to sell 80 passenger aircraft to Iran has been thrown into doubt following President Donald Trump’s executive order barring travel by Iranians to the US.

Iran says channel to export carpets to US open

Iran says the channel to export its traditional hand-woven carpets to the United States is still open amid recent concerns in Tehran that Washington under a new leadership had already banned imports and re-exports of the precious Persian handicraft.

Trump’s Iran visa ban hurting dual nationals

Early signs are appearing that a plan by US President Donald Trump to suspend visas for Iranians has already started to undermine Iranian-American dual nationals living in the US as well as businesses that rely on travels to and from the Islamic Republic.   

Iran self-sufficient in petchem production

Iran says it has achieved self-sufficiency in production of two strategic petrochemical products which are widely used in making a variety of industrial foams and related materials. 

Iran establishes saffron bank

Iran has launched a high-security bank to store major amounts of the crown jewel of its non-oil exports – saffron.   

 

‘ATR plane deal with Iran coming soon’

European aviation giant ATR says it is close to a final agreement with Iran to sell turboprop planes to the country – a new move which is expected to further boost the Iranian aviation might.  

Iran, Syria sign major economic deals

Iran and Syria have signed several agreements during a visit by Prime Minister Imad Khamis to Tehran, under which the Islamic Republic will build a mobile service operator in the Arab country. 

 

Danske Bank in financing talks with Iran

Denmarks Danske Bank A/S says it has stated talks with the Central Bank of Iran (CBI) on arranging credit to clients with business activities in the country. 

Iran’s MPs vote to end Mehr housing project

Iran’s media on Tuesday cheered as the Parliament voted to end a hefty housing project that President Hassan Rouhani had previously blamed for shooting up inflation to above 40 percent over the past years.

Daewoo wins deal to build shipyard for Iran

South Korea’s Daewoo Shipbuilding and Marine Engineering Company (DSME) – the world’s second biggest shipbuilding companies – has announced a major deal to develop an construction yard in Iran.  

Swedish PM to lead trade delegation to Iran

Swedish Prime Minister Stefan Löfven, leading a trade delegation, is due to visit Tehran in February 2017, Sweden’s ambassador in Iran, Helena Sangeland, said on Tuesday.

 

Iran to export first petchem cargo to Australia

Iran says Australia has joined the list of the clients of its hexamine – a fresh sign showing that petrochemical products are already receiving a central role in the country’s non-oil exports. 

High dollar rates spark criticisms in Iran

The runaway dollar has sparked serious concerns in Iran over what many believe could eventually prove costly for a country which has been planning for months to reap the benefits of the removal of the sanctions. 

Armenia tells EEU Iran wants free trade deal

Armenia has communicated Iran’s interest to create a free trade zone with the Eurasian Economic Union (EEU) – an economic alliance that unites Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan – to the Union’s heads of states in a key summit in Russia. 

Iran’s exports rise, trade surplus positive

The latest official figures show that Iran’s exports of non-oil commodities over a period of nine months starting 21 March 2016 increased by around 10 percent – another indication which shows that the country’s trade is improving after the removal of multiple years of sanctions.

Iran Air inks deal with Airbus to buy 100 planes

The European aviation giant, Airbus, has sealed a contract with the Iranian flag carrier, Iran Air, for the sale of 100 aircraft, worth over $18 billion dollars at list prices, to the Islamic Republic.

Iran, Kazakhstan seal key transportation deal

Iran and Kazakhstan have signed an agreement to establish a joint dual-modal transportation company that could lead to the creation of a new transport corridor connecting Iran’s southern ports to the upper parts of Central Asia - and even possibly Russia and China.  

Islamic finance set for big lift from Iran

The Islamic finance industry is expected to get a significant lease of life from the opening of Iran’s economy which has assets of around $448 billion to its name.

 

India to let Iranian banks open branches

The media in New Delhi say the country is preparing to issue licenses to five Iranian private banks to open branches in India – a move which is expected to significantly facilitate trade between the two countries. 

IMF expects 6.6% economic growth for Iran

The International Monetary Fund (IMF) says it expects Iran’s economic growth to reach as high as 6.6 percent for the Persian calendar year that started in March 2016. 

Renault’s 11-month sales to Iran up 146% yr/yr

French carmaker Renault’s sales of automobiles to Iran increased by 146 percent from January to November 2016 compared to the same period in 2015, according to the French company’s recent sales report, Tasnim news agency reported on Sunday.

Poland’s PKN joins EU clients of Iranian oil

Poland’s biggest refiner PKN Orlen has announced a major purchase of crude oil from Iran thus becoming the latest company to join the already long list of European clients of Iranian oil.   

Iran’s Aseman Airlines to get Airbus planes

Iran’s Aseman Airlines says it is working on a plan to renovate its fleet by procuring a series of planes from the world’s largest aerospace corporation Boeing, European aviation giant Airbus and even Russia’s Sukhoi aircraft builder. 

Iran, Russia to establish joint Islamic bank

Russian officials say Moscow is working on an ambitious plan to establish a joint Islamic bank with Iran – a move that can not only help promote their banking ties but also provide them with a wide banking network of Muslim countries.   

Iran to chair Islamic finance body IFSB in 2017

The Islamic Financial Services Board (IFSB) says Iran will assume its chairmanship in 2017 – a move expected to help align practices in the countrys banking system with peers across Asia and the Middle East.

Iran, Indonesia sign 14 agreements

Iran says it has signed over a dozen basic agreements with Indonesia to promote cooperation in a variety of areas in what could indicate a significant opening in trade relations between the two countries. 

Iran to get first Airbus planes by next March

Iran says it expects to finalize an aircraft purchase agreement with European aviation giant Airbus within the next two weeks, adding that the first planes could be delivered by March 2017. 

 

Airbus team in Tehran to finalize deal

Iran says a delegation from European aviation giant Airbus is in the country’s capital Tehran for talks aimed at finalizing a deal to sell around 100 planes to the Islamic Republic. 

