August 29, 2018

Iran Resumes Electricity Exports to Neighbors: Official

The Iran Power Generation Transmission and Distribution Management Company (Tavanir) announced that it has resumed supplying electricity to neighboring countries since 10 days ago after meeting domestic needs. “Currently, we are exporting 200 to 250 megawatts of electricity to Iraq, Afghanistan, and Pakistan,” Spokesman for Tavanir Mahmoudreza Haghifam said on Tuesday. The state-run company will […]
August 29, 2018

Marjan Petchem Plant Operational

Iran’s Marjan Petrochemical Plant is currently producing methanol in a sustainable manner. The newly-built facility is now fully operational and is supplying pure methanol, National Petrochemical Company (NPC) reported. Assaluyeh Green Tank Farm is responsible for the transfer, storage, and shipment of the plant’s output to the jetty for export. Marjan Petrochemical Co. is one […]
August 28, 2018

Iran, Australia ink MOU on joint manufacturing of electric cars, motorcycles

TEHRAN- Iran's Industrial Development and Renovation Organization (IDRO) and Australia’s Avass Group signed a memorandum of understanding (MOU) for the joint manufacturing of electric cars and motorcycles in Iran, the website of IDRO reported.
August 28, 2018

EU looking to sidestep U.S. sanctions with payments system plan

Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks.
August 28, 2018

Iran to Work with Italy’s Bankrupt Banks Using Euros

Italy’s banking system authorities have agreed to let a number of the country’s bankrupt banks and the second and third-class banks to work with Iran using euro instead of dollar to skirt US sanctions, an Iranian official said. In an interview with Tasnim, chairman of Iran-Italy joint chamber of commerce, Ahmad Poorfallah, said Italy has […]
August 28, 2018

US Sanctions cause Big Losses for Iraqi Investors in Iran

By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iran Business News.  The Iranian economy has spiraled out of control since a new set of US-enforced sanctions against trade with Iran went into force Aug. 7, as its currency value has been plummeting ever since while inflation rates are […]
August 27, 2018

1,856 kilometers of new roads, railroads to be inaugurated by Wednesday

TEHRAN- Kheirollah Khademi, the managing director of Iran’s Construction and Development of Transportation Infrastructures Company (CDTIC), announced in a press conference that 1,856 kilometers of new roads and railroads will be inaugurated by the end ...
August 27, 2018

Non-oil exports up 13.7% in 5 months yr/yr

TEHRAN- Iran exported 46.296 million tons of non-oil products worth $19.318 billion during the five-month period from March 21 to August 22, with 13.7 percent rise from $15.45 billion in the same time span of the past year, according to Islamic Republi...
August 27, 2018

Road building projects need $59.5b of funds to be completed

TEHRAN- Road building projects in Iran requires 2.5 quadrillion rials (about $59.5 billion) of funds to be completed, IRNA quoted Amir Amini, the deputy transport minister for planning and management of resources, as saying on Monday.
August 27, 2018

Privatization grows 100% in 5 months on year

TEHRAN- Privatization in Iran witnessed 100 percent growth during the first five months of the current Iranian calendar year (March 21-August 22) compared to the same period of time in the previous year, according to the head of Iran’s Privatization Or...
August 27, 2018

Mining projects worth $5.5b to become operational by Mar. 2019

TEHRAN- Projects related to mining and related industries worth $5.5 billion are planned to become operational by the end of current Iranian calendar year (March 20, 2019), IRIB reported on Monday citing the data released by the Ministry of Industry, M...
August 27, 2018

Iran’s largest wind farm goes on stream in Qazvin

TEHRAN – Iranian Energy Minister Reza Ardakanian inaugurated the country’s largest wind farm in the northwestern province of Qazvin on Monday, IRNA reported.
August 27, 2018

Irancell Wins International Certifications for “Customer-Centricity Standards Compliance”

Irancell Telecommunications Services Company (PJSC) received international certifications for customer-centricity standard compliance with regard to complaints management as well as customer satisfaction with after-sales services, in accordance with IS...
August 27, 2018

IRANCELL Announces Conditions for Provision of Tourism SIM Card

IRANCELL Tourism SIM Card is presented in all airports and in more than 500 centers across the country, the Public Relations Dept. of the company reported.
August 27, 2018

BA, Air France to Stop Flights to Iran

By John Lee. British Airways (BA) and Air France have both announced that they will stop flying to Iran in September, saying that the routes are “not commercially viable.” According to a BBC report, the reintroduction of US sanctions has caused a slump in the value of the Iranian rial, making it harder for Iranians […]
August 27, 2018

Video: Religious Tourism Squeezed by Iran Sanctions

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqis in the holy city of Najaf are being hit hard by US sanctions on neighbouring Iran, which have forced cash-strapped pilgrim...
August 26, 2018

Petchem companies pumping exports revenues into NIMA

TEHRAN- According to the latest announcement of the Public Relations Office of Iranian Oil Ministry all the foreign currency earned from exports of petrochemical companies’ products has been regularly pumped into the Forex Management Integrated System,...
August 26, 2018

PMO to inaugurate 23 port development projects by Wednesday

TEHRAN- Iran’s Ports and Maritime Organization (PMO) will inaugurate 23 development projects in the country’s ports during the Government Week (August 23-29), IRNA reported.
August 26, 2018

Iran expecting action from Europe on guaranteeing oil sales, banking ties: Zarif

TEHRAN – Iranian Foreign Minister Mohammad Javad Zarif said on Saturday that the country is still waiting for Europe to guarantee the sale of Iranian oil and banking relations, ISNA reported.
August 26, 2018

IPO to hand over 26 gas stations to private sector

TEHRAN – The private sector is going to take charge of 26 government-owned gas stations across Iran by the end of the current Iranian calendar month (September 22), IRIB reported.