July 14, 2018

Austrian Airlines drops Isfahan and Shiraz Routes

By John Lee. Austrian Airlines has announced that it will stop flights to the Iranian cities of Isfahan and Shiraz. In a statement, the company said: “Isfahan and Shiraz in Iran will already no longer be represented in the Austrian Airlines flight offering as of the middle of September 2018. However the traditional flight to […]
July 14, 2018

Tehran, Vienna Extend Energy Cooperation

Iran and Austria have held talks to bolster oil and energy ties, a senior Iranian energy official said. Amir Hossein Zamaninia, deputy petroleum minister for international affairs and trading, who accompanied President Hassan Rouhani in his visit to Switzerland and Austria, outlined the visit’s achievements, saying the agreement on energy cooperation between the Iranian Ministry […]
July 14, 2018

Iran’s oil production stands at 3.799m bpd in June: OPEC

TEHRAN- According to OPEC’s latest monthly report published on July 11, oil production in Iran stood at about 3.799 million barrels per day (bpd) in June, falling 22,700 bpd from 3.822 million bpd in May, based on secondary sources.
July 14, 2018

Iran assures India on secured oil supplies, offers incentive

TEHRAN – Iranian embassy in New Delhi said in a statement that the Islamic country will take all necessary measures to ensure secured oil supplies to India, offering “flexible measures” to boost bilateral trade.
July 14, 2018

13 industrial projects implemented using $1.8b of investment in a year

TEHRAN- According to Iranian Ministry of Industry, 13 industrial projects were implemented during the past Iranian calendar year 1396 (ended on March 20, 2018) using 81.3 trillion rials (about $1.89 billion) of investment.
July 14, 2018

Liquidity at $35.3b in a month

TEHRAN- Iran’s liquidity stood at 1.52 quadrillion rials (about $35.3 billion) during the last month of the previous Iranian calendar year, Esfand (February 20- March 20, 2018), according to a report released by the Central Bank of Iran (CBI).
July 14, 2018

Iran says U.S.-caused oil spike will slow growth, add to tariff impact

A rise in oil prices caused by the United States’ sanctions policies will hurt economic growth in China, Europe and other consumers, much like President Donald Trump’s trade measures, a top Iranian official said on Thursday.
July 13, 2018

Russia ready to invest $50b in Iran’s oil, gas projects

TEHRAN- Ali Akbar Velayati, an international adviser to the Leader of the Islamic Revolution, said that Russian President Vladimir Putin has announced his country’s readiness to make $50 billion of investment in Iran’s oil and gas projects.
July 13, 2018

Russia studying possible oil-for-goods deal with Iran: Novak

Russian Energy Minister Alexander Novak said on Friday that a deal under which Russia would provide goods to Iran in exchange for oil is still possible.
July 13, 2018

KLM to Suspend Direct Flights to Tehran

By John Lee. KLM Royal Dutch Airlines has said that it has decided to suspend its direct flights to Tehran “for the time being as of 24 September … for commercial reasons“. In a statement, the company said: “As a result of the negative results and financial outlook for the Tehran operation, the last flight […]
July 13, 2018

Video: EU says Iran Deal Participants ‘Committed’

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. EU diplomacy chief Federica Mogherini says the remaining participants in the Iran nuclear deal remain ‘committed’ to the accord. Iran’s remaining partners in the 2015 nuclear deal vowed Friday to keep the energy exporter […]
July 12, 2018

Daily gasoline imports 3.3m liters less than projected

TEHRAN- Iran imported 5.7 million liters per day of gasoline during the three-month period from the beginning of current Iranian calendar year (March 21), which was 3.3 million liters less than the planned amount for this period, the managing director ...
July 12, 2018

Exports from northern ports can be tripled

TEHRAN- The capacity of exports from the ports in north of Iran can be increased by three folds, according to Hadi Haqshenas, the deputy head of Ports and Maritime Organization (PMO).
July 12, 2018

Iranian, Pakistani customs administrations electronically connected

TEHRAN- Electronic connection was established between the customs administrations of Iran and Pakistan, Islamic Republic of Iran Customs Administration (IRICA) announced.
July 12, 2018

U.S. ‘zero Iranian oil’ plan: A fantasy doomed to failure

U.S. has recently claimed that it wants to wipe all the Iranian oil from the global market to reduce the Islamic country’s oil revenues to zero, a plan which seems rather like a ‘Trump fantasy’ than a well-thought government-level program.
July 12, 2018

No Halt in South Korea Oil Purchase from Iran

The South Korean Embassy in Tehran announced on Saturday the country’s purchase of crude oil and gas condensate from Iran was continuing unhalted. Loading of tankers with Iranian oil and gas condensate and oil purchase from Iran to South Korea is still continuing, said the embassy in a message on Saturday, July 7, 2018. South […]
July 12, 2018

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 […]
July 11, 2018

Germany Probes Iranian request to Withdraw €300m Cash

By John Lee. Authorities in Germany have reportedly launched an investigation into a request from Tehran to withdraw €300 million from a German-based bank and fly the cash back to Iran. The request comes as the Islamic republic prepares itself for tough US sanctions. The cash is held in accounts at the Iranian-owned trade bank Europäisch-Iranische […]
July 11, 2018

US Exports to Iran Jump 60% in 5 Mths

The total value of US exports to Iran during the first five months of this year has increased by 60 percent compared the same period in 2017, according to the latest data released by the US Census Bureau. The Census Bureau’s data showed that US exports to Iran from January to May this year rose […]
July 10, 2018

Iran’s crude steel production grows 22% annually

TEHRAN- Iran’s annual crude steel production increased 22 percent in 2017, while the world’s production improved by six percent in the said time, Iranian Industry Minister Mohammad Shariatmadari announced on Tuesday.