Rouhani’s admin. backs deal with Hyundai

The administration of Iran’s President Hassan Rouhani has come out in support of a landmark agreement with South Korea’s Hyundai Heavy Industries for construction of 10 mega-size containers and tankers following criticisms at home that the agreement should have been awarded to local builders.

Hyundai inks major Iran ship building deals

Iran says it has signed contracts with South Korea’s shipyard Hyundai Heavy Industries Company to build at least eight Ultra Large Container Vessels (ULCVs) as well as medium-range tankers for carrying petroleum products.   

Iran to switch currency from rial to toman

Iran is gearing to switch its national currency back to the toman – a move that would end the rein of the rial after around 90 years and also could boost the value of the country’s national currency against the US dollar. 

Marriott is first US hotel group to eye Iran

Marriott International has become the first US hotel group to announce its interest in the Iranian tourism market which is seeing a march by global hospitality companies in search of opportunities.

 

Iran safest investment market for Japan in Mideast: Zarif

Visiting Japan, Foreign Minister Mohammad Javad Zarif bills Iran as the “safest” destination for foreign investment in the troubled Middle East, calling on the Japanese businesses to seize the opportunity and promote their role the Iranian market.

Iran can become global tech player: UN

A UN report says Iran has developed the science and technology skills necessary to be a global player in more than oil and gas but it must invest more in innovation. 

Iran to divert water from plants, farms to houses

Iran says it is considering a plan to reduce the water supplies that are consumed in farms and industrial plants and instead divert them to the urban sector – a move that highlights concerns in Tehran over the implications of an unfolding water crisis in the country. 

Iran signs petchem funding deal with Japan

Iran says an agreement has been signed with Japan’s Itochu to fund one of its key petrochemical projects – the second such agreement signed with Japanese companies over the past few months. 

 

New Zealand sending top trade team to Tehran

New Zealand says it is sending its Minister of Trade Todd McClay to Tehran on Friday to look into the prospects of reviving trade with the Islamic Republic after a hiatus of over a decade.

Iran’s dairy products market to grow

Irans dairy products market is projected to grow at a high compound annual growth rate (CAGR) of around 22 percent, during 2016 to 2021, according to report by TechSci Research — a research based global management consulting firm.

MTN eyeing Iran’s e-commerce opportunities

South Africa’s telecom giant MTN Group says it has devised serious plans to boost its presence in the Iranian market, emphasizing that e-commerce will comprise a key theme of the company’s agenda for its future business in Iran.   

Oman becoming Iran’s top trade partner

The latest official figures show that Iran’s exports to Oman increased by about 400 percent after the removal of sanctions in January in what could be a strong indication that the Sultanate is already replacing the UAE as Iran’s the most important regional trade partner.

Germany OKs €1.2bn loan for Iran rail plan

Germany has reportedly agreed to provide Iran with a €1.2 billion ($1.27 billion) credit line to help finance a key rail project in what is seen as the biggest foreign financing the country has been able to secure after the removal of sanctions.    

Iran, Intl. Trade Center ink MoU

The Trade Promotion Organization of Iran has signed a memorandum of understanding with the International Trade Center as part of Tehrans efforts to expand business with other countries.

 

Iran to use ancient remedy for its water crisis

Iran says it is working on a project to look for water from underground resources – what could take the country back to ancient times when the inhabitants dug deep wells to answer water shortages.

Lloyds to open branches in Iran

The Lloyds of London insurance market has announced plans to launch offices in Iran – a move that could help the country’s efforts to open its economy to post-sanctions investments. 

Obama to veto bill to block Iran plane sales

The US administration says President Barack Obama is set to veto an upcoming legislation to block sales of passenger planes to Iran on the grounds that it would breach a landmark nuclear agreement sealed with the country last year.

Iran expects $12bn in foreign investments

A top Iranian trade official says the volume of foreign investments in the country is expected to increase by six times until next March to reach around $12 billion.

Iran says Trump win not to jeopardize deals

Iran says the election of Donald Trump as the new president of the United States will have no impacts on its industrial deals that it has sealed with global corporations. 

Austria to open banks in Iran to help trade

Austria says it plans to establish several banks in Iran in what could make it the first European country to take the initiative to facilitate post-sanctions trade activities with the Islamic Republic.

GOP in new push against Iran-Boeing deal

The US House Rules Committee announced on Thursday that it is preparing to debate legislation that aims to block US financing for sale of $25 billion worth of planes to Iran by American aviation giant Boeing. 

Iran’s Chabahar hosts first sea travelers

Iran says it has launched the first passenger terminal at its only oceanic port thus making it possible to directly host visitors from Pakistan, India, Oman and beyond. 

Iran says India wants to join Europe rail link

Iran says India has voiced interest to join an ambitious project to establish a multimodal transit corridor that starts in a key southern Iranian port and passes through several Central Asian states before reaching Europe through sea.

Iran, Romania FMs sign documents of cooperation

Iranian Foreign Minister Mohammad Javad Zarif and his Romanian counterpart, Lazar Comanescu, have signed two documents of cooperation during a meeting in the Romanian capital of Bucharest.

Iran to boost foothold in US carpet market

Iran says it has drawn serious plans to boost exports of hand-woven carpets to the United States, adding that it is already sending about a third of its total global sales to US market. 

Iran, China seal New Silk Road deal

Iran says it has finalized a cooperation agreement with China that would allow Chinese traders to use the Iranian territory for exports to Europe. 

Germany voices interest in North-South corridor

New indications show Germany may join an ambitious project to develop a new multimodal transit corridor that connects northern Europe to India. The purpose: getting connected to Iran.   

Iran raps are EU clauses in trade deals

A top official in Tehran has accused European government of failing to take the required measures to facilitate trade agreements with Iran – what he says is already in violation of a nuclear agreement that was sealed with the country last summer and came into effect in January.

Iran signs deals with German, Swiss insurers

Iran has signed initial agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, IRNA news agency says.

‘Germany may fund Iran plane purchases’

Iran says it is looking into the possibility of using the facilities of German financial institutions to fund its purchases of planes from aviation giants such as Airbus and Boeing.

Iran, Deutsche Bank resume oil partnership

Iran says Germany’s Deutsche Bank has started to provide financial services related to the country’s oil trade – an announcement that could show the ice in doing business with the Islamic Republic in a post-sanctions era is already thawing. 

KLM resumes flights to Iran

KLM Royal Dutch Airlines, the flag carrier airline of the Netherlands, has officially resumed flights to Iran after a hiatus of over three years.

 

Danish Conglomerate to Promote Iranian Oil Upstream

TEHRAN (FNA)- Paul Munk Andersen, Deputy Managing Director of Maersk Group, that is a Danish business conglomerate, says his company is ready for activity in the upstream sector of Iranian oil industry.

Foreign Companies Eager to Invest in Iran

TEHRAN (FNA)- Secretary of the 18th International Marine Industries Conference and Offshore Technological Exhibition (18-21 Oct. 2016- Kish Island, Iran), Saeed Mazaheri, says foreign companies are in Iran for the sake of investment.

Iran tells banks US allowed dollar deals

Iran says the US Treasury Department has effectively opened the way for non-American banks and financial institutions to proceed with dollar-dominated transactions with Iranians. 

South Pars Platforms 19B, 20 Operational by March 2017

TEHRAN (FNA)- Managing director of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour says platforms 19b and 20 of the South Pars gas field will hopefully become ready for startup by the end of the current Iranian calendar year to March 2017.

Lebanon Calls for Broadening of Economic Ties with Iran

TEHRAN (FNA)- Lebanese Industry Minister Hussein al-Hajj Hassan in a meeting with Vice-Chairman of Irans Chamber of Commerce, Industries and Mines Pedram Soltani called for expanding Tehran-Beirut relations, specially in economic fields.

FM: Iran Guaranteeing Investment in Latin America

TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif announced that his government will guarantee investment by the country’s private sector in the Latin American countries, including Nicaragua.

Iranian FM, Ecuadorian President Meet in Quito

TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif and Ecuadorian President Rafael Correa in a meeting in Quito explored avenues to boost regional and international cooperation between the two countries.

Envoy Calls for Broadening of Tehran-Kabul Trade Ties

TEHRAN (FNA)- Iranian Ambassador to Kabul Mohammad Reza Bahrami in a meeting with Afghan Chief Executive Abdullah Abdullah in Kabul on Monday called for boosting the volume of trade exchanges between the two countries.

Prospective of Baku-Tehrans Energy Cooperation

TEHRAN (FNA)- Iran’s Oil Minister Bijan Namdar Zanganeh accompanied by a delegation headed by President Hassan Rouhani is in Baku. Since November 2014, this is Zanganeh’s second trip to Baku.

Iran, Azerbaijan Call for Broadening of Ties

TEHRAN (FNA)- Iranian Minister of Communications and Information Technology Mahmoud Vaezi and Azeri President Ilham Aliyev in a meeting in Baku underlined the need for the further expansion of mutual cooperation between the two countries.

Iran Invites Italians for Financing Project

TEHRAN (FNA)- Irans Deputy Road and Urban Development Minister Asqar Fakhriyeh Kashan announced that the country has planned cooperation with Italy on development of its infrastructural projects in which the Italian companies will merely take charge of financing the projects.

Sweden to Set Up Trade Office in Iran

TEHRAN (FNA)- Sweden Trade Council (STC) is due to establish an office in Iran to help further develop economic relations between the two countries, Iranian officials announced.

Iran, Poland Opt for Boosting Economic Ties

TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif and Polish Prime Minister Beata Szydło in a meeting in Warsaw underlined the need for broadening of mutual cooperation, specially in economic and trade fields.

Iran, Bosnia Opt for Boosting Banking Cooperation

TEHRAN (FNA)- Iranian Ambassador to Sarajevo Seyed Hossein Rajabi and Governor of the Central Bank of Bosnia-Herzegovina (CBBH) Senad Softić in a meeting underlined the need for the further expansion of banking cooperation between the two countries.

Denmark Eyeing Mining Cooperation with Iran

TEHRAN (FNA)- Danish Ambassador to Tehran Danny Annan in a meeting with a high-ranking Iranian trade delegation in South Khorassan province voiced his countrys willingness to broaden mining cooperation with Iran.

Kerry tells banks business with Iran OK

US Secretary of State John Kerry on Thursday told Britain’s top banks that they will not be penalized for conducting or facilitating business with Iran, but still blamed the reluctance of global corporations for doing business with Iran for the slow recovery that Iran expects after the removal of the sanctions.

‘Iran investments still below expectations’

New indications have appeared in the US that show global investments have not increased to the extent Iran expected after the international community lifted the nuclear-related sanctions on the country.

Iran Potential Partner for Giant Bitumen Firm Technix

TEHRAN (FNA)- Technix, a bitumen heavyweight based in New Zealand, says it is looking to form partnerships with Iranian companies now that it has found working with Venezuelan companies impossible due to "graft and corruption" in the Latin American country.

PGPIC to Re-open Offices in Europe

TEHRAN (FNA)- Managing Director of the Persian Gulf Petrochemical Industry Company (PGPIC) Adel Nejad-Salim said that this holding has planned to open its offices in Europe in the near future.

Minister Cautions: Iran No Good Host for Korean Assembly Lines

TEHRAN (FNA)- Iranian Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh on Tuesday cautioned Seoul traders and companies that his country wants real partnership in production and will no more allow foreign firms to export products to Iran through launching assembly lines in the country.

Iran, South Korea Ink 13 More MoUs

TEHRAN (FNA)- Tehran and Seoul signed over a dozen more cooperation pacts in the Iranian capital on Tuesday after the endorsement of 19 agreements on Monday.

$2bln Investment for Changouleh Field Development

TEHRAN (FNA)- Changouleh is one of the important oil fields in West Karoun region in southwestern Iran. Foreign companies have time and again shown interest in getting involved in development of this untapped field which Iran shares with neighboring Iraq.

Czech Firms Mull Investment in Iran

TEHRAN (FNA)- Head of the Middle East Department of the Czech Republic Chamber of Commerce Ilja Mazanek said many firms in his country are interested in investing in Iranian projects.

FM: Iran Not after Economic Ties with US

TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif underlined that Tehran was never keen on resuming economic relations with the US, urging Washington not to interfere in Irans trade ties with other countries.

Zangeneh: Iran Seeks Market Stability

TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh says Tehran supports moves like the Doha conference which are aimed at tackling the consistent market volatility, saying that OPEC member "Iran has never had a role in the market instability".

FAO: World Cereal Production in 2016 Sets to 2521 mln Tons

TEHRAN (FNA)- World cereal production in 2016 is set to amount to 2 521 million tons, just 0.2 percent off last years large output and the third-highest global performance on record, according to FAOs first forecast for the new season, released on Wednesday.

Iran, Japan to Discuss Bullet Trains

TEHRAN (FNA)- Experts from Iran and Japan are to meet in Tehran on May 17 to discuss the technology for establishing high-speed rail in intercity transportation, Iranian media said on Tuesday.

Iran, Italy Building Small Planes

TEHRAN (FNA)- Abdolreza Hosseini, the managing director of a plane company in Yazd, said his company has signed a contract worth 30 million euros with the Italian firm Tecnam to manufacture small planes in Iran.

Zangeneh: Phases 17&18 Online before March 2017

TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh has said the country will launch phases 17 and 18 of the supergiant gas field by the end of the current Iranian calendar year to March 19.

Iran Eyes Major Petchem Projects by March 2017

TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh has said Iran will launch major petrochemical projects during the current Iranian calendar year which began on March 20 with an investment of $5b.

CEO: Bushehr Petchem Phase 1 by Yearend

TEHRAN (FNA)- Managing director of the Busher Petrochemical Plant’s construction project said that following activation of the project’s 1.9-billion-euro finance, the first phase will be launched by end of the year (March 20).

Astara Agro Exports Hit $188m in 2015

TEHRAN (FNA)- Director of Astara Agricultural Jihad Bureau Iraj Shiarkar said agro products to the tune of $188 million were exported from the western port city last Iranian calendar year (ended March 20).

Iranian Speaker Positive about Economic Outlook

TEHRAN (FNA)- Parliament Speaker Ali Larijani said prospects for Irans economy are positive, adding that the Supreme Leaders guidelines have depicted an appropriate path to national development and growth.

Iranian Trade Delegation Visiting Austria

TEHRAN (FNA)- A high-ranking delegation of 110 Iranian traders is heading to Austria on Tuesday to visit industrial and service centers, and meet with officials and counterparts there, the Iranian foreign ministry said.

Speaker Stresses Parliaments Readiness

TEHRAN (FNA)- Iranian Parliament Speaker Ali Larijani underlined the importance of Supreme Leader of the Islamic Revolution Ayatollah Seyed Ali Khameneis Nowruz message, and said the legislature is fully prepared to help implementation of resistance economy.

Turkish PM:Tehran, Ankara Enjoy Complementary Economies

TEHRAN (FNA)- Turkish Prime Minister Ahmet Davutoglu in a meeting with Iranian Foreign Minister Mohammad Javad Zarif described Tehran and Ankaras economies as complementary, and stressed the need for the further consolidation of ties and cooperation.

Iranian banks apply to operate in Turkey

The media in Turkey have reported that two Iranian lenders are planning to do business in the Turkish market – a move which is being praised for its potential positive effect on the country’s investment rating by international institutions.

South Korea Eager to Further Broaden Trade Ties with Iran

TEHRAN (FNA)- South Korean Prime Minister Hwang Kyo-ahn said the nuclear agreement between Tehran and the six world powers (the US, Russia, China, France, Britain and Germany) in Vienna on July 14 has paved the way for the further expansion of cooperation between his country and Iran, specially through the private sector.

SWIFT open to four more Iranian banks

Iran’s media reported on Thursday that four more of the country’s banks have been reconnected to SWIFT, the global provider of secure financial messaging services.

MasterCard warned for violating Iran bans

The US Treasury Department has given a sanctions violation notice to the US payment system MasterCard over an alleged credit card cooperation scheme with two blacklisted Iranian banks.

New Zealand Ministers Seek Iran Trade

TEHRAN (FNA)- New Zealands Ministers of State-Owned Enterprises and Primary Industries Todd Mcclay and Nathan Guy said they are willing to expand trade cooperation with Iran.

South Korea President to Visit Tehran in April

TEHRAN (FNA)- Head of Securities and Exchange Organization of Iran Mohammad Betanat said on Monday that South Korea’s President Park Geun-hye is scheduled to visit Tehran in April for trade and business.

Iranian FM, New Zealand PM Discuss Cooperation

TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif and New Zealands Prime Minister John Key in a Sunday meeting in Wellington discussed ways to broaden cooperation in trade and economy.

Tehran, Amsterdam Seek Broader Bilateral Ties

TEHRAN (FNA)- Iranian Deputy Foreign Minister Majid Takht Ravanchi and Secretary General of the Dutch Foreign Ministry Rene Jones in a meeting in Tehran on Wednesday underlined the need to expand bilateral relations.

Czech Investors Due in Tehran

TEHRAN (FNA)- A major Czech business delegation is scheduled to visit Tehran and Gilan provinces in April for investment talks, said Chargé DAffaires of the Czech Embassy in Tehran Peter Stephen.

 

Iran, Algeria Stepping up Economic Cooperation

TEHRAN (FNA)- Iran’s Ambassador in Algiers Reza Ameri called on Algerian entrepreneurs and companies to visit Tehran to step up efforts to boost economic cooperation between the two countries.

Iran Mercantile Exchange Weekly Trade Reaches $116mln

TEHRAN (FNA)- The Iran Mercantile Exchange (IME) announced that around $116mln of various commodities weighting over 413,800 tons were traded in its domestic trading and exports halls in the past working week (Feb 13-18).

FM Confirms Reconnection of Iranian Banks to SWIFT System

TEHRAN (FNA)- Foreign Minister Mohammad Javad Zarif said in cooperation with the European Union, Iranian banks have re-engaged with the banking world as international lenders link up with their Iranian counterparts using global transaction network SWIFT.

Russia Plans to Supply 100 Sukhoi Superjet to Iran

TEHRAN (FNA)- Russia could supply about 100 short-haul passenger aircraft Sukhoi Superjet 100 to Iran, Vice-President of the Russias United Aircraft Corporation (UAC) Vladislav Masalov said Tuesday at the Singapore Airshow 2016.

Araqchi:Iran Open for Japanese Trade, Business

TEHRAN (FNA)- The best time for Japanese companies and businesses to re-enter the post-sanctions Iranian market is now, said Deputy Foreign Minister for International and Legal Affairs Abbas Araqchi.

Iranian Banks Reconnect to SWIFT Banking System

TEHRAN (FNA)- The Central Bank of Iran and 15 other banks have re-engaged with the banking world as international lenders link up with their Iranian counterparts using global transaction network SWIFT, said the head of Presidential Office Mohammad Nahavandian on Tuesday.

 

Daimler to Produce Three Engines in Iran

TEHRAN (FNA)- High-ranking officials from the two Iranian and German companies of IDEM and Daimler agreed on producing three engines in IDEM – Iranian Diesel Engine Manufacturing Company.

Iran,Petrochem Giants Discussing Technology Transfer,Investment

TEHRAN (FNA)- Managing Director of Research and Technology Center at the National Iranian Petrochemical Company Esmaiil Ghanbari said talks are underway with European and Asian petrochemical firms on purchase and transfer of modern technology to Iran.

Plant Fulfills 97% of Planned Production

TEHRAN (FNA)- Nouri (Borzouyeh) Petrochemical Plant produced 262,000 tons of petrochemical products during the period between March and December 2015 which is 97% of its envisaged output.

 

Iran tourism industry attracting attentions

Attractions of Iran’s tourism industry are drawing a stronger attention now that the country has opened its doors in light of the removal of economic sanctions last month. 

EU airlines to launch flights to Iran soon

Iran said on Thursday that several leading European airlines have presented plans to start making extraordinary trips to its Imam Khomeini International Airport (IKIA) in late March.

US keeps bans against Iran’s Mahan Air

Almost a month after Iran saw a series of nuclear-related economic sanctions lifted, new indications show certain segments of the Iranian economy still remain shut out in what could be a violation of the nuclear deal that the country reached with the P5+1 last summer.  

Italy Most Serious European Partner for Iran

TEHRAN (FNA)- President of Italian Trade Agency says there is much appetite for entering Iran by Italian companies now that sanctions on Tehrans nuclear agenda have been lifted by the international community.

Zangeneh:South Pars Development tops Gov Agenda

TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh said development of South Pars offshore gas field is the top priority of the Iranian Ministry of Petroleum and the Rouhani administration.

Minister:Iran Inks 2 Aviation Contracts with Italy

TEHRAN (FNA)- Tehran has signed 2 contracts with Rome to promote and strengthen bilateral cooperation in the aviation industry, Transport Minister Abbas Akhoundi announced, adding that Italy is also due to build railway networks in Iran.

Peugeot vows discounts, waivers to Iran

Iran Khodro – the leading Iranian automaker – said on Sunday that it has been offered a lucrative package of incentives by the French auto giant Peugeot as compensation for its abrupt departure from Iran in 2012.

Iran, Russia look to visa waiver plan

Iran and Russia are working toward removing visa requirements for their citizens at a time of a changing geopolitical landscape which has made closer tourism cooperation more viable.

German MKM to invest €1b in Iran’s copper industry

TEHRAN - Germany’s copper producing company Mansfelder Kupfer und Messing GmbH (MKM) signed a memorandum of understanding, worth €1 billion, to invest in a number of mineral projects including the ones in downstream copper industries in Iran.

Iran Signs $40Bln in Trade Deals With Russia During Moscow Visit

TEHRAN (FNA)- Adviser to Irans supreme leader Ali Akbar Velayati said that the contracts between Tehran and Moscow concern the construction of the second and third units of Irans Bushehr nuclear power plant, as well as the development of the Islamic Republics railways.

Iran stocks rally to one-year high

Iranian stocks have climbed to their best performance in a year, buoyed by international rush for business in the wake of a nuclear deal which went into effect last month.

Iran bans wheat imports: Agency

Iran’s Ministry of Agriculture bans state imports of wheat in the coming Persian year which begins on March 20, ordering officials to stop registering new purchase orders.

First Europe bank to open Iran office

Austria’s Raiffeisen Bank International (RBI) says it wants to open a branch in Tehran “as quickly as possible,” becoming the first foreign lender to set up shop in Iran after the lifting of sanctions.

Peugeot signs key deal with Iran Khodro

The French carmaker PSA Peugeot Citroën said on Thursday that it had signed a binding contract with Iran’s leading vehicle manufacturer Iran Khodro to produce a range of cars in the country.

Iran, France sign series of trade deals

Iran and France on Thursday signed a series of basic trade deals thought to be worth billions of dollars during a historic visit to Paris by the Iranian President Hassan Rouhani.

Iran, Lebanon Keen to Set Up Joint Economic Commission

TEHRAN (FNA)- Iranian Ambassador to Beirut Mohammad Fathali and Lebanese Economy and Trade Minister Alain Hakim in a meeting in Tehran on Wednesday underlined their countries determination to further broaden mutual cooperation, specially to set up a joint economic and trade commission.

POSCO in Talks with Iran to Export Steel Tech

TEHRAN (FNA)- POSCO is in talks with Iranian steelmaker PKP to export its FINEX technology, a next-generation and eco-friendly steelmaking technology, according to a government source.

Iran, Italy Sign 14 Multi-Billion-Dollar Contracts

TEHRAN (FNA)- Iran and Italy signed business deals worth billions of dollars on Monday at the start of a visit to Europe by President Hassan Rouhani aimed at rebuilding his nations ties with the West after sanctions.

Airbus to Start Talks with Iran about Buying New Jets

TEHRAN (FNA)- Airbus confirmed on Monday that it was poised to begin negotiations with Iran for the sale of dozens of new commercial aircraft, part of a raft of international business that is expected to flow toward Tehran since its nuclear deal came into force and economic sanctions were lifted.

Iran-IAEA cooperation should not be marred by politics: Russia

Russia has expressed hope that the Islamic Republic’s cooperation with the International Atomic Energy Agency (IAEA) will not be affected by politics as a nuclear agreement between the Islamic Republic and six world powers is being implemented.

 

Suzuki says eager to return to Iran

Japans Suzuki Motor Corporation said on Thursday that it is considering re-entering the Iranian market after the recent removal of the economic sanctions on the country.

Boutique firms buying Iran shares

Signs are emerging that the world’s biggest investors have already started moves to purchase shares in Iran’s stock market.  

Iran says SWIFT now open to 12 more banks

Iran has named 12 domestic banks that it says have now been reconnected to SWIFT, the global provider of secure financial messaging services, after the recent removal of economic sanctions against the country. 

NPC: Petchem Exports to Hit Above $40b

TEHRAN (FNA)- Managing Director of the National Petrochemical Company (NPC) Abbas Shari-Moqaddam said that value of Iran’s petchem exports will exceed 40 billion dollars by 2021 which marks termination of the country’s Sixth Five-Year Economic Plan.

AEOI Head: Iran Treated as Normal IAEA Member From Now On

TEHRAN (FNA)- Head of the Atomic Energy Organization of Iran (AEOI) Ali Akbar Salehi said the International Atomic Energy Organization (IAEA) will treat his country as a normal member from now on that it has confirmed Tehrans compliance with the July nuclear deal.

Life After Sanctions: Tehran Offers Moscow Tips on Surviving Squeeze

TEHRAN (FNA)- Commenting on the lifting of Western sanctions against Iran, and the possible implications for the Russian-Iranian partnership, Syrian journalist Abbas Juma suggests that however events may unfold, the two countries have a rich history of relations to build on. 

Iranian Oil Tankers Sail Under Lloyds Insurance

TEHRAN (FNA)- Managing director of the National Iranian Tanker Company (NITC) said that the firm’s oil tankers started set out to destinations on Monday insured by the Lloyds of London.

 

TTPC 9-Month Petchem Loading at 15mt

TEHRAN (FNA)- Terminals and Tankers Petrochemical Company (TTPC) loaded 15 million tons of petrochemicals during the 9 months since March 2015.

‘Currency War Alive and Well’ as Yen, Euro Advance Against Dollar

TEHRAN (FNA)- Experts forecast a revival of the currency war amid the yens advance against the dollar for the third time in three weeks and the euro gaining ground against most of its peers. As hedge funds raise their outlook on the yen to the highest in three years, market analysts suggest that “the currency war is still alive and well.”

Post-Sanctions Iran Ready to Attract Petchem Investments

TEHRAN (FNA)- Iran’s petrochemical industry is ready to attract new domestic and foreign investments in a bid to boost completion of its development projects, said a board member of the National Petrochemical Company (NPC).

NITC to Mark 60th Anniversary, Modern Vessels on Agenda

TEHRAN (FNA)- The National Iranian Tanker Company (NITC) will commemorate the sixtieth anniversary of its foundation in a ceremony to be attended by international partners here on Sunday, the company’s managing director announced.

Iran bans imports of Saudi products

Iran announced on Thursday that it has imposed a total ban on imports on any product which is originated in Saudi Arabia until a further notice.

Saudi firm to maintain Iran business

Saudi Arabia’s largest food producer Savola says it will maintain business in Iran, brushing off speculation that its stake might be sold in the wake of a diplomatic spat between the two countries.

Saudi Riyal Falls Sharply after Cutting Ties with Iran

TEHRAN (FNA)- The Saudi riyal fell sharply against the US dollar in the forward foreign exchange market after relations between Saudi Arabia and Iran deteriorated, raising concern that dollar funding for the kingdom could become more expensive.

Iran now says it needs 600 planes

Iranian officials said on Sunday that the country needs about 600 planes within the next 10 years, raising earlier estimates by around 150. 

Iran tells banks to prepare for bans removal

As Iran is moving toward a much-awaited removal of international sanctions, President Hassan Rouhanis administration has ordered the bankers to be ready for the imminent opening of the country’s doors to the international economy.

Iran, Islamic Development Bank Discuss Joint Project

TEHRAN (FNA)- Governor of the Center Bank of Iran (CBI) Valiollah Seif in a meeting with Chairman of the Islamic Development Bank Ahmad Mohamed Ali in Tehran underlined the necessity for setting up a committee to compile the foundations and rules of Islamic banking for all IDB members.

Iran Breaks US Monopoly in Oilfield Cement Plugs

TEHRAN (FNA)- Research Institute of Petroleum Industry (RIPI) achieved the technology to produce cementing plugs used in deep oil and gas wells breaking the monopoly of American firms in the industry.

IOEC, Int’l Firms Negotiating within New Petroleum Contracts

TEHRAN (FNA)- Managing director of the Iranian Offshore Engineering and Construction Company (IOEC) said the Iranian firm is in negotiations with foreign counterparts over launching offshore projects based on the newly introduced petroleum contract models (IPC).

Iran Mercantile Exchange Weekly Trade Reaches $124mln

TEHRAN (FNA)- The Iran Mercantile Exchange (IME) announced that around $124mln of various commodities weighting over 251,233 tons were traded in its domestic trading and exports halls in the past working week (Dec 19-24).

Iran ready to trade in Rial with Russia

Iran said on Tuesday that it has completed the preparations for establishing a joint bank account with Russia to facilitate trade between the two countries in their own currencies.

Russian trade minister due in Tehran

TEHRAN– Russian Trade Minister Denis Manturov is going to travel to Tehran on December 19 to discuss expansion of bilateral ties, ISNA reported on Wednesday.

Russia wants rise in fruit imports from Iran

Russia announced on Wednesday that it is considering reduction or elimination of import duties on Iranian agricultural products – a measure that may have been meant to encourage larger exports of Iranian fruits and vegetables to Russia.

India says Chabahar deal coming in weeks

Indian officials say New Delhi will finalize a much-awaited deal with Tehran within the next few weeks over the development of Iran’s strategic Chabahar port.

Iran draws up foreign trade road map

Iran’s minister of economic affairs says the country has drawn up a comprehensive road map for boosting foreign trade during the post-sanctions era.

Iranian govt. urged to curb GM food

Iran imported $5.5 billion of GM products last year, with head of the country’s organic association saying the imports are threatening the health of consumers.

Iran, Indonesia Stress Expansion of Economic, Trade Ties

TEHRAN (FNA)- Iranian Deputy Foreign Minister Ebrahim Rahimpour and his Indonesian counterpart Abdorrahman Mohammad Fakher in a meeting in Jakarta underlined the need for the broadening of mutual cooperation between the two countries, specially in trade and economic fields.

Finnish Minister: Iran Apt for Investing in

TEHRAN (FNA)- Finnish minister of foreign trade and development says Iran abounds with investment opportunities for Finland, expressing hope that Tehrans nuclear deal will be a beginning for expanding mutual relations with Iran.

Iran seals banking deal with France

Iran says it has reached a basic agreement with France to re-establish mutual banking ties as soon as the sanctions against Tehran are removed.

Australia taking actions to lift Iran bans

Australia announced on Thursday that it is taking necessary legal actions to lift sanctions imposed on Iran in line with the implementation of the Joint Comprehensive Plan of Action (JCPOA) that was reached between Iran and the P5+1 in July.

Air France to resume direct flights to Iran

Air France-KLM says it will resume direct flights to Iran after a seven-year gap as Europe moves to put trade ties back on track with a country described as the “Germany of the Middle East”.

PUT Signs MoUs with French, Austrian Universities

TEHRAN (FNA)- The Petroleum University of Tehran has signed memoranda of understanding (MoU) with Austrias University of Leoben and the French IFP University to study Gachsaran Oilfield in western Iran.

MasterCard preparing to set foot in Iran

Global payment operator MasterCard Incorporation is preparing to penetrate into the Iranian market as soon as the sanctions against Iran are lifted, the country’s media reported on Saturday.

Iran intends to use foreign tech for deep-water drilling

TEHRAN- Iran intends to use foreign companies’ technology for deep-water drilling in the Caspian Sea, said Karim Zobeidi, the official in charge of hydrocarbon reserves assessment at the National Iranian Oil Company (NIOC).

Fiat in talks for car manufacturing in Iran

An Iranian car manufacturer is in talks with Italian automaker Fiat SpA to produce cars in Iran which is billed as the Middle East’s biggest auto market, a minister says.

Cooperation within GECF Rising

TEHRAN (FNA)- The director general of Irans Ministry of Petroleum for Forums on Energy and the Organization of Petroleum Exporting Countries (OPEC) says cooperation of the member countries of the Gas Exporting Countries Forum (GECF) is rising as the forums members is increasing.

Iran Defers Methanol, Urea Projects

TEHRAN (FNA)- National Petrochemical Company (NPC) has decided to hold off a number of its methanol and urea petrochemical projects for financing given the countrys excessive output of the items, a senior NPC official said.

Iran, Russia in talks over major arms deal

Russia and Iran are in talks over deliveries of the Russian-made weaponry as Tehran is interested in Moscow’s entire range to replace its outdated military equipment, Vladimir Kozhin, Russian presidential aide on military-technical cooperation said Wednesday.

Iran’s inflation rate hits 13.1%

TEHRAN- The Statistical Center of Iran has announced that the inflation rate for the 12-month period ended in the last day of the eight Iranian calendar month of Aban (November 21) compared to the same period in the previous year hit 13.1 percent.

OPEC Sec. Gen. Upbeat Over Tehran Gas Summit

TEHRAN (FNA)- Secretary General of the Organization of Oil Exporting Countries (OPEC) Abdalla El-Badri said the Third Summit Meeting of the Gas Exporting Countries Forum held in Tehran on Monday was a success.

Russia may produce Sukhoi Superjets in Iran

Russian officials say the country is negotiating with Iran over the local production of the Sukhoi Superjet 100 (SSJ 100) airliner to replace the ageing Iranian fleet on regional routes. 

IMIDRO reveals €4b agreement with European firms

TEHRAN – The Iranian Mines and Mining Industries Development and Renovation Organization, known as IMIDRO, says it has come to terms with some renowned European companies on implementing industrial projects, worth four billion euros.

3 companies applying for airline permits in Iran

TEHRAN– Three new entities have applied Iran’s Civil Aviation Organization (CAO) for license to start airlines, the secretary of Association of Iranian Airlines Maqsoud Asadi-Samani stated.

40 Greek entrepreneurs to visit Iran in late Nov.

TEHRAN–The Greek Foreign Minister Nikos Kotzias would lead a 40-member economic delegation to Iran in late November, the Tasnim News Agency cited the report of Greek daily newspaper,  Ekathimerini on Wednesday.

State shares worth over $83.8m divested in Iran

TEHRAN –Iranian state-run companies have transferred 3.011 trillion rials (over $83.871 million) worth of their shares to the private sector since the beginning of the current Iranian calendar year (March 21), the Tasnim News Agency reported on Monday.

‘Iran growth to outperform MENA states’

Iran’s economic growth will outperform most of the Middle East and North Africa (MENA) countries in 2016 when sanctions are lifted, a Washington-based finance industry body says.

‘Russia, Iran shielding themselves against US sanctions’

Following the announcement that Russia has agreed to provide Iran with two loans collectively worth $7 billion, analysts say this is part of a new strategy that the two countries have adopted to protect against US-led sanctions in the future. 

Iran stops wheat imports, plans exports

Iran announced on Thursday that it has stopped importing wheat because of high domestic production and that it even plans to export durum wheat by March 2016.

Tehran, Moscow target trade hike

TEHRAN – Iran and Russia held their 12th joint economic committee meeting in Moscow on Tuesday, discussing ways to give a boost to the bilateral trade.

France urges US guarantees for Iran trade

French Foreign Minister Laurent Fabius has urged the US to give concrete guarantees that it will not penalize European companies for trade with Iran after sanctions are lifted on Tehran.

Lufthansa arm eyes services center in Iran

Lufthansa Technik, the maintenance division of the German flagship carrier, says it is in discussions with Iranian airlines to repair and overhaul their aging fleet.

Iran starts blockade on US goods

Irans Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh in a directive to his deputies on Thursday ordered to implement a blockade on imports of consumer goods from the United States.

Iran says copycat KFC closed over logo

Following the closure of a copycat Kentucky Fried Chicken (KFC) restaurant in Iran by the police earlier this week, officials in Tehran say the use of American signs and symbols had prompted the decision. 

Iran’s GDP grows 1% in 6 months: official

TEHRAN- Iran’s Management and Planning Organization Director Mohammad Baqer Nobakht announced that the country’s gross domestic product (GDP) grows one percent in the first half of the current Iranian calendar year (March 21-Septemebr 22), compared to the same period of time in the previous year.

Report: Iran buys 13 Boeing 737 jets

Iranian airlines have bought 13 narrow-body Boeing 737 aircraft in their latest move to rebuild the country’s commercial fleet, a news agency says.

KIOCL to resume pellet exports to Iran

Indias state-owned iron ore pellet producer Kudremukh Iron Ore Company Ltd (KIOCL) has announced that it is preparing to resume exports to Iran after a gap of 10 years.

Tehran, Istanbul bourses sign co-op MOU

TEHRAN- Tehran Stock Exchange (TSE) and Istanbul Stock Exchange, also known as Borsa istanbul, signed a memorandum of understanding (MOU) on bilateral cooperation, according to the Fars News Agency.

Iran’s inflation rate falls to 14.8%: CBI

TEHRAN- Central Bank of Iran (CBI)  has announced that the inflation rate for the 12-month period ended the seventh Iranian calendar month of Mehr (September 23-October 22) dropped to 14.8 percent compared to the same period of time last year.

‘Iran creating own Jebel Ali in south’

Iran is pursuing ambitions plans to create a major free trade zone on its southwestern border areas with Iraq reminiscent of Jebel Ali, the hugely successful UAE trade hub that serves the Persian Gulf.

Official: Iran rugs back in US in early 2016

Head of Iran National Carpet Center (INCC) expects direct exports of Persian rugs to the US to resume early next year, returning the key producer of hand-knotted floor coverings to the market which has been overtaken by India.

Iran talking to six countries to buy aircraft

Iran is in talks with six countries, including Brazil, for purchase of new commercial aircraft to renovate the country’s aviation fleet after the removal of sanctions, an official says.

SWIFT awaits OK for Iran services

SWIFT announced on Monday that most Iranian banks will be able to reconnect to its financial-transactions system, a key to rekindling foreign trade, as soon as the economic sanctions against the country are lifted.

Irans Islamic banking charms deep pockets

Russian billionaire Mikhail Prokhorov’s Renaissance Capital says Iran’s banking looks more like an emerging market than a frontier market sector in terms of penetration of services.

Study: Persian Gulf may become unlivable

The Persian Gulf region, the center of a high-rise building craze, could experience “intolerable” levels of heat in the decades ahead because of global warming, according to a scientific finding.

Iran to export wheat for first time

Iran will export wheat for the first time after wrapping up guaranteed purchases of the strategic crop from local farmers for the current harvest year, a senior official says.

Iran to join BRICS NDB bank

Iranian officials said on Monday that the country plans to join an independent bank established by BRICS member states.

Iran claims stakes of Turkish airline

Turkish media reported on Thursday that Iran’s Oil Ministry has taken a legal action against a private airline company in Istanbul which is believed to belong to an Iranian billionaire who stands at the heart of a major graft case in Tehran.

Iran, Russia design package of projects

Iran said on Thursday that it has devised a package of joint projects with Russia, adding that the total value of the projects stands at $25 billion to $30 billion. 

Iran gives 30-day visas at airports

Iran’s media reported on Wednesday that the country has started to issue 30-day visas for tourists from 58 countries upon arrival in its airports. 

Big Swedish firms eyeing Iran market

Reports emerged on Wednesday that major Swedish enterprises are preparing to invest in the Iranian economy as soon as the sanctions against the country are lifted.

Microsoft preparing to invest in Iran

Officials in Tehran said on Wednesday that Microsoft as well as several other leading US tech enterprises are preparing to enter the Iranian market in the near future.

Iran to award electric rail plan to Russia

Iran said on Thursday that it plans to award a project worth $1.2 billion to Russia to establish an electric train service to connect the north to a key city east of capital Tehran.

Russia says ready to import Iranian dairy

A Russian agricultural official says Iran is ready to start shipping dairy products to his country as part of an agreement for sourcing food amid Moscow’s ban on such imports from Europe.

Official: Iran to tender 15 mining projects

Iran will tender 15 mining projects for development within the next four months, rolling out its massive sector for international investment, Deputy Minister of Industry, Mines and Trade Mehdi Karbasian says.

Iran probes jumbo jet engine break-off

Iranian experts are investigating to find out why a section of a Boeing 747’s engine broke off during flight on Thursday with more than 400 passengers on board.

Qantas says no change in Iran flight plans

Australia’s Qantas has announced that it will maintain flight plans over Iran despite moves by some carriers to change aviation paths in the wake of a warning by the European regulator about Russian missile activity.

Iran tenders new gold mine in Qazvin

Iran has tendered development of a new gold deposit in its northern Qazvin province which it seeks to develop with the participation of the private sector, the IRNA news agency says.

Iran reveals major fleet expansion plan

Iran has revealed a massive fleet expansion campaign which it says will help prepare it for an immediate return to the shipping industry after the US-engineered sanctions are lifted.